iSpecimen Inc S-1/A, filed May 27, 2021

iSpecimen Inc. (ISPC)

S-1/A 2021-05-27

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	Delaware			8731			27-0480143
	(State or other jurisdiction of incorporation or organization)			(Primary Standard Industrial Classification Code Number)			(I.R.S. Employer Identification Number)

	Large accelerated filer ☐			Accelerated filer ☐
	Non-accelerated filer ☒			Smaller reporting company ☒
				Emerging growth company ☒

Title of Each Class of Security Being Registered	Proposed Maximum Aggregate Offering Price(1)(2)			Amount of Registration Fee(3)
Common Stock, $0.0001 par value		$	22,999,997.70		$	2,509.30
Common Stock underlying Representative’s Warrants, $0.0001 par value		$	1,149,999.89		$	125.46
Total		$	24,149,997.59		$	2,634.76

	Per Share	Total
Initial public offering price
Underwriting discount(1)
Proceeds, before expenses, to iSpecimen Inc.

	Page
PROSPECTUS SUMMARY		1
RISK FACTORS		15
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		41
USE OF PROCEEDS		42
DIVIDEND POLICY		43
CAPITALIZATION		44
DILUTION		47
SELECTED FINANCIAL DATA		49
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		52
BUSINESS		69
MANAGEMENT		95
EXECUTIVE COMPENSATION		101
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS		106
PRINCIPAL STOCKHOLDERS		108
DESCRIPTION OF CAPITAL STOCK		110
SHARES ELIGIBLE FOR FUTURE SALE		119
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS		121
UNDERWRITING		124
LEGAL MATTERS		130
EXPERTS		130
WHERE YOU CAN FIND ADDITIONAL INFORMATION		130
INDEX TO FINANCIAL STATEMENTS		F-1

	Three Months Ended March 31,						Years Ended December 31,
	2021			2020			2020			2019
	(Unaudited)
Statement of Operations Data:
Revenue		$	2,963,807		$	1,711,660		$	8,184,106		$	4,298,350
Total operating expenses			3,906,451			2,157,193			10,590,486			8,178,439
Loss from operations			(942,644)			(445,533)			(2,406,380)			(3,880,089)
Other expense, net			(3,020,847)			(1,192,446)			(2,245,704)			(1,003,961)
Net loss			(3,963,491)			(1,637,979)			(4,652,084)			(4,727,050)
Net loss per common share – basic and diluted(1)		$	(4.23)		$	(1.75)		$	(4.97)		$	(5.05)
Weighted average common shares outstanding – basic and diluted(1)			936,213			936,213			936,213			936,096
Pro forma net loss (unaudited)(2)		$	(4,419,905)
Pro forma net loss per common share – basic and diluted (unaudited)(2)		$	(1.10)
Pro forma weighted average common shares outstanding – basic and diluted (unaudited)(2)			4,018,129

	As of March 31, 2021
	Actual			Pro Forma			Pro Forma As Adjusted(2)
Balance Sheet Data:
Cash		$	355,126		$	855,126		$	16,286,861
Working capital(1)			(22,751,850)			(5,591,620)			12,308,378
Total assets			5,823,755			6,323,755			21,755,490
Total liabilities			25,870,101			9,209,871			6,741,607
Convertible preferred stock			11,173,076			—			—
Total stockholders’ (deficit) equity			(31,219,422)			(2,886,116)			15,013,882

Assumed initial public offering price per share of common stock			$	9.00
Historical net tangible book value (deficit) per share as of March 31, 2021	$	(33.35)
Increase per share attributed to the conversion of outstanding preferred stock, Convertible Notes, and Bridge Notes		32.63
Pro forma net tangible book value per share as of March 31, 2021 before this offering		(0.72)
Increase in pro forma as adjusted net tangible book value per share attributable to investors in this offering		3.13
Pro forma as adjusted net tangible book value per share after this offering				2.41
Dilution per share to new common stock investors in this offering			$	6.59

	Shares purchased				Total consideration					Average price per share
	Number		Percentage		Amount			Percentage		Average price per share
Existing Shareholders		4,018,129		64%		$	511,186		2%		$	0.13
New Investors		2,222,222		36			19,999,998		98			9.00
Total		6,240,351		100%		$	20,511,184		100%		$	3.29

