# EDGAR Filing Document

**Accession Number:** 0001740049
**File Stem:** 0001670254-23-000019
**Filing Date:** 2023-1
**Character Count:** 227868
**Document Hash:** 449fcd6012e70f538b45d53ca4babc73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000019.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0001670254-23-000019

**CONFORMED SUBMISSION TYPE**: C/A

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VitalFlo Inc.
- **CENTRAL INDEX KEY:** 0001740049
- **IRS NUMBER:** 821535838
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31214
- **FILM NUMBER:** 23532565

**BUSINESS ADDRESS:**
- **STREET 1:** 224 FAYETTEVILLE ST, FL 4
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27601
- **BUSINESS PHONE:** 425-922-2738

**MAIL ADDRESS:**
- **STREET 1:** 224 FAYETTEVILLE ST
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27601

## Ex-99

### Attached PDF Documents

**Attachment 1:** `document_1.pdf`

# Form C

## Cover Page

Name of issuer:

Vikafin Inc.

Legal status of issuer:

Form: Corporation

Jurisdiction of Incorporation/Organization: DE

Date of organization: 4/28/2017

Physical address of issuer:

224 Fayetteville St

Raleigh NC 27601

Website of issuer:

https://vitaffolhealth.com

Name of intermediary through which the offering will be conducted:

Verlumber Portal LLC

CIA number of intermediary:

0009670254

SEC file number of intermediary:

007-00033

CFO number of application of intermediary:

285505

Amount of compensation to be paid to the intermediary, whether as a dollar amount or a percentage of the offering amount, or a asset faith estimate if the exact amount is not available at the time of the filing, for conducting the offering, including the amount of interest and any other fees associated with the offering:

75% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the issuer in connection with the offering.

Any other direct or indirect interest in the issuer held by the intermediary, or any arrangement for the intermediary to acquire such an interest:

No

Type of security offered:

☐ Costance Stock

☐ Preferred Stock

☐ Debit

☑ Other

If Other, describe the security offered:

Simple Agreement for Future Equity (SAFE)

Target number of securities to be offered:

235,000

Price:

$1.00000

Method for determining price:

Pre-rated portion of the total principal value of $235,000; interests will be paid in increments of $1; each investment is convertible to one share of stock as described under item 15.

Target offering amount:

$235,000.00

Oversus/coupons accepted:

☑ Yes

☐ No

If yes, disclose how oversus/coupons will be allocated:

☐ Pre-rata basis

☐ First-come, first-served basis

☑ Other

If other, describe how oversus/coupons will be allocated:

As determined by the issuer

Maximum offering amount (if different from target offering amount):

$1,000,000.00

Deadline to reach the target offering amount:

4/30/2025

NOTE: If the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering; investment commitments will be cancelled and committed funds will be returned.

Current number of employees:

8

|  | Most recent fiscal year-end | Prior fiscal year-end |
| --- | --- | --- |
| Total Assets | $877,926.00 | $287,725.00 |
| Cash & Cash Equivalents | $712,919.00 | $141,748.00 |
| Accounts Receivable | $16,543.00 | $1,689.00 |
| Stock and Debt | $39,277.00 | $75,823.00 |
| Long-term Debt | $0.00 | $725,000.00 |
| Revenues/Sales | $72,680.00 | $42,877.00 |
| Cost of Goods Sold | $43,118.00 | $1,937.00 |
| Short Path | $200.00 | $204.00 |
| Net Income | ($741,679.00) | ($153,223.00) |

Select the jurisdictions in which the issuer intends to offer the securities:

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, ND, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI,

# Offering Statement

Respond to each question in each paragraph of this part. Set forth each question and any notes, but not any instructions therein, in their entirety. If disclosure in response to any question is responsive to one or more other questions, it is not necessary to repeat the disclosure. If a question or series of questions is inapplicable or the response is available elsewhere in the form, either state that it is inapplicable, include a cross-reference to the responses disclosure, or omit the question or series of questions.

No very careful and precise in answering all questions. Enter full and complete answers so that they are not misleading under the circumstances involved. Do not discuss any future performance or other anticipated errors unless you have a reasonable basis to believe that it will actually occur within the foreseeable future. If any current reporting significant information is received by law or in connection with the Company, its management and principal shareholders may be liable to revenues based on that information.

## THE COMPANY

1. Name of Issuer

VitaFlu Inc.

## COMPANY ELIGIBILITY

2. ☐ Check this box to certify that all of the following statements are true for the issuer:

- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- Not subject to the requirement to file reports pursuant to Section 13 at Section 7633 of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 41(c)(3) of the Securities Act as a result of a disqualification specified in Rule 1(2)(a) of Regulation Crowdfunding.
- Not filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

INSTRUCTION TO QUESTION 2: If any of these statements are not true, then you are NOT eligible to rely on this exemption under Section 41(c)(3) of the Securities Act.

3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 232 of Regulation Crowdfunding?

☐ Yes ☑ No

## DIRECTORS OF THE COMPANY

4. Provide the following information about each director (and any persons occupying a similar status or performing a similar function) of the issuer:

| Director | Principal Occupation | Birth Employee | Year Joined as Director |
| --- | --- | --- | --- |
| Michael Frey | Managing Director | Goodman Fund | 2021 |
| Luke Marshall | CEO | VitaFlu Inc. | 2017 |

For three years of business experience, refer to Appendix D, Director & Officer Work History.

## OFFICERS OF THE COMPANY

5. Provide the following information about each officer (and any persons occupying a similar status or performing a similar function) of the issuer:

| Officer | Position Held | Year Joined |
| --- | --- | --- |
| Michael Taylor | COO | 2016 |
| Luke Marshall | CEO | 2017 |
| Luke Marshall | President | 2017 |

For three years of business experience, refer to Appendix D, Director & Officer Work History.

INTERVIEWER'S QUESTION 1: For purposes of this document, the terms and conditions of this document, are provided in the following section of the General Accounting Office, and are given that methods of performing similar functions.

## PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the most recent practicable date, which is the beneficial owner of 35 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power.

| Name of Holder | No. and Class of Securities from Held | % of Voting Power Prior to Offering |
| --- | --- | --- |
| Luke Marshall | 2973423.0 Common | 49.08 |

INTERVIEWER'S QUESTION 6: The above information must be provided as of a date that is the more than 10 days prior to the date of filing of this offering statement.

The information must correspond to both all securities, for which the person directly or indirectly has or shares the voting power, which includes the person to whom it is, and the voting power is not to be used. If the person has the right to acquire voting power, it will be required, which will have including through the exercise of any right to increase or tight the consensus of a voting or other arrangement, or if securities are held in a member of the family, through compensation or partnerships, or otherwise in a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member of a member

## BUSINESS AND ANTICIPATED BUSINESS PLAN

7. Describe or detail the business of the issuer and the anticipated business plan of the issuer:

For a description of our business and our business plan, please refer to the attached Appendix A, Business Description & Plan.
INTERVIEWER'S QUESTION 7: Please refer to your company's "Wearable profile as an appropriate Appendix A in the form of an Part Answer. The information will include all information and "evaluation" that are an un-) good feature of value will be considered.

The reason that our information provided for your "Wearable profile will be provided in the SEC in response to this question, in a result, even consumer will be personally liable for misstatements and measures in your profile under the Securities Act of 1933, where copies, copies and/or copies of information related to your business and any other business plan. Please review your "Wearable profile carefully to ensure a provision of material information, in our files or misleading, and does not with any information that would cause the information included in the data or misleading.

## RISK FACTORS

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.

In making an investment decision, investors must rely on their own examination of

the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.

These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.

B. Discuss the material factors that make an investment in the issuer speculative or risky:

Inspection of Future Lovers; Early Stage Company. The Company is an early stage company. The Company is projecting that net operating losses will continue through at least calendar year 2023 and potentially beyond. The Company's ability to generate revenues and profits will depend on the successful development, commercialization and marketing of its products and services. Failure of any of these conditions could adversely affect the Company's financial condition and results of operation.

Need for Additional Funding. The Company may require substantial additional working capital to support its product development, commercialization and marketing activities. The Company offers no assurance that any additional funding, if required, will be secured or, if secured, will be on favorable terms.

Competition. Although the Company believes that the products and services it is developing will possess advantages, competition in the market for the Company's products and services exists. Many of the Company's potential competitors have substantially greater financial, research and development, marketing and other resources than the Company. Because of changes that may occur in the industry, no assurance can be made that competitors will not develop products and services with similar capabilities at a lower cost that will compete successfully with the Company.

Lack of Sales and Market Recognition. The Company's ability to finance its operations and to achieve profitability will depend, in part, on the Company's ability to introduce and successfully market its products and services. Market acceptance and recognition generally require substantial time and effort. While the Company believes that reasonable market penetration will provide market recognition, management makes no assurances that the market will be penetrated as planned, or if it is, that the level of penetration will be successful in helping the Company realize a competitive advantage over others who are in the market or may enter the market.

Lack of Profits. The Company currently is not profitable. While the Company has developed a plan that projects significant profitability in the future, management makes no assurances that this financial objective will be achieved, or that consistent profitability will occur.

Need to Attract and Retain Key Employees. The Company is highly dependent upon the services of its current officers, the loss of whose services could substantially impede the achievement of the Company's business objectives. The recruitment and retention of additional qualified personnel will be critical to the Company's success. The Company will face competition for qualified employees from numerous industry sources and there can be no assurance that it will be able to attract and retain qualified personnel on acceptable terms.

Dependence on Scale Up and Management of Growth. The Company's success will depend on the expansion of its operations and the management of these expanded operations. Failure to achieve any of these goals could have a material adverse effect on the Company's business, financial condition or results of operations.

Lack of Public Market: Illicit. There is no public market for the Securities and the Company does not expect that such a market will develop in the new future. The Securities will not be registered under the Securities Act, or state Blue Sky laws and are being offered and sold in reliance on exemptions from the registration requirements of such laws. The investor will be required to represent that the investor is purchasing the Securities for investment and agree to restrictions on transfer of the Securities. The certificates representing the Securities will bear legends describing such restrictions. Consequently, the investor may be unable to liquidate such investor's investment and should be prepared to hold the Securities indefinitely.

Data Security: Interruptions and breaches of the Company's computer and communications systems, and those of the Company's vendors, including computer viruses, "backing" and "cyber-attacks," could impair the Company's ability to conduct business and communicate internally and with its customers, or result in the theft of trade secrets or other misappropriation of assets, or otherwise compromise privacy of sensitive information belonging to the Company, its customers or other business partners.

Projections. The financial projections included herein were prepared by the management of the Company and are based upon certain assumptions regarding future events. As the assumptions relate to events which may occur in the future and over which management will have little or no control, there can be no assurance that the assumptions by management will occur. If the assumptions made by management do not occur, the Company may not achieve the projected financial performance. Accordingly, these financial projections should not be interpreted as a guarantee that the Company will achieve the revenues, expenses and profits as stated in the projections. Actual results for any period may be substantially less attractive for the Company than the projections indicate.

Government Regulations. The Company's products are subject to extension and rigorous regulation at both the federal and state levels. Such agencies and the regulations promulgated thereunder, and other federal and state statutes and regulations govern among other things, the development, testing, manufacture, safety, effectiveness, labeling, storage, record keeping, approval, advertising and promotion of the Company's products.

The Company cannot determine what effect changes in regulations or legal interpretations, when and if promulgated, may have on its business in the future. Changes could, among other things, require expanded or different labeling, the recall or discontinuance of certain products, additional record keeping and expanded documentation of the properties of certain products and scientific substantiation. Such changes, or new legislation, could have a material adverse effect on the Company.

Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.

PRODUCTION IN QUESTION 1. And your official statement and tariffs will have been that we refuse to the issuer. However, should be related to the issuer's business and the offering and should we repeat the herein statement in the legend, as to the share. We give the number of risk factors to request to be charged.

# The Offering

## USE OF FUNDS

B. What is the purpose of this offering?

The Company intends to use the net proceeds of this offering for working capital and general corporate purposes, which includes the specific items listed in item 10 below. While the Company expects to use the net proceeds from the Offering in the manner described above, it cannot specify with certainty the particular uses of the net proceeds that it will receive from the Offering. Accordingly, the Company will have broad discretion in using these proceeds.

12. How does the issuer intend to use the proceeds of this offering?

If no issues: $235,000

List of
Proceeds: 67% towards R&D (incl. software development and maintenance); 32%
towards Sales & Marketing; 25.5% towards general & administrative; 7.5%
towards WeFunder fees

If no issues: $1,000,000

List of
Proceeds: 37% towards R&D (incl. software development and maintenance); 32%
towards Sales & Marketing; 25.5% towards general & administrative; 7.5%
towards WeFunder fees

INVOICE FROM 2015/07/2015. An investment provider is currently identified as a group of environmental users of proceeds, such that the issuer are provided with an adequate amount of information or material from the offering, proceeds and the event. If the issuer has not defined a range of possible items, the issuer should identify and describe such products and will be present the issuer may consider in a discharge process during the potential issue. If the issuer not accept proceeds in excess of the target offering, however, the issuer must describe the purpose, method or laboratory consumer interest, and intended use of the issuer's proceeds with similar specificity. Please include all potential users of the proceeds of the offering including any discount rights with us for use of any other items. If you do not do so, you may have to respond to several your factors. Requests to be responsible for any further loss or loss of use of the a potential user of offering proceeds.

