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Security Type
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Convertible Note
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Categories
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Technology
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Min Investment
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$100
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Offering Date
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June 14, 2021
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Expected Close Date
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December 13, 2021
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Target Raise
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$25.00K-$279.21K
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Security Price
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$1
- Number of Employees
- 7
- Cash
- $129,711
- Revenue
- $0
- Short Term Debt
- $85,475
- Cost of Goods
- $0
- Long Term Debt
- $331,994
- Net Income
- $-136,465
Company Description
Founded in February 2020, IPD Products is designing air sterilization products engineered to remove airborne pathogens to promote healthy, safe, and clean indoor environments. The technology used to sterilize indoor environments is protected by a patent acquired from Drexel University that covers methods for air disinfection and sterilization. Its initial product, the ARECA™, is a stand-alone, indoor air purifier equipped with PlasmaFence™ technology. In 2021, IPD aims to build out its portfolio of air purifier products to include technology integrations with HVAC and personal protective equipment.
Perks
Investors who purchase the first 94,209 Crowd Notes, and thereby fund the first $94,209, will receive Crowd Notes with a conversion provision based on a $3.5 million valuation cap instead of a $5 million valuation cap. That means, in connection with equity financing of at least $1 million, the company has the option to convert the Crowd Note into non-voting preferred shares (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share paid for Preferred Shares by investors in the Qualified Equity Financing or (B) the price per share based on a $3.5 million valuation cap (instead of $5 million). Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.
Key Deal Facts
Licensed patent from Drexel University that covers methods for air disinfection and sterilization.
Founding team has extensive experience in building out robust patent portfolios.
Its flagship product, ARECA™, is an in-room air sterilization unit designed to destroy airborne pathogens with PlasmaFence™ technology.
Raised over $250,000 last year through MicroVentures and is returning for another round to further develop its product portfolio.
Use of Proceeds
- Intermediary Fees: 5% of offering proceeds
- Utilities Rent & Insurance: Six months of expenses related to facility utilities, rent, and insurance
- Legal & Consulting: Six months of expenses related to legal and consulting fees
- Product Development: Six months of development expenses, including Underwriter Laboratory certification and EPA registration fees
- Administrative Expenses: General administrative expenses related to marketing and payroll
- Parts & Inventory: Inventory expenses to prep for product launch
Management Team / Advisory Board Bios
Howard Nelson, President
Howard Nelson has spent his career specializing in commercializing new products and new technologies in the healthcare, software, and chemical processes industries. Nelson has previous high-level experience at startups, including founding Origin, LDS Technology Consultants, and Red Shift Energy, as well as large corporation experience like Bristol-Myers Squibb, Honeywell, and Pfizer. Nelson earned his MBA from Tulane University and his BA from Princeton University in Economics.
C. Eric Anthony, JD, Counsel and Head of Human Resources
Eric Anthony has extensive experience as a founder and attorney. Anthony was a co-founder at three organizations; LDS Technology Consultants, Red Shift Energy, and Origin. Additionally, he has owned and operated his own legal practice for 23 years, where he advises and consults business on their formation and operation. Anthony earned a BS in accounting from Southwest Texas State University in 1993 and a Juris Doctorate from St. Mary’s University in 1996. He was admitted to the State Bar of Texas in 1996.