	As of March 31, 2021			As of December 31,
	As of March 31, 2021			2020			2019
	(Unaudited)
Balance Sheet Data:
Cash		$	355,126		$	695,909		$	53,893
Working capital(1)			(22,751,850)			(18,663,321)			(14,179,599)
Total assets			5,823,755			6,209,696			4,214,588
Accrued interest			4,253,987			3,696,944			1,745,515
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs			5,491,899			5,490,811			5,350,278
Derivative liability for embedded conversion features on convertible notes			2,527,000			2,373,000			2,214,000
Bridge notes payable, net of debt discount and debt issuance costs			4,185,172			4,589,228			3,586,326
Bridge notes payable, related parties, net of debt discount			1,735,094			1,905,000			1,655,000
Derivative liability for embedded conversion feature on bridge notes payable and bridge notes, related parties			3,662,000			—			—
Note payable, current portion			—			604,109			—
Note payable, net of current portion			—			178,899			—
Convertible preferred stock			11,173,076			11,173,076			11,173,076

	Three Months Ended March 31,						Change
	2021			2020			Dollars			Percentage
	(unaudited)
Revenue		$	2,963,807		$	1,711,660		$	1,252,147		73%
Operating expenses:
Cost of Revenue			1,623,651			654,268			969,383		148%
Technology			409,951			426,712			(16,761)		(4)%
Sales and marketing			529,387			431,640			97,747		23%
Supply development			111,576			114,605			(3,029)		(3)%
Fulfillment			269,096			215,171			53,925		25%
General and administrative			962,790			314,797			647,993		206%
Total operating expenses			3,906,451			2,157,193			1,749,258		81%
Loss from operations			(942,644)			(445,533)			(497,111)		(112)%
Other income (expense), net
Interest expense			(853,147)			(587,669)			(265,478)		(45)%
Change in fair value of derivative liability on convertible notes			(154,000)			(605,000)			451,000		75%
Change in fair value of derivative liability on bridge notes and bridge notes, related parties			(48,000)			—			(48,000)		(100)%
Loss on extinguishment of bridge notes and bridge notes, related parties			(2,750,171)			—			(2,750,171)		(100)%
Gain on extinguishment of note payable			788,156			—			788,156		100%
Other income			(3,732)			—			(3,732)		(100)%
Interest income			47			223			(176)		(79)%
Other expense, net			(3,020,847)			(1,192,446)			(1,828,401)		(153)%
Benefit from income taxes			—			—			—		100%
Net loss		$	(3,963,491)		$	(1,637,979)		$	(2,325,512)		(142)%

			December 31,
	March 31, 2021		2020		2019
Americas		77.3%		92.28%		97.7%
Europe, Middle East, and Africa (“EMEA”)		21.6%		2.31%		0.2%
Asia Pacific (“APAC”)		1.1%		5.41%		2.1%

	As of December 31,															CAGR 2016-20		As of March 31, 2021
Sales Pipeline Stage — Totals (in thousands)	2020			2019			2018			2017			2016			CAGR 2016-20		As of March 31, 2021
Inquiries		$	76,765		$	54,266		$	26,530		$	26,236		$	11,057		62%		$	22,534
Quotes		$	64,333		$	36,569		$	17,851		$	16,464		$	6,763		76%		$	15,060
Purchase Orders		$	14,850		$	12,065		$	8,228		$	5,185		$	2,109		63%		$	5,514
Revenue		$	8,184		$	4,298		$	4,395		$	3,067		$	1,448		53%		$	2,964

Name	Age		Position
Christopher Ianelli		54	Chief Executive Officer, President, and Director
Jill Mullan		56	Chief Operating Officer, Secretary, Treasurer, and Director
Benjamin Bielak		51	Chief Information Officer
Tracy Curley		59	Chief Financial Officer
Andrew L. Ross		72	Chairman of the Board
George “Bud” Scholl		61	Director
Steven Gullans		67	Director
John L. Brooks III		69	Director Nominee
Margaret H. Lawrence		45	Director Nominee