## DELIVERY & CANCELLATIONS

1. How will the issuer complete the transaction and deliver securities to the investors?

Book Entry and Investment in the Consumer. Investors will make their investments by investing in interests issued by one or more co-owners, each of which is a special purpose vehicle ("SPV"). The SPV will invest all amounts it receives from investors in securities issued by the Company. Interests issued to investors by the SPV will be in book entry form. This means that the investor will not receive a certificate representing his or her investment. Each investment will be recorded in the books and records of the SPV. In addition, investors' interests in the investments will be recorded in each investor's "Portfolio" page on the WeFunder platform. All references in this Form C to an investor's investment in the Company (or similar phrases) should be interpreted to include investments in a SPV.

2. How can an investor cancel an investment commitment?

NOTE: Investors may cancel an investment commitment until 48 hours prior to the deadline identified in these offering materials.

The intermediary will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment).

If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment.

If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

An investor's right to cancel. An investor may cancel his or her investment commitment at any time until 48 hours prior to the offering deadline.

If there is a material change to the terms of the offering or the information provided to the investor about the offering and/or the Company, the investor will be provided notice of the change and must re-confirm his or her investment commitment within five business days of receipt of the notice. If the investor does not reconfirm, he or she will receive notifications disclosing that the commitment was cancelled, the reason for the cancellation, and the refund amount that the investor is required to receive. If a material change occurs within five business days of the maximum number of days the offering is to remain open, the offering will be extended to allow for a period of five business days for the investor to reconfirm.

If the investor cancels his or her investment commitment during the period when cancellation is permissible, or does not reconfirm a commitment in the case of a material change to the investment, or the offering does not close, all of the investor's funds will be returned within five business days.

Within five business days of cancellation of an offering by the Company, the Company will give each investor notification of the cancellation, disclose the reason for the cancellation, identify the refund amount the investor will receive, and refund the investor's funds.

The Company's right to cancel. The Investment Agreement you will execute with us provides the Company the right to cancel for any reason before the offering deadline.

If the sum of the investment commitments from all investors does not equal or exceed the target offering amount at the time of the offering deadline, no securities will be sold in the offering, investment commitments will be cancelled and committed funds will be returned.

## Ownership and Capital Structure

### THE OFFERING

1. Describe the terms of the securities being offered:

To view a copy of the SAFE you will purchase, please see Appendix B, Investor Contracts.
The main terms of the SAFE's are provided below:

The SAFE's, like are offering securities in the form of a Simple Agreement for Future Equity ("SAFE"), which provides investors the right to preferred stock in the Company ("Preferred Stock"), when and if the Company sponsors an equity offering that involves Preferred Stock, on the standard terms offered to other investors.

The "Discount Rate" is 80.00%.
The "Valuation Cap" is $7,000,000.00

Convenient and Limited Financing. In the event that the Company issues and sells Preferred Stock in a bona fide transaction or series of transactions with the principal purpose of raising capital for aggregate proceeds of at least US$1,000,000 at a fixed valuation, including but not limited to, a pre-money or post-money valuation (a "Qualified Financing") before the termination of this SAFE, this SAFE will automatically convert into the number of shares of SAFE Preferred Stock equal to the Purchase Amount divided by the lower of (1) the Cap Price or (2) the Discount Price (the "Conversion Price") upon the occurrence of such Qualified Financing.

For purposes of this SAFE:

"Cap Price" means the price per share determined in accordance with the following formula:

Cap Price + Valuation Cap - Pre-Money Valuation Cap Denominator

"Discount Price" means the price per share determined in accordance with the following formula:

Discount Price = Discount Rate * Qualified Financing Price Per Share

"Pre-Money Valuation Cap Denominator" means, immediately prior to the Qualified Financing, the sum of (without double-counting, in each case calculated on an as-converted to Common Stock basis):

1. All issued and outstanding shares of the Company's capital stock, including, without limitation, "Common Stock" and "Preferred Stock" ("Capital Stock").

2. All (i) issued and outstanding options, restricted stock awards or purchases, RSUs, SARs, warrants or similar securities, vested or unvested (collectively, "Options"), (ii) Promised Options, (iii) the Unissued Option Pool, (iv) any increase to the Unissued Option Pool in connection with the Qualified Financing, and (iv) any equity incentive or similar plan to be created in connection with the Qualified Financing.

3. All shares issuable upon exercise or conversion of any convertible securities, including (a) this SAFE, (b) any other instruments containing a future right to shares of Capital Stock, similar in form and content to the instrument, purchased by investors for the purpose of funding the Company's business operations ("SAFEs") issued by the Company and (c) any convertible promissory notes issued by the Company.

Expedite Errors. If there is a Change of Control, a Direct Listing or an Initial Public Offering (a "Liquidity Event") before the termination of this SAFE, this SAFE will automatically be entitled (subject to the liquidation priority set forth in Section 5 of the SAFE) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the greater of (i) the Purchase Amount (the "Cash-Out Amount") or (ii) the amount payable on the number of shares of Common Stock equal to the Purchase Amount divided by the Liquidity Price (the "Conversion Amount"). If any of the Company's securitizations are given a choice as to the form and amount of Proceeds or be received in a Liquidity Event, the Investor will be given the same choice, provided that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's securityholders, or under any applicable laws.

Expedite Patents

In a Liquidity Event or Dissolution Event, this SAFE is intended to operate like standard nonparticipating Preferred Stock. The Investor's right to receive its Cash-Out Amount is:

(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or nationally converted into Capital Stock);

(ii) On par with payments for other SAFEs and/or Preferred Stock, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other SAFEs and/or Preferred Stock, the applicable Proceeds will be distributed pro rata to the Investor and such other SAFEs and/or Preferred Stock in proportion to the full payments that would otherwise be due; and

(iii) Senior to payments for Common Stock.

### Securities Issued by the SPV

Instead of issuing its securities directly to investors, the Company has decided to issue its securities to the SPV, which will then issue interests in the SPV to investors. The SPV has been formed by Wefunder Admin, LLC and is a co-issuer with the Company of the securities being offered in this offering. The Company's use of the SPV is intended to allow investors in the SPV to achieve the same economic exposure, voting power, and ability to assert State and Federal law rights, and receive the same disclosures, as if they had invested directly in the Company. The Company's use of the SPV will not result in any additional fees being charged to investors.

The SPV has been organized and will be operated for the sole purpose of directly acquiring, holding and disposing of the Company's securities, will not borrow money and will use all of the proceeds from the sale of its securities solely to purchase a single class of securities of the Company. As a result, an investor investing in the Company through the SPV will have the same relationship to the Company's securities, in terms of number, denomination, type and rights, as if the investor invested directly in the Company.

### Voting Rights

If the securities offered by the Company and those offered by the SPV have voting rights, these voting rights may be exercised by the Investor or his or her proxy. The applicable proxy is the Lead Investor. If the Proxy (described below) is in effect.

### Proxy to the Lead Investor

The SPV securities have voting rights. With respect to those voting rights, the investor and his, her, or its transferees or assignees (collectively, the "Investor"), through a power of attorney granted by Investor in the Investor Agreement, has appointed or will appoint the Lead Investor as the Investor's true and lawful proxy and attorney (the "Proxy") with the power to act alone and with full power of substitution, on behalf of the Investor be (i) sole all securities related to the Company purchased in an offering hosted by Wefunder Portal, and (ii) execute, in connection with such voting power, any instrument or document that the Lead Investor determines is necessary and appropriate in the exercise of his or her authority. Such Proxy will be irrevocable by the Investor unless and until a successor lead Investor ("Replacement Lead Investor") takes the place of the Lead Investor. Upon notice that a Replacement Lead Investor has taken the place of the Lead Investor, the investor will have five (5) calendar days to receive the Proxy. If the Proxy is not revealed within the 5-day time period, it shall remain in effect.

### Restriction on Transferability

The SPV securities are subject to restrictions on transfer, as set forth in the Subscription Agreement and the Limited Liability Company Agreement of Wefunder SPV, LLC, and may not be transferred without the prior approval of the Company, on behalf of the SPV.

14. Do the securities offered have voting rights?

☐ Yes
☐ No

15. Are there any limitations on any voting or other rights identified above?

For the above description of the Proxy in the Lead Investor:

16. How may the terms of the securities being offered be modified?

Any provision of this SAFE may be amended, waived or modified by written consent of the Company and either (i) the Investor or (ii) the majority-in-interest

of all SAFEs with the same Valuation Cap and Discount Rate as this SAFE (and SAFEs lacking one or both of such terms will be considered to be the same with respect to such term(s)) (the "Majority Holders"), provided that with respect to clause (c) (as) the Purchase Amount may not be amended, waived or modified in this manner, (b) the consent of the investor and each holder of each SAFEs must be solicited (even if not obtained), and (c) such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of SAFEs whose SAFEs have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of SAFEs.

Pursuant to authorization in the investor Agreement between each investor and Wefunder Portal, Wefunder Portal is authorized to take the following actions with respect to the investment contract between the Company and an investor:

1. Wefunder Portal may amend the terms of an investment contract, provided that the amended terms are more favorable to the investor than the original terms; and
2. Wefunder Portal may reduce the amount of an investor's investment if the reason for the reduction is that the Company's offering is oversubscribed.

# RESTRICTIONS ON TRANSFER OF THE SECURITIES BEING OFFERED:

The securities being offered may not be transferred by any purchaser of such securities during the one year period beginning when the securities were issued, unless such securities are transferred:

1. to the extent:
2. to an accredited investor;
3. as part of an offering, registered with the U.S. Securities and Exchange Commission or
4. to a member of the family of the purchaser or the equivalent, in a duly controlled by the purchaser, in a form created for the benefit of a member of the family of the purchaser or the equivalent, in a connection with the death or divorce of the purchaser or other similar circumstance.

NOTE: The term "saccredited investor" means any person who comes within any of the categories set forth in Rule 501(c) of Regulation S, or who the other reasonably believes comes within any of such categories, at the time of the sale of the securities in that person.

The term "member of the family of the purchaser or the equivalent" includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spouse equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes adoptive relationships. The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

# DESCRIPTION OF ISSUER'S SECURITIES

1) What other securities or classes of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or classes of securities of the issuer:

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Common Stock | 9917432 | 3641313 | Yes |
| Series Seed 2 Preferred Stock | 347825 | 347825 | Yes |
| Series Seed 1 Preferred Stock | 2671268 | 2068503 | Yes |

| Class of Security | Securities Reserved for Issuance upon Exercise or Conversion |
| --- | --- |
| Warrants: |  |
| Options: | 4,979,114 |

Describe any other rights:

Preferred stock has liquidation preferences over common stock. Series Seed 2 Preferred Stock has a different cost basis for the 1x multiple than Seed 1. Seed 1 has a $3M cap and Seed 2 has a $4M cap.

2) How may the rights of the securities being offered be materially limited, diluted or qualified by the rights of any other class of security identified above?

The holders of a majority-in-interest of voting rights in the Company could limit the investor's rights in a material way. For example, those interest holders could vote to change the terms of the agreements governing the Company's operations or cause the Company to engage in additional offerings (including potentially a public offering).

These changes could result in further limitations on the voting rights the investor will have as an owner of equity in the Company, for example by diluting those rights or limiting them to certain types of events or consents.

To the extent applicable, in cases where the rights of holders of convertible debt, SAFEs, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the investor's securities will decrease, which could also diminish the investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional equity, an investor's interest will typically also be diluted.

Based on the risk that an investor's rights could be limited, diluted or otherwise qualified, the investor could lose all or part of his or her investment in the securities in this offering, and may never see positive returns.

Additional risks related to the rights of other security holders are discussed below, in Question 20.

3) Are there any differences not reflected above between the securities being offered and each other class of security of the issuer?

No.

2) How could the exercise of rights held by the principal shareholders identified in Question 6 above affect the purchasers of the securities being offered?

As holders of a majority-in-interest of voting rights in the Company, the shareholders may make decisions with which the investor disagrees, or that negatively affect the value of the investor's securities in the Company, and the investor will have no response to change these decisions. The investor's interests may conflict with those of other investors, and there is no guarantee that the Company will develop in a way that is optimal for or advantageous to the investor.

For example, the shareholders may change the terms of the articles of incorporation for the company, change the terms of securities issued by the Company, change the management of the Company, and even force out minority holders of securities. The shareholders may make changes that affect the tax treatment of the Company in ways that are unfavorable to you but favorable to them. They may also vote to oppose in-line offerings similar to investor certain of the Company's securities in a way that negatively affects the value of the securities the investor owns. Other holders of securities of the Company may also have access to more information than the investor, leaving the investor at a disadvantage with respect to any decisions regarding the securities he or she owns.

The shareholders have the right to redeem their securities at any time. Shareholders could decide to force the Company to redeem their securities at a

time that is not favorable to the investor and is damaging to the Company. Investors' exit may affect the value of the Company and/or its viability.

In cases where the rights of holders of convertible debt, SAPES, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the investor's securities will decrease, which could also diminish the investor's voting and/or economic rights. In addition, as discussed above, if a majority in interest of holders of securities with voting rights cause the Company to issue additional stock, an investor's interest will typically also be diluted.

