Bionex, Inc. is in the business of developing and marketing proprietary biometric technology used for transaction- and identity-verification in an array of environments. The company has pioneered the design of Exigency, an identification process that eradicates the need for image databases and other non-automated methods of identification such as personal identification numbers, passwords, tokens and smart chips, all of which are subject to loss or theft.
2.1 Start-up Summary
The key elements in the Start-up plan for Bionex Corporation are:
- Legal expenses for filing all patent applications.
- Six month payroll for 5 employees, including benefits and payroll taxes.
- One year rental expenses for office space in Manhattan.
- The establishment of a Corporate Identity.
- The creation of a product catalog, color brochure, and interactive web site.
We need estimated start-up expenses as shown below. We plan to raise sufficient funding to cover start-up and initial operation costs. Our founder has invested in the company and we are seeking additionalo private investment. The funds will be used to complete our patent process and initiate prototype development. The start-up capital required will also cover expenses associated with the continuation of operations in the first year. We will raise the capital by selling shares in the company. Our business plan calls for this infusion of cash in Year 1.
|Start-up Expenses to Fund||$450,000|
|Start-up Assets to Fund||$111,877|
|Total Funding Required||$561,877|
|Non-cash Assets from Start-up||$0|
|Cash Requirements from Start-up||$111,877|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$111,877|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$11,877|
|Other Current Liabilities (interest-free)||$0|
|Additional Investment Requirement||$0|
|Total Planned Investment||$550,000|
|Loss at Start-up (Start-up Expenses)||($450,000)|
|Total Capital and Liabilities||$111,877|
|Office Supplies and Furniture||$9,500|
|Stationary, Brochure, and Catalog||$3,000|
|Total Start-up Expenses||$450,000|
|Other Current Assets||$0|
2.2 Company Ownership
Bionex Corporation is a privately held New York “C” Corporation. Its principal founder controls 51% the business. The balance of the shares will be sold to raise start-up capital and future investment.