Name and Principal Position	Year		Salary ($)			Bonus ($)			Option awards ($)(1)			All other compensation ($)			Total ($)
Christopher Ianelli,		2020		$	250,000		$	—		$	—		$	—		$	250,000
Chief Executive, President and Director		2019		$	250,000		$	—		$	297,587		$	—		$	547,587
Jill Mullan,		2020		$	230,000		$	—		$	—		$	—		$	230,000
Chief Operating Officer, Secretary and Treasurer		2019		$	230,000		$	—		$	397,671		$	—		$	627,617
Benjamin Bielak		2020		$	220,000		$	—		$	—		$	—		$	220,000
Chief Information Officer		2019		$	220,000		$	—		$	25,500		$	—		$	245,500
Tracy Curley(2)		2020		$	105,600		$	—		$	—		$	—		$	105,600
Chief Financial Officer		2019		$	—		$	—		$	—		$	—		$	—

	Three Months Ended March 31,						Change
	2021			2020			Dollars			Percentage
	(unaudited)
Net cash flows used in operating activities		$	(126,249)		$	(426,011)		$	299,762		70%
Net cash flows used in investing activities			(214,534)			(260,204)			45,670		18%
Net cash flows provided by financing activities			—			1,000,000			(1,000,000)		(100)%
Net (decrease) increase in cash and cash equivalents		$	(340,783)		$	313,785		$	(654,568)

	Years Ended December 31,						Change
	2020			2019			Dollars			Percentage
Net cash flows used in operating activities		$	(288,380)		$	(2,679,900)		$	2,391,520		89%
Net cash flows used in investing activities			(1,102,612)			(1,475,245)			372,633		25%
Net cash flows provided by financing activities			2,033,008			3,078,674			(1,045,666)		(34)%
Net increase (decrease) in cash and cash equivalents		$	642,016		$	(1,076,471)		$	1,718,487

Plan	Number of Shares Issued		Number of Shares Reserved for Issuance		Number of Shares underlying Outstanding Options or Warrants		Number of Shares Remaining Available for Future Issuance
2010 Stock Incentive Plan		156,603		270,513		113,898		—
2013 Stock Incentive Plan		59,491		309,029		137,949		111,589

	Option Awards
Name	Number of securities underlying unexercised options (#) exercisable		Number of securities underlying unexercised options (#) unexercisable		Equity incentive plan awards; Number of securities underlying unexercised unearned options (#)		Option exercise price ($)			Option expiration date
Christopher Ianelli		2,254		2,254		—		$	1.00	January 31, 2029
Christopher Ianelli		48,106		—		—		$	1.00	July 12, 2029
Jill Mullan		19,296		—		—		$	1.00	June 29, 2026
Jill Mullan		2,254		2,254		—		$	1.00	January 31, 2029
Jill Mullan		65,792		—		—		$	1.00	July 12, 2029
Benjamin Bielak		14,653		8,791		—		$	1.00	June 14, 2028
Benjamin Bielak		2,254		2,254		—		$	1.00	January 31, 2029

	Shares beneficially owned prior to the offering								Shares beneficially owned after the offering
Name of beneficial owner	Common stock		Options exercisable within 60 days		Aggregate number of shares beneficially owned		%		Assuming no exercise of option to purchase additional shares		%		Assuming exercise of option to purchase additional shares		%
5% or more stockholders:
Anna-Maria & Stephen Kellen Foundation(1)		196,785(2)		—		196,785		8.7%		566,154(7)		9.0%		566,154(7)		8.6%
OBF Investments		250,456(3)		—		250,456		11.1%		766,169(8)		12.2%		766,169(8)		11.6%
Named executive officers and directors:
Andrew L. Ross		854,847(4)		—		854,847		38.0%		1,257,938(9)		20.1%		1,257,938(9)		19.1%
Christopher Ianelli		343,357(5)		50,642		393,999		17.1%		393,999		6.2%		393,999		5.9%
Jill Mullan		49,566(6)		87,625		137,191		5.9%		204,750(10)		3.2%		204,750(10)		3.1%
Steven Gullans		—		—		—		—		—		—		—		—
John L. Brooks III		—		—		—		—		—		—		—		—
Margaret H. Lawrence		—		—		—		—		—		—		—		—
All current directors and executive officers as a group (6 persons)		1,247,770		138,267		1,386,037		58.0%		1,856,687		29.0%		1,856,687		27.6%

Underwriters	Number of Shares
ThinkEquity, a division of Fordham Financial Management, Inc.