21. How are the securities being offered being issued? Include examples of methods for how such securities may be valued by the issuer in the future, including during subsequent economic actions.

The offering price for the securities offered pursuant to this Form C has been determined arbitrarily by the Company, and does not necessarily bear any relationship to the Company's book value, assets, earnings or other generally accepted valuation criteria. In determining the offering price, the Company did not employ investment banking firms or other outside organizations to make an independent appraisal or evaluation. Accordingly, the offering price should not be considered to be indicative of the actual value of the securities offered hereby.

The initial amount invested in a SAPE is determined by the investor, and we do not guarantee that the SAPE will be converted into any particular number of shares of Preferred Stock. As discussed in Question 13, when we engage in an offering of equity interests involving Preferred Stock, investors may receive a number of shares of Preferred Stock calculated as either (i) the total value of the investor's investment, divided by the price of the Preferred Stock being issued to new investors, or (ii) if the valuation for the company's more than the Valuation Cap, the amount invested divided by the quotient of (i) the Valuation Cap divided by (ii) the total amount of the Company's capitalization at that time.

Because there will likely be no public market for our securities prior to an initial public offering or similar liquidity event, the price of the Preferred Stock that investors will receive, and/or the total value of the Company's capitalization, will be determined by our board of directors. Among the factors we may consider in determining the price of Preferred Stock are prevailing market conditions, our financial information, market valuations of other companies that we believe to be comparable to us, estimates of our business potential, the present date of our development and other factors deemed relevant.

In the future, we will perform valuations of our stock (including both common stock and Preferred Stock) that take into account, as applicable, factors such as the following:

- unrelated third party valuations;

- the price at which we sell other securities in light of the relative rights, preferences and privileges of those securities;

- our results of operations, financial position and capital resources;

- current business conditions and projections;

- the marketability or lack thereof of the securities;

- the hiring of key personnel and the experience of our management;

- the introduction of new products;

- the risk inherent in the development and expansion of our products;

- our stage of development and material risks related to our business;

- the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company given the prevailing market conditions and the nature and history of our business;

- industry trends and competitive environment;

- trends in consumer spending, including consumer confidence;

- overall economic indicators, including gross domestic product, employment, inflation and interest rates; and

- the general economic outlook.

We will analyze factors such as those described above using a combination of financial and market-based methodologies to determine our business enterprise value. For example, we may use methodologies that assume that businesses operating in the same industry will share similar characteristics and that the Company's value will correlate to those characteristics, and/or methodologies that compare transactions in similar securities issued by us that were conducted in the market.

22. What are the risks to purchasers of the securities relating to minority ownership in the issuer?

An investor in the Company will likely hold a minority position in the Company, and thus be limited as to its ability to control or influence the governance and operations of the Company.

The marketability and value of the investor's interest in the Company will depend upon many factors outside the control of the investor. The Company will be managed by its officers and be governed in accordance with the strategic direction and decision-making of its Board Of Directors, and the investor will have no independent right to name or remove an officer or member of the Board Of Directors of the Company.

Following the investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the investor in the Company. The investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured.

The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

23. What are the risks to purchasers associated with corporate actions, including additional breaches of securities, issuer repurchases of securities, a sale of the issuer or of assets of the issuer or transactions with related parties?

Additional breaches of securities. Following the investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the investor in the Company. The investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured. The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

Issuer repurchases of securities. The Company may have authority to repurchase its securities from shareholders, which may serve to decrease any liquidity in the market for such securities, decrease the percentage interests held by other similarly situated investors to the investor, and create pressure on the investor to sell its securities to the Company concurrently.

A sale of the issuer or of assets of the issuer. As a minority owner of the Company, the investor will have limited or no ability to influence a potential sale of the Company or a substantial portion of its assets. Thus, the investor will rely upon the executive management of the Company and the Board of Directors of the Company to manage the Company so as to maximize value for shareholders. Accordingly, the success of the investor's investment in the Company will depend in large part upon the skill and expertise of the executive management of the Company and the Board of Directors of the Company. If the Board Of Directors of the Company authorizes a sale of all or a part of the Company, or a disposition of

a substantial portion of the Company's assets, there can be no guarantee that the value received by the investor, together with the fair market estimate of the value remaining in the Company, will be equal to or exceed the value of the investor's initial investment in the Company.

Transactions with related parties. The investor should be aware that there will be occasions when the Company may encounter potential conflicts of interest in its operations. On any issue involving conflicts of interest, the executive management and Board of Directors of the Company will be guided by their good faith judgement as to the Company's best interests. The Company may engage in transactions with affiliates, subsidiaries or other related parties, which may be on terms which are not semi-length, but will be in all cases consistent with the duties of the management of the Company to its shareholders. By acquiring an interest in the Company, the investor will be deemed to have acknowledged the existence of any such actual or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

24. Describe the material forms of any indebtedness of the issuer

None

INSTRUCTIONS ON QUESTION 24. Have the recipient, person named, name, title, name by date, and any other material terms.

25. What other events offered for the issuer conducted within the past three years?

| Offering Date | Exemption | Security Type | Amount Sold | Use of Proceeds |
| --- | --- | --- | --- | --- |
| 10/2020 | Section 4(a)(2) | Convertible Note | $275,000 | General operations |
| 1/2021 | Regulation D. Rule 300(b) | Preferred stock | $3,140,000 | General operations |
| 9/2022 | Section 4(a)(2) | SAFE | $389,000 | General operations |

26. Who or in the issuer of any entities controlled by or under common control with the issuer's party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount received exceeds the percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(4) of the Securities Act during the preceding 90-month period, including the amount the issuer seeks to have in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:

1. any director or officer of the issuer;

2. any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting security securities, calculated on the basis of voting power;

3. if the issuer was incorporated or organized within the past three years, any promoter of the issuer;

4. an old, any immediate family member of any of the foregoing persons.

☐ Yes
☑ No

INSTRUCTIONS ON QUESTION 24. The information provided in the Statement 24, as financial statements, management or information including any indebtedness or guarantee of indebtedness or any other information, management or information.

B. Indicate the presence of paragraph (2) that is determined as a basis that is current that 120 days prior to the date of filing of the offering statement and using the same, tabulation as indicated in Question 4 (p)(2) (the date and time of issue).

The term "number of the bonds" includes one, half, one-half, one-half percent, equivalent, equivalent, percent or general applicable, adding, similar to the other to the one in the, specified in the invoice or less, in order to be of the person, and includes a positive other entity. The term "general applicable" means a substitute or a sign of membership generally applicable instead of a group.

Complete the amount of contract party's interest in any transaction without regard to the amount of the product described in the transaction. Where it is not practicable in order for appropriate amounts of the interest, also for appropriate amount specified in the transaction.

## FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating history?

☑ Yes
☐ No

28. Describe the financial condition of the issuer, including, to the extent material, liquidity, capital resources and historical results of operations.

### Management's Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

#### Overview

VitaFils helps doctors measure, monitor, and predict their patients' lung health

#### Milestones

VitaFils Inc. was incorporated in the State of Delaware in April 2017.

Since then, we:

- Change address and COPD treatment to proactive, preventative care

- 2.7% subscription growth quarter-over-quarter

- Launched with 50-hospital Health System group in May 2022

- Raised $29M in Seed funding in 2021 from 3 VCs and several Angels

- Notable venture investors include Techstars, Gowrdom Fund and Elevate Capital

- Won $1.2M+ in research grant funding from National Science Foundation (NSF) and others.

- 20M+ community lines performed on platform - more than 24 growth year-to-date

#### Historical Results of Operations

- Business & Gross Margin. For the period ended December 31, 2021, the Company had revenues of $72,890 compared to the year ended December 31, 2020, when the Company had revenues of $42,877. Our gross margin was 49.64% in fiscal year 2021, compared to 55.48% in 2020.

- Taxes. As of December 31, 2021, the Company had total assets of $877,926, including $712,911 in cash. As of December 31, 2020, the Company had $262,729 in total assets, including $147,748 in cash.

- Not Value. The Company has had net losses of $761,679 and net losses of $109,223 for the fiscal years ended December 31, 2021 and December 31, 2020, respectively.

• Liabilities. The Company's liabilities totaled $39,277 for the fiscal year ended December 31, 2021 and $800,623 for the fiscal year ended December 31, 2020.

# Liquidity & Capital Resources

To-date, the company has been financed with $2,140,000 in equity, $725,000 in convertibles, and $325,000 in SAFEs.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 9 months before we need to raise further capital.

We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don't have any other sources of capital in the immediate future.

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 6 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

# Runway & Short/Mid Term Expenses

VitalFlo Inc, cash in hand is $80,709.35, as of October 2022. Over the last three months, revenues have averaged $5,826.26/month, cost of goods sold has averaged $1,299.50/month, and operational expenses have averaged $101,843.28/month, for an average burn rate of $97,216.91 per month. Our intent is to be profitable in 12 months.

Since the date our financials cover, the Company issued $325k in SAFEs on the same vehicle as the crowdfunding being raised through Wefunder.

The Company received a Letter of Intent from Techstars to invest $160k on the current SAFE vehicle being used to raise crowdfunding through Wefunder.

We hope to bring in -$200,000 in revenue over the next 6 months. We expect our expenses to be -$600,000 over the next 6 months.

VitalFlo is not currently profitable. We project that we can become profitable within 12 months. We estimate that we will need to raise $550,000 to reach this point of profitability. Currently, growth of the company is the priority over profitability. While $550,000 may be enough to achieve profitability, if there are opportunities for faster growth, the company may increase burn which would require the company to pursue further funding opportunities.

Outside of the funds raised through Wefunder, VitalFlo has three other sources of capital: revenue, fundraising outside of Wefunder, and grants. The company is forecasting it will bring in -$200,000 in revenue over the next 6 months. In addition to this, we are raising additional capital outside of Wefunder using the same bonus. The company is currently being considered for $500,000 in supplemental grant funding to its existing Phase II SBW grant through the Phase VII grant vehicle by the NSP. These sources combined should provide plenty of funding to cover short-term burn throughout the Wefunder campaign.

Should all of that go away, we have the ability to draw down short term working capital loans from some of our investors.

Future projections cannot be guaranteed.

DISTRIBUTION: On 12/31/2021, Dr. Chas. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M.

# FINANCIAL INFORMATION

PS. Include financial statements covering the two most recently completed fiscal years or the period(s) since inception, if shorter.

Refer to Appendix C, Financial Statements

I, Luke Marshall, wrote that:

(1) the financial statements of VitalFlo Inc. included in this Form are true and complete in all material respects; and

(2) the financial information of VitalFlo Inc. included in this Form reflects accurately the information reported on the tax return for VitalFlo Inc. filed for the most recently completed fiscal year.

Luke Marshall
CEO

# STAKEHOLDER ELIGIBILITY

(1) With respect to the issues, any predecessors of the issues, any affiliated issues, any director, officer, general partner or managing member of the issues, any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, any pre-order connected with the issues in any capacity at the time of such sale, any person that has been or will be paid directly or indirectly with the securities of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such liabilities, prior to May 15, 2019.

(1) Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:

I, in connection with the purchase or sale of any security? ☐ Yes ☑ No

II, involving the making of any false filing with the Commission? ☐ Yes ☑ No

III, arising out of the conduct of the business of an uncompetitive, broker, dealer, municipal securities dealer, investment adviser, funding parlor or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(2) Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 2(1)(b) of the Securities Act that, at the time of filing of this offering statement, conforms or modify such person from engaging or continuing to engage in any conduct or practice:

I, in connection with the purchase or sale of any security? ☐ Yes ☑ No

II, involving the making of any false filing with the Commission? ☐ Yes ☑ No

III, arising out of the conduct of the business of an uncompetitive, broker, dealer, municipal securities dealer, investment adviser, funding parlor or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(a) is any exemption subject to a true order or a valid securities commission (or an agency or officer of a state performing law functions), a state authority that supersedes or examines banks, savings associations or credit unions, a state insurance commission (or an agency or officer of a state performing law functions), an appropriate federal banking agency, the U.S. Commodity Futures Trading Commission or the National Credit Union Administration that:

1. at the time of the filing of this offering statement bans the person from:

A. association with an entity regulated by such commission, authority, agency or officer? ☐ Yes ☑ No

B. engaging in the business of securities, insurance or banking? ☐ Yes ☑ No

C. engaging in savings associations or credit union activities? ☐ Yes ☑ No

4. constitutes a true order based on a violation of any law or regulation that prohibits fraudulent, incalculable or derivative conduct and for which the order was entered within the foregoing period ending on the date of the filing of this offering statement? ☐ Yes ☑ No

(b) is any such person subject to an order of the Commission entered pursuant to Section 103(m) 103(c) of the Exchange Act or Section 2005a) or (b) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:

1. becomes or involves such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding analyst? ☐ Yes ☑ No

2. places, inclusions on the activities, functions or operations of such person?

☐ Yes ☑ No

3. bans such person from being associated with any entity or from participating in the offering of any proxy stock? ☐ Yes ☑ No

(c) is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement, enters the person to cease and desist from committing or causing a violation of future violations of:

1. any calendar-based and fraud provision of the federal securities laws, including without limitation: Section 10(a)(1) of the Securities Act, Section 1001 of the Exchange Act, Section 1001(c) of the Exchange Act and Section 1001(d) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder? ☐ Yes ☑ No

2. Section 9 of the Securities Act? ☐ Yes ☑ No

(d) is any such person suspended or expelled from mentioned to it, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct in association with just and equitable principles of trade?

☐ Yes ☑ No

(e) Has any such person filed (as a registered or issuer), or was any such person or was any such person named as an underwriter in any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal, order, stop order, or order suspending the Regulation A committee, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?

☐ Yes ☑ No

(f) is any such person subject to a United States Postal Service false representation under entered within five years before the filing of the information required by Section 2(a)(3) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

☐ Yes ☑ No

If you would have answered "No" to any of these questions had the conviction, order, judgment, device, suspension, expulsion or ban occurred or been issued after May 16, 2016, then you are NOT eligible to rely on this exemption under Section 4(a)(3) of the Securities Act.

INTERNATIONAL SECURITIES: Final rules, rules, and other information on the information contained in a federal or state agency, described in the Federal and State Regulations of the United States, and applicable federal authority documents (see section 1.4(a) and (b) of the Federal and State Regulations of the United States).

The reason you requested for the document with respect to or your offering to any affiliated issuer that would be liable for a limited number of the affiliated entities and (b) to whom it is known or (c) made, common interest with the issuer, by a final party that was in connection with the affiliated entity at the time of such return.

## OTHER MATERIAL INFORMATION

(i) In addition to the information expressly required to be included in this form, include:

(1) any other material information presented to investors; also

(2) such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

The Lead Investor. As described above, each investor that has entered into the Investor Agreement will grant a power of attorney to make voting decisions on behalf of that investor to the Lead Investor (the "Proxy"). The Proxy is irrevocable unless and until a Successor Lead Investor takes the place of the Lead Investor. In which case, the Investor has a five (5) calendar day period to revoke the Proxy. Pursuant to the Proxy, the Lead Investor or his or her successor will make voting decisions and take any other actions in connection with the voting on Investors' behalf.

The Lead Investor is an experienced investor that is chosen to act in the role of Lead Investor on behalf of Investors that have a Proxy in effect. The Lead Investor will be chosen by the Company and approved by Wefunder Inc. and the identity of the Initial Lead Investor will be disclosed to Investors before Investors make a final investment decision to purchase the securities related to the Company.

The Lead Investor can quit at any time or can be removed by Wefunder Inc. for cease or pursuant to a vote of investors as detailed in the Lead Investor Agreement. In the event the Lead Investor quits or is removed, the Company will choose a Successor Lead Investor who must be approved by Wefunder Inc. The identity of the Successor Lead Investor will be disclosed to Investors, and those that have a Proxy in effect can choose to either retain such Proxy in place or revoke such Proxy during a 5-day period beginning with notice of the replacement of the Lead Investor.

The Lead Investor will not receive any compensation for his or her services to the SPV. The Lead Investor may receive compensation if, in the future, Wefunder Advisors LLC forms a fund ("Fund") for accredited investors for the purpose of investing in a non-Regulation Crowdfunding offering of the Company. In such an circumstance, the Lead Investor may act as a portfolio manager for that Fund (and as a supervised person of Wefunder Advisors) and may be compensated through that role.

Although the Lead Investor may act in multiple roles with respect to the Company's offerings and may potentially be compensated for some of its services, the Lead Investor's goal is to maximize the value of the Company and therefore maximize the value of securities issued by or related to the Company. As a result, the Lead Investor's interests should always be aligned with those of Investors. It is, however, possible that in some limited circumstances the Lead Investor's interests could diverge from the interests of Investors, as discussed in section 8 above.

Investors that wish to purchase securities related to the Company through Wefunder Portal must agree to give the Proxy described above to the Lead Investor. Provided that if the Lead Investor is replaced, the Investor will have a 5-day period during which he or she may revoke the Proxy. If the Proxy is not revoked during this 5-day period, it will remain in effect.

Tax Filings, in order to complete necessary tax filings, the SPV is required to include information about each investor who holds an interest in the SPV including each investor's taxpayer identification number ("TIN") (e.g., social security number or employer identification number). To the extent they have not already done so, each investor will be required to provide their TIN within the

earlier of (1) two (2) years of making their investment or (1) twenty (20) days prior to the date of any distribution from the SPV. If an investor does not provide their 1% within this time, the SPV reserves the right to withhold from any proceeds otherwise payable to the investor an amount necessary for the SPV to satisfy its tax withholding obligations as well as the SPV's reasonable collimation of any penalties that may be charged by the IRS or other relevant authority as a result of the investor's failure to provide their 1% investors should carefully review the terms of the SPV Subscription Agreement for additional information about tax filings.

AGREEMENT TO THE AGREEMENT: (1) Performance is presented to investors, its clients, and/or other means not affected by a financial statement or security document (except, as a basis should include:

(2) subject to the terms of the terms of each investment;

(3) subject to the terms of the terms of each stock market, personal and

(4) to the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of the terms of

## ONGOING REPORTING

52. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its website, no later than

120 days after the end of each fiscal year covered by the report.

53. Incorporated the annual report may be found on the issuer's website at: https://vitaffrehealth.com/invest

The issuer must continue to comply with the ongoing reporting requirements until:

1. the issuer is required to file reports under Exchange Act Sections 13(a) or 13(b);
2. the issuer has filed at least one annual report and has fewer than 300 holders of record;
3. the issuer has filed at least three annual reports and has total assets that do not exceed $10 million;
4. the issuer or another party purchases or repurchases all of the securities issued pursuant to Section 4(a)(4), including any payment in full of debt securities or any complete redemption of redeemable securities, or the issuer liquidates or dissolves in accordance with state law.

## APPENDICES

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement
VitaFlo SAFE

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Luke Marshall
Michael Taylor
Michael Troy

Appendix E: Supporting Documents

ttw_communications_117774_205433.pdf
VitaFlo_SAFE_-_Carta.pdf

## Signatures

Investment microassessors or omissions of face constitute federal criminal violations. See 19 U.S.C. 1993.

The following documents will be filed with the IRS:

Cover Page XML

Offering Statement (this page)

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement

VitaFlo SAFE

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Luke Marshall

Michael Taylor

Michael Troy

Appendix E: Supporting Documents

ttw_communications_117774_205433.pdf
VitaFlo_SAFE_-_Carta.pdf

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form C and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.

VitaFlo Inc.

By

Luke Marshall

Founder & CEO

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), this Form C and Transfer Agent Agreement has been signed by the following persons in the committee and on the dates indicated.

# Mike Troy

Managing Director, Goekdom Fund III, LP
1/13/2023

# Luke Marshall

Founder & CEO
1/13/2023

The Form C has a top-sq of the names in your spot and sales office on the site. In your spot, you will offer an overview of your spot as a company, offer and at least a majority of the board of directors or persons performing similar functions.

I authorize Wefunder Portal to submit a Form C to the SEC based on the information I provided through this online form and my company's Wefunder profile.

As an authorized representative of the company, I appoint Wefunder Portal as the company's true and lawful representative and attorney-in-fact, in the company's name, place and stead to make, execute, sign, acknowledge, swear to and file a Form C on the company's behalf. This power of attorney is coupled with an interest and is irrevocable. The company hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of Wefunder Portal taken in good faith under or in reliance upon this power of attorney.

**Attachment 2:** `document_2.pdf`

INVEST IN VITALFLO

# VitalFlo helps doctors measure, monitor, and predict their patients' lung health

![img-0.jpeg](img-0.jpeg)

VitalFlo

vitalflohealth.com

Portland Oregon

Technology

B2B

Healthcare

Venture Backed

Science & R&D

LEAD INVESTOR

Matt Duke

We invested in VitalFlo because of their ambitious mission to transform lung health. VitalFlo will enable people to take control of their lung health and prevent dangerous health situations. The Founders are strong with domain expertise and previous operating experience. The traction of the company is strong and they are positioned well for high growth. Our team believes this could take off as they close more partnerships with clinics, insurers, and hospital systems.

Invested $2,500 this round

## Highlights

1 Change asthma and COPD treatment to proactive, preventative care
2 2.7X subscription growth quarter-over-quarter
3 Launched with 90-hospital Health System group in May 2022
4 Raised $2M+ in Seed funding in 2021 from 3 VCs and several Angels
5 Notable venture investors include Techstars, Geekdom Fund and Elevate Capital
6 Won $1.2M+ in research grant funding from National Science Foundation (NSF) and others
7 20K+ spirometry tests performed on platform - more than 2X growth year-to-date!

## Our Team

![img-1.jpeg](img-1.jpeg)

Luke Marshall Founder & CEO

Raised over $2M in investment and over $1.2M in grant funding for VitalFlo from Techstars, Geekdom Fund, The National Science Foundation and others. PhD, University of Texas at Austin.

![img-2.jpeg](img-2.jpeg)

Andy Taylor Co-founder & COO

Founded the Medical Innovators Collaborative (MEDIC), an incubator for medical device startups and development. Built enterprise partnerships with United Therapeutics, Becton Dickinson and others. Biomedical Engineering, NCSU.

![img-3.jpeg](img-3.jpeg)

Carl Mottram Clinical Advisory Board Member

Wrote the definitive textbook on Pulmonary Function Testing. Professor of Medicine Emeritus at Mayo Clinic. Sits on several spirometry standards boards including the Clinical and Laboratory Standards Institute, and the National Board for Respiratory Care.

Dr. Wes Sublett Clinical Advisory Board Member

Senior Partner and Medical Director of Clinical Research of the largest private equity-backed Allergy & Asthma clinical group in the country. Forty under 40 Louisville Business First.

## VitalFlo helps doctors measure, monitor, and predict their patients' lung health

What if you had to go to the cardiologist to get your blood pressure taken?

That would be absurd. Of course you should be able to get your blood pressure tested with your primary care doctor, and by yourself at home!

So why are we making the 40 million Americans with asthma and COPD go to the pulmonologist to test how their lungs are doing? It's insane.

And it is part of why only 50% of people with COPD have ever had a pulmonary function test. (Can you imagine if only half of people with cardiovascular disease had ever had a blood pressure test?)

We founded VitalFlo to unlock pulmonary function testing, also called spirometry, for patient and their primary care doctors.

![img-4.jpeg](img-4.jpeg)

## We're backed by the best

The help we can ship mission, master base, backed by most 100 insurance files

To help us on this mission, we've been backed by great VC investors like

Techstars, Geekdom Fund and Elevate Capital.

We've also won support from the National Science Foundation.

Now, we're opening up the opportunity for the whole world.

Why is now the right time to invest? Because we're already working with some of the best customers in the world, and we're growing. Fast.

Our Spirometry Platform is trusted by the world's best, and we are growing fast

![img-5.jpeg](img-5.jpeg)

## A massive problem, that VitalFlo can solve

There are three major reasons that treating patients Chronic Respiratory Diseases like asthma and COPD has become such a big problem:

1. Reactive Care is Expensive. The US alone spends $100 Billion per year on asthma and COPD care. And $29 Billion of that is on ER visits and hospitalizations! Reacting to symptoms instead of proactive testing and treatment is responsible.
2. Respiratory Care is Hard. Most of this testing is done by specialists like Pulmonologists. That is because Pulmonary Function Testing (aka spirometry) has traditionally been a difficult test to do well. As a result, 40% of cases are underdiagnosed. And fully 50% of COPD patients have never had a pulmonary function test! How can we help patients before they end up in the hospital, if we don't know how they're doing?
3. Trends are Making it Worse. Unfortunately, a respiratory pandemic has made chronic respiratory disease an even bigger problem. COVID has impacted everyone, and especially the ~23 million who have long-haul COVID symptoms. And with other trends like climate change causing more pollen and allergy symptoms as well, this problem is becoming increasingly urgent.

Chronic Respiratory Care is an expensive, inefficient, and growing problem

REACTIVE CARE IS EXPENSIVE

RESPIRATORY CARE IS HARD

TRENDS MAKING IT WORSE

3.2M

ER VISITS

>40%

UNDERDIAGNOSED

23M

LONG-HAUL COVID

$29B

LR & HOSPITAL

50%

NEVER TESTED

+200%

MORE ALLERGIES

Sources: see list below.

One of the biggest challenges is a lack of access to testing.

That's because the testing is typically stuck in the Pulmonary Lab.

And in the wake of COVID, Pulmonary Labs all across the country are backlogged by 4-6 months.

![img-6.jpeg](img-6.jpeg)

## The solution is to make spirometry available to your regular doctor

We've designed our software and data tools to make spirometry remarkably easy to do, all while maintaining the highest quality readings.

By pairing with 3rd-party hardware devices, we have focused on making super simple, easy-to-use mobile and web apps.