Total		2,222,222

	Report of Independent Registered Public Accounting Firm					F-2
	Balance Sheets as of December 31, 2020 and 2019					F-3
	Statements of Operations for the years ended December 31, 2020 and 2019					F-4
	Statements of Changes in Convertible Preferred Stock and Stockholders’ Deficit for the years ended December 31, 2020 and 2019					F-5
	Statements of Cash Flows for the years ended December 31, 2020 and 2019					F-6
	Notes to Financial Statements					F-7
	Condensed Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020					F-28
	Unaudited Condensed Statements of Operations for the three months ended March 31, 2021 and 2020					F-29
	Unaudited Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit for the three months ended March 31, 2021 and 2020					F-30
	Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2021 and 2020					F-31
	Notes to Unaudited Condensed Financial Statements					F-32

	December 31, 2020			December 31, 2019
ASSETS
Current assets:
Cash		$	695,909		$	53,893
Accounts receivable, net of allowance for doubtful accounts of $108,096 and $0 at December 31, 2020 and 2019, respectively			1,526,392			833,580
Accounts receivable-unbilled			652,761			454,576
Prepaid expenses and other current assets			417,929			134,135
Tax credit receivable, current portion			179,376			104,478
Total current assets			3,472,367			1,580,662
Property and equipment, net			75,589			119,921
Internally developed software, net			2,634,139			2,306,882
Tax credit receivable, net of current portion			—			179,522
Security deposits			27,601			27,601
Total assets		$	6,209,696		$	4,214,588
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable		$	1,792,432		$	737,794
Accrued expenses			810,910			471,348
Accrued interest			3,696,944			1,745,515
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs			5,490,811			5,350,278
Derivative liability for embedded conversion features			2,373,000			2,214,000
Bridge notes payable, net of debt issuance costs			4,589,228			3,586,326
Bridge notes payable, related parties			1,905,000			1,655,000
Note payable, current portion			604,109			—
Deferred revenue			873,254			—
Total current liabilities			22,135,688			15,760,261
Note payable, net of current portion			178,899			—
Total liabilities			22,314,587			15,760,261
Commitments and contingencies
Series B convertible preferred stock, $0.0001 par value, 3,200,000 shares authorized, 572,465 shares issued and outstanding at December 31, 2020 and 2019 (preference in liquidation of $10,604,240)			7,999,997			7,999,997
Series A-1 convertible preferred stock, $0.0001 par value, 556,550 shares authorized, 100,365 issued and outstanding at December 31, 2020 and 2019 (preference in liquidation of $780,170)			561,041			561,041
Series A convertible preferred stock, $0.0001 par value, 3,427,871 shares authorized, 618,182 issued and outstanding at December 31, 2020 and 2019 (preference in liquidation of $3,935,804)			2,612,038			2,612,038
Total convertible preferred stock			11,173,076			11,173,076
Stockholders’ Deficit:
Common stock, $0.0001 par value, 16,000,000 shares authorized, 967,213 issued and 936,213 outstanding at December 31, 2020 and 2019			94			94
Additional paid-in capital			1,779,698			1,686,832
Treasury stock, 31,000 shares at December 31, 2020 and 2019, at cost			(172)			(172)
Accumulated deficit			(29,057,587)			(24,405,503)
Total stockholders’ deficit			(27,277,967)			(22,718,749)
Total liabilities, convertible preferred stock and stockholders’ deficit		$	6,209,696		$	4,214,588