Our products help Primary Care Doctors & Health Systems quickly and easily evaluate the respiratory health of their patients - both in the clinic and at home

VitalFlo unlocks Spirometry for Primary Care Providers & their Patients

![img-7.jpeg](img-7.jpeg)

One hybrid platform: in-clinic & at-home

Powerful: web-app portal with clinical decision support

Flexible: mobile-first app with integrated 3rd-party devices

Easy-to-use: intuitive UI for patients and generalists

We make it *Faster and Easier to do More* Spirometry Testing

To unlock spirometry:
**Make it Fast & Easy**

Real-Time Coaching with
automated feedback

Calibration-Free 3rd-party
devices are always ready

Saves Clinical Resources like
staff time and exam rooms

Turn-Key Home Monitoring
with VitalFlo Virtual Care
licensing work

![img-8.jpeg](img-8.jpeg)

## We're built for Primary Care, so we're ready for everyone

We're built for primary care providers (non-specialists), which makes us a fantastic tool for many different clinical settings.

We have sequentially launched into three markets over the last few years:
Researchers, Independent Primary Care providers, and now: Health Systems.

Sequenced launches into three markets: Research, Primary Care & Health Systems

![img-9.jpeg](img-9.jpeg)

Academic Clinical Researchers were great early-adopters.

We helped elite research groups like UNC School of Medicine, the CDC, and UT Austin Dell Medical school to shift their studies from in-person to remote following COVID.

VitalFlo also helped groups like Stanford University's Sean N. Parker Center for Allergy & Asthma Research and Duke University design never-before done fully-remote, fully decentralized research studies.

Rapid adoption by Academic Clinical Researchers was driven by COVID

Contracted Patient Population: Research Studies

![img-10.jpeg](img-10.jpeg)

DukeMedicine

SCHOOL OF MEDICINE

The University of Texas at Austin
Dell Medical School

# Independent Primary Care launched earlier in 2022

There has been a great need for spirometry testing that we are helping to fill for primary care practices across the country.

Since launching our products to this segments earlier this year, we've been growing fast, and we're continuing that growth through the end of the year and into 2023.

Since clinical launch, rapid and growing sales velocity with Independent Primary Care

![img-11.jpeg](img-11.jpeg)

Quarterly Growth

2.7X

Subscriptions

Primary Care Practices

50+

Proj. DCP-2022

Health Systems are backlogged by all of the pulmonary function testing they need to do

With 4-6 month waits to get the testing they need done, Health System accounts need help getting more throughput.

We launched our first Health System earlier this year. Sovah Health has seen a great ROI by working with us: paying back the system cost in the first 6 weeks of use through insurance billing.

This is a massive market with large account sizes: the system we launched with is a 2-hospital system that was recently acquired by a 90-hospital group, which we will be working to expand into through the rest of the year and 2023.

Health Systems need VitalFlo to help them with their 4-6 month Spirometry Backlog

I love VitalFlo. I absolutely love it.

Within six weeks, just in billing, we were able to make backlog that we could get

![img-12.jpeg](img-12.jpeg)

able to make back what we paid out.

We're using it really frequently. So I'm very happy with all that.

”

![img-13.jpeg](img-13.jpeg)

“

## A business model that works

As a software and data platform, we have both a SaaS and transactions-based revenue streams.

**Subscriptions:** We charge annual, auto-renewing subscriptions on a per-device basis. We are competitively priced, and by scaling with the number of devices deployed instead the number of patients or providers, our structure works great for both small and large practices.

**Disposables:** When the devices are used in the clinic, there are mouthpieces that must be replaced after each test. So in addition to the annual subscriptions, we are also driving revenue by increasing testing volume.

**Aligned Incentives:** Our customers are paid by insurance for each test they do, which makes the system pay for itself quite quickly. One of our health system customers has reported a 6-week payback period and success on 100% of the insurance claims they have made so far.

How it works: VitalFlo unlocks quick and easy Spirometry for Health Providers

1

PROVIDERS SUBSCRIBE TO VITALFLO'S PLATFORM

Primary Care Providers & Health Systems pay an annual subscription for each spirometer they use

SaaS Gross Margins: 68-80%

2

EVERY TEST REQUIRES A DISPOSABLE MOUTHPIECE

Providers purchase disposable mouthpieces for each test from VitalFlo via recording orders

Disposables Gross Margins: 50-55%

3

PROVIDERS ARE REIMBURSED BY PATIENTS' INSURANCE

Using existing insurance CPT codes, providers are reimbursed by insurance for spirometry testing

Provider ROI: 5X+ per in-clinic test

![img-14.jpeg](img-14.jpeg)

“

## Our next service: Virtual Care

In addition to in-clinic services, VitalFlo is about to launch its home-based program. For this offering we will be subcontracting virtual service providers to help oversee the patients while they are at home.

Our first customer will be a 120-provider Allergy & Asthma group based in the Midwest.

This product has been highly requested from our customers. It requires one device subscription per patient, and will dramatically expand the SaaS income associate with our accounts.

Next: we are Expanding Account Values with "Turn-Key" Virtual Care

# VITALFLO LAUNCHING FULLY STAFFED REMOTE RESPIRATORY MONITORING

- Highly Requested: Health Systems are asking us for this
- High Customer ROI: with existing insurance reimbursement codes
- High Need: they do not have the staff to run program themselves

VIRTUAL CARE WILL BE A REVENUE DRIVER

3-5X

INCREASE IN ARPA

![img-15.jpeg](img-15.jpeg)

VitalFlo

Virtual Care Solutions Remote Respiratory Monitoring

# The result: continued, rapid growth

We are in our growth inflection, and it's an exciting time to invest in continued sales and marketing efforts.

With a product that is ready to scale, and new services launching, we are primed to dramatically expand our revenue over the next several quarters.

After a recent clinical market launch, we are primed for accelerating growth

![img-16.jpeg](img-16.jpeg)

In fact, year-to-date we have already more than doubled the number of spirometry tests performed on the platform:

Adoption has been rapid, and spirometry testing through the platform is growing fast

![img-17.jpeg](img-17.jpeg)

Testing Growth

>2X

YTD

Total Tests

26K+

PNG, NOV 2022

# Join VitalFlo on our growth journey

We have an award-winning team that has successfully growth the company to this point, brought on over $2M in Venture Capital backing, as well as over $1.2M in grant support from federal institutions like the National Science Foundation.

Our award-winning team is bringing Predictive Respiratory Medicine to Primary Care

![img-18.jpeg](img-18.jpeg)

Our clinical advisors include:

- Carl Mottram - professor-emeritus of Mayo Clinic School of Medicine and author of the definitive text book on Pulmonary Function Testing
- Dr. Wes Sublett - Sr. Partner and Medical Director of Clinical Research of one of the largest PE-backed Allergy & Asthma clinical groups in the US
- Dr. Todd Rowland - Medical Informatics Fellow of Harvard/MIT, and Chairperson of the Telehealth Innovation Group of the American Academy of Physical Medicine & Rehabilitation

We believe we are primed for growth and invite you to join us on our journey!

VitalFlo is in its growth inflection - it's time to scale up

![img-19.jpeg](img-19.jpeg)

- We're changing Asthma and COPD treatment to proactive, preventative care
- Expanding within 90-hospital Health System group
- Previously raised $2M+ in Seed funding
- Won $1.2M+ in research grants from National Science Foundation (NSF) and others
- 20K+ spirometry tests performed on platform - more than 2X growth year-to-date!

17

[LOGO]

VitalFlo

# Statistic sources:

- ER Visits, Hospitalizations & Hospital Readmissions: CDC, JACI, CDC, Pharmacy Times, CDC, CDC, NIH
- Under-diagnosis: AAFP and ERS
- Under-testing: CMAJ
- Long-haul COVID: UC Davis
- Pollen Increases: Nature

**Attachment 3:** `document_3.pdf`

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED THE "SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

VitalFlo, Inc.

### PRE-MONEY SAFE

### (Simple Agreement for Future Equity)

This Pre-Money SAFE (this "SAFE") is dated as of the Purchase Date and certifies that in exchange for the payment by Investor to the Company of the Purchase Amount on the Purchase Date, the Company issues to the Investor the right to certain shares of the Company's Capital Stock, subject to the terms described below and in the terms and conditions set forth in Exhibit A attached to this SAFE, which are incorporated by reference.

"Company" means VitalFlo, Inc..

"Investor" means [ENTITY NAME].

"Purchase Date" means [EFFECTIVE DATE].

"Purchase Amount" means $[AMOUNT].

The "Discount Rate" is 80.00%.

The "Valuation Cap" is $7,000,000.00.

The "Governing Law State" is Delaware.

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## Exhibit A

### Terms and Conditions Incorporated into Pre-Money SAFE

#### **1. Conversion in a Qualified Financing.**

(a) In the event that the Company issues and sells Preferred Stock in a bona fide transaction or series of transactions with the principal purpose of raising capital for aggregate proceeds of at least US$1,000,000 at a fixed valuation, including but not limited to, a pre-money or post-money valuation (a "**Qualified Financing**") before the termination of this SAFE, this SAFE will automatically convert into the number of shares of SAFE Preferred Stock equal to the Purchase Amount divided by the lower of (1) the Cap Price or (2) the Discount Price (the "**Conversion Price**") upon the occurrence of such Qualified Financing.

For purposes of this SAFE:

"**Cap Price**" means the price per share determined in accordance with the following formula:

Cap Price = Valuation Cap ÷ Pre-Money Valuation Cap Denominator

"**Discount Price**" means the price per share determined in accordance with the following formula:

Discount Price = Discount Rate * Qualified Financing Price Per Share

"**Pre-Money Valuation Cap Denominator**" means, immediately prior to the Qualified Financing, the sum of (without double-counting, in each case calculated on an as-converted to Common Stock basis):

1. All issued and outstanding shares of the Company's capital stock, including, without limitation, "**Common Stock**" and "**Preferred Stock**" ("**Capital Stock**").
2. All (i) issued and outstanding options, restricted stock awards or purchases, RSUs, SARs, warrants or similar securities, vested or unvested (collectively, "**Options**"), (ii) Promised Options, (iii) the Unissued Option Pool, (iii) any increase to the Unissued Option Pool in connection with the Qualified Financing, and (iv) any equity incentive or similar plan to be created in connection with the Qualified Financing.
3. All shares issuable upon exercise or conversion of any convertible securities, excluding (a) this SAFE, (b) any other instruments containing a future right to shares of Capital Stock, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations ("**SAFEs**") issued by the Company and (c) any convertible promissory notes issued by the Company.

"**Promised Options**" means promised but ungranted Options that are the greater of those (i) promised pursuant to agreements or understandings made prior to the execution of, or in connection with, the term sheet or letter of intent for the Qualified Financing or Liquidity Event, as applicable (or the initial closing of the Qualified Financing or consummation of the Liquidity Event, if there is no term sheet or letter of intent), (ii) in the case of an Qualified Financing, treated as outstanding Options in the calculation of the Standard Preferred Stock's price per share, or (iii) in the case of a Liquidity Event, treated as outstanding Options in the calculation of the distribution of the Proceeds.

"**Qualified Financing Price Per Share**" means the lowest per-share selling price at which shares of Preferred Stock are being or have been issued in the Qualified Financing as of the date of the conversion of this SAFE into SAFE Preferred Stock.

"**SAFE Preferred Stock**" means the shares of the series of Preferred Stock issued to the Investor in an Qualified Financing, having the identical rights, privileges, preferences and restrictions as the shares of Standard Preferred Stock, other than with respect to: (i) the per share liquidation preference and the initial

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conversion price for purposes of price- based anti-dilution protection, which will equal the Conversion Price; and (ii) the basis for any dividend rights, which will be based on the Conversion Price.

"Unissued Option Pool" means all shares of Capital Stock that are reserved, available for future grant and not subject to any outstanding Options or Promised Options (but in the case of a Liquidity Event, only to the extent Proceeds are payable on such Promised Options) under any equity incentive or similar Company plan.

(b) In connection with the automatic conversion of this SAFE into shares of SAFE Preferred Stock, the Investor will execute and deliver to the Company all of the transaction documents related to the Qualified Financing; provided, that such documents (i) are the same documents to be entered into with the purchasers of the shares of the series of Preferred Stock issued to the investors investing new money in the Company in connection with the initial closing of the Qualified Financing (the "Standard Preferred Stock"), with appropriate variations for the SAFE Preferred Stock if applicable, and (ii) have customary exceptions to any drag-along applicable to the Investor, including (without limitation) limited representations, warranties, liability and indemnification obligations for the Investor.

2. Optional Conversion in Nonqualified Financing. If the Company issues and sells Preferred Stock in an equity financing that does not constitute a Qualified Financing, then the Majority Holders shall have the option to treat such equity financing as a Qualified Financing on the same terms set forth herein.

### 3. Liquidity Event.

(a) If there is a Change of Control, a Direct Listing or an Initial Public Offering (a "Liquidity Event") before the termination of this SAFE, this SAFE will automatically be entitled (subject to the liquidation priority set forth in Section 5 below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the greater of (i) the Purchase Amount (the "Cash-Out Amount") or (ii) the amount payable on the number of shares of Common Stock equal to the Purchase Amount divided by the Liquidity Price (the "Conversion Amount"). If any of the Company's securityholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, provided that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's securityholders, or under any applicable laws.

For purposes of this SAFE:

"Change of Control" means (i) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the shares of capital stock of the Company immediately prior to such consolidation, merger or reorganization continue to represent a majority of the voting power of the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions to which the Company is a party in which in excess of 50% of the Company's voting power is transferred; or (iii) the sale or transfer of all or substantially all of the Company's assets, or the exclusive license of all or substantially all of the Company's material intellectual property; provided that a Change of Control shall not include any transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by the Company or any successor, indebtedness of the Company is cancelled or converted or a combination thereof.

"Converting Securities" includes this SAFE and other convertible securities issued by the Company, including but not limited to: (i) other SAFEs; (ii) convertible promissory notes and other convertible debt instruments; and (iii) convertible securities that have the right to convert into shares of Capital Stock.

"Direct Listing" means the Company's initial listing of its Common Stock (other than shares of Common Stock not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers

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shares of existing capital stock of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten offering and shall not involve any underwriting services.

"Initial Public Offering" means the closing of the Company's first firm commitment underwritten initial public offering of Common Stock pursuant to a registration statement filed under the Securities Act.

"Liquidity Capitalization" is calculated as of immediately prior to the Liquidity Event, and (without double-counting, in each case calculated on an as-converted to Common Stock basis):

- Includes all shares of Capital Stock issued and outstanding;
- Includes all (i) issued and outstanding Options and (ii) to the extent receiving Proceeds, Promised Options;
- Includes all Converting Securities, other than any SAFEs and other convertible securities (including without limitation shares of Preferred Stock) where the holders of such securities are receiving Cash-Out Amounts or similar liquidation preference payments in lieu of Conversion Amounts or similar "as-converted" payments; and
Excludes the Unissued Option Pool.

"Liquidity Price" means the price per share equal to the Valuation Cap divided by the Liquidity Capitalization.

"Proceeds" means cash and other assets (including without limitation stock consideration) that are proceeds from the Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

(b) Notwithstanding the foregoing, in connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 5.

4. Dissolution Event. If there is a (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (excluding a Liquidity Event), whether voluntary or involuntary (a "Dissolution Event"), before the termination of this SAFE, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 5 below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

5. Liquidation Priority. In a Liquidity Event or Dissolution Event, this SAFE is intended to operate like standard non-participating Preferred Stock. The Investor's right to receive its Cash-Out Amount is:

(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Capita Stock);
(ii) On par with payments for other SAFEs and/or Preferred Stock, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other SAFEs and/or Preferred Stock, the applicable Proceeds will be distributed pro rata to the Investor and such other SAFEs and/or Preferred Stock in proportion to the full payments that would otherwise be due; and
(iii) Senior to payments for Common Stock.

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The Investor's right to receive its Conversion Amount is (A) on par with payments for Common Stock and other SAFEs and/or Preferred Stock who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Common Stock basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

6. Termination. This SAFE will automatically terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this SAFE) immediately following the earliest to occur of: (i) the issuance of shares of the Company's Preferred Stock to the Investor pursuant to the conversion of this SAFE under Section 1 or 2; or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 3 or 4.

### 7. Company Representations

(a) The Company has been duly incorporated and organized and is validly existing and in good standing under the laws of its state of incorporation. The Company has the requisite corporate power and authority to own, lease and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business (a "Material Adverse Effect").

(b) The Company has all requisite corporate power and authority to execute and deliver this SAFE and to carry out and perform all its obligations under this SAFE. Subject to Section 7(d), all corporate action on the part of the Company necessary for the authorization, execution, delivery of, and the performance of all obligations of the Company under this SAFE has been taken. This SAFE constitutes a legal, valid and binding obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

(c) To its knowledge, the Company is not in violation or default of any term of its current certificate of incorporation or bylaws, of any material statute, rule or regulation applicable to the Company, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violations or defaults that, individually or together with all such violations or defaults, would not have a Material Adverse Effect. The execution and delivery of this SAFE and the performance and consummation of the transactions contemplated by this SAFE will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties.

(d) No consents or approvals are required in connection with the performance of this SAFE, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Stock issuable pursuant to Section 1 and 2.

(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

(f) The Company has exercised reasonable care to determine whether any Company Covered Person (as defined below) is subject to any of the "bad actor" disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Act ("Disqualification Events"). To the

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Company's knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent required, with any disclosure obligations under Rule 506(e) under the Act. For purposes of this SAFE, '**Company Covered Persons**' are those persons specified in Rule 506(d)(1) under the Act; provided, however, that Company Covered Persons do not include (a) any purchaser of a SAFE issued by the Company, or (b) any person or entity that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the Company and any purchaser of a SAFE issued by the Company.

(g) Assuming the accuracy of the representations and warranties of the Investor contained in Section 8 below, the offer, issue, and sale of this SAFE and the securities of the Company issuable upon conversion of this SAFE are and will be exempt from the registration and prospectus delivery requirements of the Act, and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements of all applicable state securities laws.

(h) The Company shall use the proceeds of this SAFE solely for the operations of its business, and not for any personal, family or household purpose.

### **8. Investor Representations**

(a) This SAFE constitutes the Investor's valid and binding obligation, enforceable against the Investor in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization or other laws of general application relating to or affecting the enforcement of creditors' rights generally and (ii) the effect of rules of law governing the availability of equitable remedies. The Investor represents and warrants to the Company that the Investor has full legal capacity, power and authority to execute and deliver this SAFE and to perform its obligations hereunder.

(b) The Investor is purchasing this SAFE and the securities to be acquired by the Investor hereunder solely for its own account for investment, not as a nominee or agent, and not with a view to the public resale or distribution thereof within the meaning of the Securities Act, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

(c) The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of its investment, is able to incur a complete loss of its investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

(d) The Investor has been advised that this SAFE and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, may be resold without registration under the Securities Act only in certain limited circumstances. The Investor further understands that the Company is under no obligation to register this SAFE and the underlying securities, and the Company has no present plans to do so.

(e) Without in any way limiting the representations set forth above, the Investor further agrees not to make any disposition of all or any portion of the securities issuable upon conversion of this SAFE unless and until:

(1) There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or

(2) The Investor shall have notified the Company of the proposed disposition and furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Investor shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under the Act or any applicable state securities laws; provided that no such opinion shall be required for dispositions in compliance with Rule 144 under the Act, except in unusual circumstances.

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(3) Notwithstanding the provisions of paragraphs (1) and (2) above, no such registration statement or opinion of counsel shall be necessary for a transfer by the Investor to a partner (or retired partner) or member (or retired member) of the Investor in accordance with partnership or limited liability company interests, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were the Holders hereunder.

# 9. Miscellaneous

(a) Any provision of this SAFE may be amended, waived or modified by written consent of the Company and either (i) the Investor or (ii) the majority-in-interest of all SAFEs with the same Valuation Cap and Discount Rate as this SAFE (and SAFEs lacking one or both of such terms will be considered to be the same with respect to such term(s)) (the "Majority Holders"), provided that with respect to clause (ii): (A) the Purchase Amount may not be amended, waived or modified in this manner, (B) the consent of the Investor and each holder of such SAFEs must be solicited (even if not obtained), and (C) such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of SAFEs whose SAFEs have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of SAFEs.

(b) Any notice required or permitted by this SAFE will be deemed sufficient when delivered personally or by overnight courier to such party's address listed on the cover page of this SAFE, sent by email to the email address designated by the Company in writing from time to time, sent by email to the Investor's email address provided in connection with the issuance of this SAFE or such other email address for Investor as subsequently modified by written notice from Investor to Company, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the cover page of this SAFE.

(c) The Investor is not entitled, as a holder of this SAFE, to vote or be deemed a holder of Capital Stock for any purpose other than tax purposes, nor will anything in this SAFE be construed to confer on the Investor, as such, any rights of a Company stockholder or rights to vote for the election of directors or on any matter submitted to Company stockholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1 or Section 2. However, if the Company pays a dividend on outstanding shares of Common Stock (that is not payable in shares of Common Stock) while this SAFE is outstanding, the Company will pay the Dividend Amount to the Investor at the same time. The "Dividend Amount" means, with respect to any date on which the Company pays a dividend on its outstanding Common Stock, the amount of such dividend that is paid per share of Common Stock multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

(d) Neither this SAFE nor any of the rights or obligations hereunder may be transferred, conveyed or assigned, by operation of law or otherwise, in whole or in part, by either party without the prior written consent of the other; provided, however, that this SAFE and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and provided, further, that the Company may assign this SAFE in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile. Subject to the foregoing, the rights and obligations of the Company and the Investor under this SAFE shall be binding upon and benefit their respective permitted successors, assigns and transferees.

(e) In the event any one or more of the provisions of this SAFE is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions

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of this SAFE operate or would prospectively operate to invalidate this SAFE, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this SAFE and the remaining provisions of this SAFE will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

(f) All rights and obligations hereunder will be governed by the laws of the State of the Governing Law State, without regard to the conflicts of law provisions of such jurisdiction.

(g) The parties acknowledge and agree that for United States federal and state income tax purposes this SAFE is, and at all times has been, intended to be characterized as stock, and more particularly as common stock for purposes of Sections 304, 305, 306, 354, 368, 1036 and 1202 of the Internal Revenue Code of 1986, as amended. Accordingly, the parties agree to treat this SAFE consistent with the foregoing intent for all United States federal and state income tax purposes (including, without limitation, on their respective tax returns or other informational statements).

(Signature page follows)

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IN WITNESS WHEREOF, the parties have executed this agreement as of [EFFECTIVE DATE] ____________.

COMPANY:
VitalFlo Inc.

Founder Signature

Name: [FOUNDER_NAME]

Title: [FOUNDER_TITLE]

Read and Approved (For IRA Use Only):

INVESTOR:

[ENTITY NAME]

By: ____________

Investor Signature

By: ____________

Name: [INVESTOR NAME]

Title: [INVESTOR TITLE]

The Investor is an “accredited investor” as that term is defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act.

Please indicate Yes or No by checking the appropriate box:

[ ] Accredited

[ X ] Not Accredited

SIGNATURE PAGE

**Attachment 4:** `document_4.pdf`

# **Subscription Agreement**

**[INVESTMENT AMOUNT]**

**[INVESTMENT DATE]**

**VitalFlo I** (the "SPV"), a series of Wefunder SPV, LLC (the "LLC"), is a special purpose vehicle that will invest all of its assets in securities issued by **VitalFlo Inc.** (the "Company"). By making an investment in the SPV through the Wefunder website, I understand and agree to the representations set forth below.

I have reviewed the following information and documents in connection with this Subscription Agreement:

1. The information on the Wefunder website about the Company, I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that none of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC, nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
2. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
3. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "**LLC Agreement**"), which sets forth certain specific terms of the SPV;
4. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
5. The LLC Agreement, which sets forth other terms applicable to each SPV;
6. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
7. The Wefunder Investor Agreement; and
8. The Wefunder Terms of Service.

**By making an investment in the SPV through the Wefunder website, I agree to be bound by this Subscription Agreement and the terms of the other agreements listed above with respect to my investment in the SPV.**

Subscription Agreement

# SCOPE OF AGREEMENT AND INVESTOR ELIGIBILITY REPRESENTATIONS

A. This agreement ("Agreement") applies to each investment in a series ("SPV") of Wefunder SPV, LLC (the "LLC"). Each series is a separate pool of assets from every other series. Each SPV will invest all of its assets in securities issued by a single company ("Company") as set forth in the applicable series appendix ("Series Appendix") to the Wefunder SPV, LLC limited liability company agreement ("LLC Agreement"). The terms of the Company securities to be purchased by the SPV are summarized in an appendix ("Terms Appendix") attached to this Agreement.

B. Each SPV is formed by and operated by Wefunder Admin, LLC on behalf of the Company in whose securities that SPV invests.

C. Important information about the Company, about the related SPV, and more generally about investments through the Wefunder website, is available through the Wefunder website. The Investor should review that information, and all relevant Company Information (as defined below), carefully before making an investment in any SPV.

D. Each SPV will offer membership interests ("Interests") in that SPV pursuant to Regulation Crowdfunding under the U.S. Securities Act of 1933, as amended (the "Securities Act").

E. You hereby agree that each time you make an investment in any SPV, you will be deemed to have entered into this Agreement, and will be deemed to have made each representation and covenant contained in this Agreement.

F. Except as the context otherwise requires, any reference in this Subscription Agreement to:

1. a "SPV" shall mean "The LLC acting solely on behalf of and for the account of the SPV";

2. "Investor" and "you" shall mean a person (whether individually, jointly with another person, or through his or her individual retirement account) who has agreed to invest, or has invested, in any SPV; and

3. "Company Information" means:

a. The information on the Wefunder website about the Company. I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC (together, the "Wefunder entities," nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
b. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
c. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "LLC Agreement"), which sets forth certain specific terms of the SPV;
d. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
e. The LLC Agreement, which sets forth other terms applicable to each SPV;
f. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
g. The Wefunder Investor Agreement; and
h. The Wefunder Terms of Service.

INVESTOR'S REPRESENTATIONS AND COVENANTS

# 1. Investor's Review of Information and Investment Decision

1.1. The Investor has carefully read and understands the Company Information. The Investor acknowledges that it has made an independent decision to invest indirectly in the Company through the SPV and that, in making its decision to invest in a SPV, the Investor has relied solely upon the Company Information, any other relevant information on the Wefunder website, and independent investigations made by the Investor. The Investor understands that no representations or warranties have been made to the Investor by the LLC, the relevant SPV, any administrator appointed from time to time with respect to the SPV (the "Administrator"), any lead investor appointed from time to time with respect to the SPV (the "Lead Investor"), or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them regarding the Company.