	Series B Convertible Preferred Stock					Series A-1 Convertible Preferred Stock					Series A Convertible Preferred Stock					Common Stock					Treasury Stock					Additional Paid-In Capital			Accumulated Deficit			Total Stockholders’ Deficit
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Additional Paid-In Capital			Accumulated Deficit			Total Stockholders’ Deficit
Balance at January 1, 2019		572,465		$	7,999,997		100,365		$	561,041		618,182		$	2,612,038		935,651		$	94		31,000		$	(172)		$	1,322,779		$	(19,746,453)		$	(18,423,752)
Cumulative effect from adoption of ASC 606		—			—		—			—		—			—		—			—		—			—			—			68,000			68,000
Issuance of common stock through exercise of stock options		—			—		—			—		—			—		562			—		—			—			3,674			—			3,674
Share-based compensation expense		—			—		—			—		—			—		—			—		—			—			360,379			—			360,379
Net loss		—			—		—			—		—			—		—			—		—			—			—			(4,727,050)			(4,727,050)
Balance at December 31, 2019		572,465		$	7,999,997		100,365		$	561,041		618,182		$	2,612,038		936,213		$	94		31,000			(172)		$	1,686,832		$	(24,405,503)		$	(22,718,749)
Share-based compensation expense		—			—		—			—		—			—		—			—		—			—			92,866			—			92,866
Net loss		—			—		—			—		—			—		—			—		—			—			—			(4,652,084)			(4,652,084)
Balance at December 31, 2020		572,465		$	7,999,997		100,365		$	561,041		618,182		$	2,612,038		936,213		$	94		31,000		$	(172)		$	1,779,698		$	(29,057,587)		$	(27,277,967)

	2020			2019
Specimens – contracts with customers		$	8,086,324		$	4,215,002
Shipping and other			97,782			83,348
Revenue		$	8,184,106		$	4,298,350

Asset category			Estimated Useful Life
Website			3 years
Computer equipment and purchased software			5 years
Equipment			5 years
Furniture and fixtures			5 years
Leasehold improvements			Shorter of useful life of asset or lease term

	2020		2019
Shares issuable upon conversion of preferred stock		1,291,012		1,291,012
Shares issuable upon exercise of stock options		251,847		224,884
Shares issuable upon exercise of warrants to purchase common stock		23,309		23,309

	Fair value at December 31, 2020
	Total			Level 1			Level 2			Level 3
Liabilities:
Derivative liability		$	2,373,000		$	—		$	—		$	2,373,000
Total liabilities		$	2,373,000		$	—		$	—		$	2,373,000

	Fair value at December 31, 2019
	Total			Level 1			Level 2			Level 3
Liabilities:
Derivative liability		$	2,214,000		$	—		$	—		$	2,214,000
Total liabilities		$	2,214,000		$	—		$	—		$	2,214,000

	2020			2019
Balance, beginning of period		$	2,214,000		$	2,765,000
Loss (gain) included in earnings			159,000			(551,000)
Balance, end of period		$	2,373,000		$	2,214,000

Years Ended December 31,	Operating Leases
2021		$	161,062
2022			163,158
2023			165,254
2024			27,601
Total		$	517,075

	2020	2019
Assumptions:
Risk-free interest rate	0.30% – 1.41%	1.59% – 2.58%
Expected term (in years)	5.32 – 6.14	5.00 – 6.14
Expected volatility	43.11% – 50.14%	41.00% – 43.92%
Expected dividend yield	—%	—%

	Options Outstanding		Weighted Average Exercise Price			Weighted Average Remaining Contractual Term in Years
Balance at January 1, 2019		90,799		$	2.57		8.78
Granted		162,016		$	1.13
Exercised		(562)		$	6.52
Cancelled/forfeited		(27,369)		$	6.09
Balance at December 31, 2019		224,884		$	1.08		8.78
Granted		43,259		$	1.00
Exercised		—		$	1.00
Cancelled/forfeited		(16,296)		$	4.20
Balance at December 31, 2020		251,847		$	1.00		8.06
Options exercisable at December 31, 2020		180,716		$	1.00		7.85

	2020			2019
Deferred tax assets:
Operating loss carryforwards		$	6,600,000		$	5,600,000
Other			700,000			1,000,000
Total deferred tax assets			7,300,000			6,600,000
Deferred tax liability:
Intangibles			(250,000)			(150,000)
Total deferred tax liabilities			(250,000)			(150,000)
Net deferred tax assets before valuation allowance			7,050,000			6,450,000
Valuation allowance			(7,050,000)			(6,450,000)
Net deferred tax asset		$	—		$	—