1.2. The Investor has been provided an opportunity to request additional information concerning the Company and the offering through the Ask A Question feature on wefunder.com.

1.3. The Investor understands and agrees that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC, any of their affiliates, nor any director, manager, officer, shareholder, member, employee or agent of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or any of their affiliates (each, a "Wefunder Party," and collectively, "Wefunder Parties") shall be liable in connection with any information or omission of information contained in materials prepared or supplied by the Company. Such materials may include, but are not limited to, information provided by the Company in the Form C related to the offering, information available through the Wefunder website, and materials distributed to the Investor by the SPV on behalf of a Company.

1.4. The Investor represents and agrees that no Wefunder Party has recommended or suggested any investment in a SPV, or any investment related to a Company, to the Investor.

1.5. Investor understands that no Wefunder Party is an adviser to Investor, and that Investor is not an advisory or other client of any Wefunder Party.

1.6. The Investor is not relying on any Wefunder Party or any other person or entity with respect to the legal, accounting, business, investment, pension, tax or other economic considerations involved in this investment other than the Investor's own advisers that are not affiliated with any of the foregoing persons.

1.7. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of the Investor's investment in the SPV and is able to bear such risks. The Investor has obtained, in the Investor's judgment, sufficient information to evaluate the merits and risks of such investment. The Investor has evaluated the risks of investing in the SPV, understands there are substantial risks of loss incidental to the purchase of an Interest and has determined that the Interest is a suitable investment for the Investor and consistent with the general investment objectives of the Investor.

# 2. Investor's Representations Related To Investment in a SPV.

2.1. The Investor is acquiring the Interest for its own account, for investment purposes only and not with an intent to resell or distribute the Interest (or any distributions received from the SPV in whole or in part), and the Investor agrees that it will not sell or otherwise transfer the Interest unless in compliance with Regulation Crowdfunding and other applicable securities laws, and with the terms and conditions of this Agreement.

2.2. The Investor's investment in the Interest is consistent with the investment purposes, objectives and cash flow requirements of the Investor and will not adversely affect the Investor's overall need for diversification and liquidity.

2.3. The Investor has all requisite power, authority and capacity to acquire and hold the Interest and to execute, deliver and comply with the terms of each of the instruments required to be executed and delivered by the Investor in connection with the Investor's subscription for the Interest, including without limitation this Subscription Agreement, and such execution, delivery and compliance does not conflict with, or constitute a default under, any instruments governing the Investor, any law, regulation or order, or any agreement or other undertaking to which the Investor is a party or by which the Investor may be bound. If the Investor is an entity, the person executing and delivering each of such instruments on behalf of the Investor has all requisite power, authority and capacity to execute and deliver such instruments, and, upon request by the SPV, will furnish to the SPV a true and correct copy of any instruments governing the Investor, including all amendments thereto. The signature on each of such instruments is genuine and each of such instruments constitutes a legal, valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms.

2.4. The Wefunder Parties are each hereby authorized and instructed to accept and execute any instructions in respect of the Interest given by the Investor in written or electronic form. The

Wefunder Parties may rely conclusively upon and shall incur no liability in respect of any action take upon any notice, consent, request, instructions or other instrument believed in good faith to be genuine or to be signed by properly authorized persons of the Investor.

2.5. Pursuant to the requirements of Treas. Reg. § 301.6109-1(c), the Investor has provided, or agrees to provide upon the earlier of (i) two years of an acquisition of an Interest or (ii) twenty (20) days before any distribution is to be made from the SPV, his, her or its taxpayer identification number (e.g., social security number or employer identification number) under penalties of perjury and has or will attest that the Internal Revenue Service has not notified the Investor that he, she or it is subject to backup withholding.

### 3. The Manager Has The Right To Reject Any Subscription, In Whole Or In Part.

3.1. The Investor understands that the SPV will not register as an investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), nor will it make a public offering of its securities within the United States.

3.2. The Investor understands that the value of all investments in any SPV made through individual retirement accounts ("IRAs") must be less than 25% of the value of the SPV's assets.

3.3. If the Investor is investing in a SPV through an employee benefit plan of any kind, including an individual retirement account (the "Plan"), and an individual or entity (the "Fiduciary") has entered into this Agreement on behalf of the Plan, the Fiduciary hereby makes the following representations, warranties, and covenants:

i. The Fiduciary is a fiduciary of the Plan who is authorized to invest Plan assets or is acting at the direction of a Plan fiduciary authorized to invest Plan assets. The Fiduciary has determined that an investment in the Fund is consistent with the Fiduciary's responsibilities to the Plan under Employee Retirement Income Security Act of 1974, as amended ("ERISA") or other applicable law, and is qualified to make such investment decision. The Fiduciary is authorized to make all representations, covenants and agreements set forth in this Agreement about and on behalf of the Investor, and the Fiduciary hereby agrees that, except for the representations, covenants and agreements contained in this section 3.3, all representations, covenants and agreements contained in this Agreement are made on behalf of the Investor who is investing through the Plan.

ii. The execution and delivery of this Subscription Agreement, and the investment contemplated hereby has been duly authorized by all appropriate and necessary parties pursuant to the provisions of the instrument or instruments governing the Plan and any related trust; and (B) will not violate, and is not otherwise inconsistent with, the terms of such instrument or instruments.

iii. The Fiduciary acknowledges that the assets of the Fund will be invested in accordance with the Company Information related to that Fund.

iv. The Plan's purchase and holding of an Interest will not constitute a non-exempt transaction prohibited under ERISA, Section 4975 of the Internal Revenue Code (the "Code"), or any similar laws or other federal, state, local, foreign or other laws or regulations applicable to the Plan and its investments. None of the Wefunder entities nor any of their affiliates, agents, or employees. (A) exercises any authority or control with respect to the management or disposition of assets of the Plan used to purchase an Interest, (B) renders investment advice for a fee (pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions and that such advice will be based on the particular investment needs of the Plan), with respect to such assets of the Plan, or has the authority to do so, or (C) is an employer maintaining or contributing to, or any of whose employees are covered by, the Plan.

v. The Fiduciary understands and agrees to the fee arrangements described in the Company Information.

vi. The Fiduciary understands and agrees that, to prevent the assets of the SPV from being treated as "plan assets" for purposes of ERISA and Section 4975 of the Code, the Investor may be prohibited from purchasing or acquiring an Interest or may be required to redeem its Interest or a portion thereof.

3.4. The Investor acknowledges that the SPV and any Administrator, on the SPV's behalf, may not accept any investment from an Investor if the Investor cannot truthfully make the representations contained herein.

### 4. The Correctness And Accuracy Of All Information Provided By Investor To The LLC Or The

SPV.

4.1. The Investor confirms that all information and documentation provided to the LLC, the SPV, and any Administrator, including, but not limited to, all information regarding the Investor's identity, taxpayer identification number, the source of the funds to be invested in the SPV, and the Investor's eligibility to invest in offerings under Regulation Crowdfunding, is true, correct and complete. Should any such information change or no longer be accurate, the Investor agrees and covenants that they will promptly notify the Wefunder Parties of such changes via the wefunder.com platform. The Investor agrees and covenants that he, she or it will maintain accurate and up-to-date contact information (including email and mailing address) on the wefunder.com platform and will promptly update such information in the event it changes or is no longer accurate.

4.2. The representations, warranties, agreements, undertakings and acknowledgments made by the Investor in this Subscription Agreement will be relied upon by the LLC, the SPV, and any Administrator in determining the Fund's compliance with federal and state securities laws, and shall survive the Investor's admission as a Member of the SPV.

4.3. All information that the Investor has provided to the LLC, the SPV, and any Administrator concerning the knowledge and experience of financial, tax and business matters of the Investor is correct and complete.

# 5. The Wefunder Parties' Right To Use Investor Information.

5.1. The Investor agrees and consents to the Wefunder Parties, their delegates and their duly authorized agents and any of their respective related, associated or affiliated companies obtaining, holding, using, disclosing and processing the Investor's data:

a. to facilitate the acceptance, management and administration of the Investor's subscription for an interest on an on-going basis;

b. for any other specific purposes where the Investor has given specific consent to do so;

c. to carry out statistical analysis, market research, and tracking of investment performance over time;

d. to comply with legal or regulatory requirements applicable to the SPV and any Administrator or the Investor, including, but not limited to, in connection with anti-money laundering and similar laws;

e. for disclosure or transfer to third parties including the Investor's financial adviser (where appropriate), regulatory bodies, auditors, technology providers or to the SPV, any Administrator, any Lead Investor, and their delegates or their duly appointed agents and any of their respective related, associated or affiliated companies for the purposes specified above;

f. if the contents thereof are relevant to any issue in any action, suit or proceeding to which the LLC, the SPV, any Administrator, any Lead Investor, or their affiliates are a party or by which they are or may be bound;

g. for other legitimate business of the LLC, the SPV, any Administrator, or any Lead Investor.

5.2. The Investor acknowledges and agrees that it will provide additional information or take such other actions as may be necessary or advisable for the SPV or any Administrator (in the sole judgment of the SPV and/or any Administrator) to comply with any disclosure and compliance policies, related legal process or appropriate requests (whether formal or informal) or otherwise.

5.3. The Investor agrees and consents to disclosure by the LLC, the SPV and any of their agents, including any Administrator or any Lead Investor, to relevant third parties of information pertaining to the Investor in respect of disclosure and compliance policies or information requests related thereto. Without limiting the generality of the foregoing, the Investor agrees that information about the Investor may be provided to the Company in whose securities a SPV will or proposes to invest.

5.4. The Investor authorizes the LLC, the SPV, any Administrator, and each SPV service provider to disclose the Investor's nonpublic personal information to comply with regulatory and contractual requirements applicable to the SPV and its investments. Any such disclosure shall be permitted notwithstanding any privacy policy or similar restrictions regarding the disclosure

of the Investor's nonpublic personal information.

# 6. Key Risk Factors

6.1. The Investor understands that investment in a SPV may involve a complete loss of the Investor's investment. In this regard, the Investor understands that such venture investments involve a high degree of risk, and that many or most venture company investments lose money. An Investor may ultimately receive cash, securities, or a combination of cash and securities (and in many cases nothing at all). If the Investor receives securities, the securities may not be publicly traded, and may not have any significant value.

6.2. The Investor understands and agrees that the Interests are subject to restrictions on transfer and cannot be redeemed. Instead, an Investor typically must hold his or her Interest in a SPV until the SPV has sold or otherwise disposed of its investments and the SPV distributes its investments to the Investors in the SPV (a "Liquidation Event"). An Investor typically will not receive any distributions until such a Liquidation Event (and may not receive anything even upon a Liquidation Event), which may not occur for many years. The Investor must therefore bear the economic risk of holding their investment for an indefinite period of time.

6.3. The Investor understands and agrees that the Interests: (a) have not been registered under the Securities Act or any other law of the United States, or under the securities laws of any state or other jurisdiction, and therefore an Interest cannot be resold, pledged, assigned or otherwise disposed of unless it is so registered or an exemption from registration is available; and (b) can only be transferred as permitted under Regulation Crowdfunding and subject to the terms and conditions of this Agreement.

6.4. The Investor understands that no guarantees have been made to the Investor about future performance or financial results of the SPV, and an investment in the SPV may result in a gain or loss upon termination or liquidation of the SPV. It is possible that the investors in a SPV will have "phantom income," which could require them to pay taxes on their investment in a SPV even though the SPV does not distribute any income (or does not distribute sufficient income to pay the taxes).

6.5. The Investor understands and agrees that the SPV was formed by and is operated by Wefunder Admin, LLC on behalf of the Company. Investors will have no right to manage or influence the management of any SPV or of the LLC.

6.6. The Investor understands and agrees that the Company may appoint a Lead Investor and that, if appointed, pursuant to a power of attorney granted by the Investor in the Investor Agreement, the Lead Investor will exercise voting authority on behalf of the Investor with respect to the SPV securities the Investor owns.

6.7. The Investor represents that he or she has read and understands the risk factors contained in the Company Information. The Investor understands and agrees that each Company is solely responsible for providing risk factors, conflicts of interest, and other disclosures that investors should consider when investing in securities issued by that Company (including through a SPV), and that the Wefunder Parties have no ability to assure, and have not in any way assured, that any or all such risk factors, conflicts of interest and other disclosures have been presented fully and fairly, or have been presented at all.

6.8. The Investor understands that any privacy statements, reports or other communications regarding the SPV and the Investor's investment in the SPV (including annual and other updates, and tax documents) will be delivered via electronic means, including through wefunder.com. The Investor hereby consents to electronic delivery as described in the preceding sentence. In so consenting, the Investor acknowledges that email messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with, with or without the knowledge of the sender or the intended recipient. The Investor also acknowledges that an email from the Wefunder Parties may be accessed by recipients other than the Investor and may be interfered with, may contain computer viruses or other defects and may not be successfully replicated on other systems. No Wefunder Party gives any warranties in relation to these matters.