	2020		2019
Reconciliation to statutory rates
Expected federal income taxes benefit at statutory rates		(21)%		(21)%
Expected state tax benefit at statutory rates, net of federal benefit		(8)		(8)
Change in valuation allowance		29		29
Income tax expense (benefit)		—%		—%

	March 31, 2021			December 31, 2020
	(unaudited)
ASSETS
Current assets:
Cash		$	355,126		$	695,909
Accounts receivable – unbilled			1,079,734			652,761
Accounts receivable, net of allowance for doubtful accounts of $128,748 and $108,096 at March 31, 2021 and December 31, 2020, respectively			580,196			1,526,392
Due from factor			495,735			—
Prepaid expenses and other current assets			428,084			417,929
Tax credit receivable, current portion			179,376			179,376
Total current assets			3,118,251			3,472,367
Property and equipment, net			64,459			75,589
Internally developed software, net			2,613,444			2,634,139
Security deposits			27,601			27,601
Total assets		$	5,823,755		$	6,209,696
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable		$	2,091,562		$	1,792,432
Accrued expenses			1,119,322			810,910
Accrued interest			4,253,987			3,696,944
Convertible notes payable, related parties, net of unamortized debt discount and debt issuance costs			5,491,899			5,490,811
Derivative liability for embedded conversion features on convertible notes payable			2,527,000			2,373,000
Bridge notes payable, net of debt discount and debt issuance costs			4,185,172			4,589,228
Bridge notes payable, related parties, net of debt discount			1,735,094			1,905,000
Derivative liability for embedded conversion feature on bridge notes payable and bridge notes, related parties			3,662,000			—
Note payable, current portion			—			604,109
Deferred revenue			804,065			873,254
Total current liabilities			25,870,101			22,135,688
Note payable, net of current portion			—			178,899
Total liabilities			25,870,101			22,314,587
Commitments and contingencies
Series B convertible preferred stock, $0.0001 par value, 3,200,000 shares authorized, 572,465 shares issued and outstanding at March 31, 2021 and December 31, 2020 (preference in liquidation of $10,722,596)			7,999,997			7,999,997
Series A-1 convertible preferred stock, $0.0001 par value, 556,550 shares authorized, 100,365 issued and outstanding at March 31, 2021 and December 31, 2020 (preference in liquidation of $788,470)			561,041			561,041
Series A convertible preferred stock, $0.0001 par value, 3,427,871 shares authorized, 618,182 issued and outstanding at March 31, 2021 and December 31, 2020 (preference in liquidation of $3,974,448)			2,612,038			2,612,038
Total convertible preferred stock			11,173,076			11,173,076
Stockholders’ Deficit:
Common stock, $0.0001 par value, 16,000,000 shares authorized, 967,213 issued and 936,213 outstanding at March 31, 2021 and December 31, 2020			94			94
Additional paid-in capital			1,801,734			1,779,698
Treasury stock, 31,000 shares at March 31, 2021 and December 31, 2020, at cost			(172)			(172)
Accumulated deficit			(33,021,078)			(29,057,587)
Total stockholders’ deficit			(31,219,422)			(27,277,967)
Total liabilities, convertible preferred stock and stockholders’ deficit		$	5,823,755		$	6,209,696

	Fair value at March 31, 2021
	Total			Level 1			Level 2			Level 3
	(unaudited)
Liabilities:
Derivative liability on convertible notes payable, related parties		$	2,527,000		$	—		$	—		$	2,527,000
Derivative liability on bridge notes payable and bridge notes payable, related parties			3,662,000			—			—		$	3,662,000
Total liabilities		$	6,189,000		$	—		$	—		$	6,189,000

Year Ending December 31,	Operating Leases
2021 (remaining)		$	121,058
2022			163,158
2023			165,254
2024			27,601
Total		$	477,071

	Amount to be paid
SEC registration fee		$	2,635
FINRA filing fee			3,500
Exchange listing fee			50,000
Accounting fees and expenses			50,000
Legal fees and expenses			350,000
Printing expenses			140,000
Transfer agent and registrar fees			4,000
Miscellaneous expenses			1,000
Total		$	601,135