6.9. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number under penalties of perjury, and attest that the Investor has not been notified by the Internal Revenue Service that he, she or it is subject to backup withholding, the SPV will be required to withhold from any proceeds otherwise payable to the Investor an amount necessary to satisfy the SPV's backup withholding obligations.

6.10. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number to the SPV, the SPV will withhold from any proceeds otherwise payable to the Investor an amount necessary for the SPV to satisfy its tax withholding obligations with respect to such amount. The SPV may also withhold any other amounts representing the SPV's reasonable estimation of penalties that may be charged by the Internal Revenue Service or any other taxing authority as a result of the Investor's failure to provide a valid taxpayer identification number.

# 7. Compliance With Anti-Money Laundering Laws.

7.1. The Investor represents and warrants that the Investor's investment was not directly or indirectly derived from illegal activities, including any activities that would violate U.S. Federal or State laws or any laws and regulations of other countries.
7.2. The Investor acknowledges that U.S. Federal law, regulations and Executive Orders administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") may prohibit the SPV, any Administrator, or any Lead Investor from, among other things, engaging in transactions with, and the provision of services to, persons on the list of Specially Designated Nationals and Blocked Persons and persons, foreign countries and territories that are the subject of U.S. sanctions administered by OFAC (collectively, the "OFAC Maintained Sanctions").
7.3. The Investor acknowledges that the SPV prohibits the investment of funds by any persons or entities that are (i) the subject of OFAC Maintained Sanctions, (ii) acting, directly or indirectly, in contravention of any applicable laws and regulations, including anti-money laundering regulations or conventions, or on behalf of persons or entities subject to an OFAC Maintained Sanction, (iii) acting, directly or indirectly, for a senior foreign political figure, any member of a senior foreign political figure's immediate family or any close associate of a senior foreign political figure, unless the SPV, after being specifically notified by the Investor in writing that it is such a person, conducts further due diligence, and determines that such investment shall be permitted, or (iv) acting, directly or indirectly, for a foreign shell bank (such persons or entities in (i) - (iv) are collectively referred to as "Prohibited Persons"). The Investor represents and warrants that it is not, and is not acting directly or indirectly on behalf of, a Prohibited Person.
7.4. To the extent the Investor has any beneficial owners, (i) it has carried out thorough due diligence to establish the identities of such beneficial owners, (ii) based on such due diligence, the Investor reasonably believes that no such beneficial owners are Prohibited Persons, (iii) it holds the evidence of such identities and status and will maintain all such evidence for at least five years from the date of the liquidation or termination of the SPV, and (iv) it will make available such information and any additional information requested by the SPV that is required under applicable regulations.
7.5. The Investor acknowledges and agrees that the SPV or any Administrator may "freeze the account" of the Investor, including, but not limited to, by suspending distributions from the SPV to which the Investor would otherwise be entitled, if necessary to comply with anti-money laundering statutes or regulations.
7.6. The Investor acknowledges and agrees that the SPV and/or any Administrator, in complying with anti-money laundering statutes, regulations and goals, may file voluntarily and/or as required by law suspicious activity reports ("SARs") or any other information with governmental and law enforcement agencies that identify transactions and activities that the SPV or any Administrator or their agents reasonably determine to be suspicious, or is otherwise required by law. The Investor acknowledges that the LLC, the SPV, and any Administrator are prohibited by law from disclosing to third parties, including the Investor, any filing or the substance of any SARs.
7.7. The Investor agrees that, upon the request of the LLC, the SPV, or any Administrator, it will provide such information as the LLC, the SPV, or any Administrator requires to satisfy applicable anti-money laundering laws and regulations, including, without limitation, background documentation about the Investor

# 8. Regulatory Provisions

8.1. The Investor understands that no federal or state agency has passed upon the Interests or made any findings or determination as to the fairness of this investment.
8.2. The Investor certifies that the information contained in the executed copy of Form W-9 submitted to the SPV (if any) and/or the taxpayer identification provided to the SPV is correct. The Investor agrees to provide such other documentation as the SPV determines may be necessary for the SPV to fulfill any tax reporting and/or withholding requirements.
8.3. The Investor understands and agrees that the Company may cause the SPV to make an election under Section 754 of the Internal Revenue Code (the "Code") or an election to be treated as an "electing investment partnership" for purposes of Section 743 of the Code. If the SPV elects to be treated as an electing investment partnership, the Investor shall cooperate with the SPV to maintain that status and shall not take any action that would be inconsistent with such election. Upon request, the Investor shall provide the SPV with any information necessary to allow the SPV to comply with (a) its obligations to make tax basis adjustments under Section 734 or 743 of the Code and (b) its obligations as an electing investment partnership.
8.4. The Investor consents to receive any Schedule K-1 (Partner's Share of Income, Deductions,

Credits, etc.) from the SPV electronically via email, the Internet and/or another electronic reporting medium in lieu of paper copies. The Investor agrees that it will confirm this consent electronically at a future date in a manner set forth by the Company at such time and as required by the electronic receipt consent rules set forth by the Internal Revenue Service. The Investor may request a paper copy of the Investor's Schedule K-1 by contacting Wefunder Inc. at support@wefunder.com or such other email address as specified on the wefunder.com platform. Requesting a paper copy will not constitute a withdrawal of the Investor's consent to receive reports or other communications, including Schedule K-1, electronically. The Investor may withdraw its consent for electronic delivery or change its contact preferences for such delivery at any time by writing to support@wefunder.com or such other email address as specified on the wefunder.com platform. Such withdrawal will take effect promptly after receipt, unless otherwise agreed upon. Upon receipt of a withdrawal request, the SPV will confirm the withdrawal and the date on which it takes effect in writing (either electronically or on paper). A withdrawal of consent does not apply to a statement that was furnished electronically before the date on which the withdrawal of consent takes effect. The SPV will cease providing information electronically upon termination of the SPV. Notwithstanding the Investor's consent to receive materials electronically, the Investor still may be required to print and attach its Schedule K-1 to a federal, state or local tax return.

# 9. Miscellaneous Provisions

# 9.1. Indemnification

9.1.1. The Investor agrees to indemnify and hold harmless the LLC, the SPV, any Administrator, any Lead Investor, or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them, and each other person, if any, who controls, is controlled by, or is under common control with, any of the foregoing, within the meaning of Section 15 of the Securities Act, and their respective officers, directors, partners, members, shareholders, owners, employees and agents (collectively, the "Indemnified Parties") against any and all loss, liability, claim, damage and expense whatsoever (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) arising out of or based upon (i) any false representation or warranty made by the Investor, or breach or failure by the Investor to comply with any covenant or agreement made by the Investor, in this Subscription Agreement or in any other document furnished by the Investor to any of the foregoing in connection with this transaction, or (ii) any action for securities law violations instituted by the Investor that is finally resolved by judgment against the Investor.

9.1.2. The Investor also agrees to indemnify each Indemnified Party for any and all costs, fees and expenses (including legal fees and disbursements) in connection with any damages resulting from the Investor's misrepresentation or misstatement contained herein, or the assertion of the Investor's lack of proper authorization from the beneficial owner to enter into this Subscription Agreement or perform the obligations hereof.

9.1.3. The Investor agrees to indemnify and hold harmless each Indemnified Party from and against any tax, interest, additions to tax, penalties, reasonable attorneys' and accountants' fees and disbursements, together with interest on the foregoing amounts at a rate determined by the SPV or any Administrator computed from the date of payment through the date of reimbursement, arising from the failure to withhold and pay over to the U.S. Internal Revenue Service or the taxing authority of any other jurisdiction any amounts computed, as required by applicable law, with respect to the income or gains allocated to or amounts distributed to the Investor with respect to its Interest during the period from the Investor's acquisition of the Interest until the Investor's transfer of the Interest in accordance with this Agreement, the LLC Agreement, and Regulation Crowdfunding.

9.1.4. If for any reason (other than the willful misfeasance or gross negligence of the entity that would otherwise be indemnified) the foregoing indemnification is unavailable to, or is insufficient to hold such Indemnified Party harmless, then the Investor shall contribute to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Investor on the one hand and the Indemnified Parties on the other but also the relative fault of the Investor and the Indemnified Parties, as well as any relevant equitable considerations.

9.1.5. The reimbursement, indemnity and contribution obligations of the Investor under this section shall be in addition to any liability that the Investor may otherwise have, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Indemnified Parties.

9.2. Limitation of Liability. The LLC is a Delaware "multi-series" limited liability company. As a multi-series limited liability company, the LLC may operate multiple series with the benefit of segregation of assets and liabilities among each of its series pursuant to the Delaware Limited Liability Company Act, as amended (the "Delaware Act"). Accordingly, the Investor hereby

agrees that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a series (including the SPV) shall be enforceable against the assets of that series only and not against the LLC generally or the assets of any other series. In addition, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the LLC generally, or any particular series, shall be enforceable against the assets of any other series.

9.3. Counsel. The Investor understands that Morrison & Foerster LLP serves as legal counsel on certain matters to Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC and Wefunder Advisors, LLC and not to the SPV or any Investor by virtue of its investment in the SPV, and that no independent counsel has been retained to represent the SPV or Investors in the SPV. The Investor also understands that Morrison & Foerster LLP has not independently verified any factual assertions made in the Company Information or on the Wefunder website and is not responsible for the SPV's compliance with its investment program or applicable law.

9.4. Power of Attorney. The Investor hereby appoints each of the Company and Wefunder Admin, LLC as its true and lawful representative and attorney-in-fact, in its name, place and stead to make, execute, sign, acknowledge, swear to and file:

9.4.1. a Certificate of Formation of the LLC and any amendments required under the Delaware Act
9.4.2. the LLC Agreement and any duly adopted amendments;
9.4.3. any and all instruments, certificates and other documents that may be deemed necessary or desirable to effect the winding-up and termination of the LLC or the SPV (including a Certificate of Cancellation of the Certificate of Formation); and
9.4.4. any business certificate, fictitious name certificate, related amendment or other instrument or document of any kind necessary or desirable to accomplish the LLC's or the SPV's business, purpose and objectives or required by any applicable U.S., state, local or other law.

This power of attorney is coupled with an interest, is irrevocable, and shall survive and shall not be affected by the subsequent death, disability, incompetency, termination, bankruptcy, insolvency or dissolution of the Investor; provided, however, that this power of attorney will terminate upon the substitution of another SPV member for all of the Investor's investment in the LLC or the SPV or upon the liquidation or termination of the LLC or the SPV. The Investor hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of the LLC, the SPV, and any Administrator taken in good faith under this power of attorney.

# 9.5. Confidentiality.

9.5.1. The Investor agrees that the Company Information and all financial statements (if any), tax reports (if any), portfolio valuations (if any), private placement memoranda (if any), reviews or analyses of potential or actual investments (if any), reports or other materials prepared or produced by the SPV and/or any Administrator and all other documents and information concerning the affairs of the SPV and/or the Fund's investments, including, without limitation, information about the Company, and/or the persons directly or indirectly investing in the SPV (collectively, the "Confidential Information") that the Investor may receive pursuant to or in accordance with the use of the Wefunder website, an investment in one or more SPVs, or otherwise as a result of its ownership of an Interest in the SPV, constitute proprietary and confidential information about the SPV, any Administrator, and/or any Lead Investor (the "Affected Parties").
9.5.2. The Investor acknowledges that the Affected Parties derive independent economic value from the Confidential Information not being generally known and that the Confidential Information is the subject of reasonable efforts to maintain its secrecy. The Investor further acknowledges that the Confidential Information is a trade secret, the disclosure of which is likely to cause substantial and irreparable competitive harm to the Affected Companies or their respective businesses. The Investor shall not reproduce any of the Confidential Information or portion thereof or make the contents thereof available to any third party other than a disclosure on a need-to-know basis to the Investor's legal, accounting or investment advisers, auditors and representatives (collectively, "Advisers"), except to the extent compelled to do so in accordance with applicable law (in which case the Investor shall promptly notify the SPV of the Investor's obligation to disclose any Confidential Information) or with respect to Confidential Information that otherwise becomes publicly available other than through breach of this provision by the Investor.
9.5.3. To the fullest extent permitted by law, the Investor agrees not to request disclosure or inspection of any such information after the Investor is notified (whether in response to the Investor's request for information or otherwise) that the SPV has determined not to disclose such information.

9.5.4. The Investor agrees that the LLC, the SPV, and the SPV service providers would be subject to potentially irreparable injury as a result of any breach by the Investor of the covenants and agreements set forth in this Item 9.5, and that monetary damages would not be sufficient to compensate or make whole the LLC, the SPV, and the SPV services providers for any such breach. Accordingly the Investor agrees that the LLC, the SPV, and the SPV service providers shall be entitled to equitable and injunctive relief, on an emergency, temporary, preliminary and/or permanent basis, to prevent any such breach or the continuation thereof.

9.6. **Amendments.** Neither this Subscription Agreement nor any term hereof may be supplemented, changed, waived, discharged or terminated except with the written consent of the Investor and the Company on behalf of the relevant SPV. For the sake of clarity, the restriction on the Company in the preceding sentence applies solely to the form of this Subscription Agreement applicable to SPVs that have had a closing, and does not prevent the Company from changing the form and content of this Subscription Agreement for use in offerings of SPVs that have not had a closing.

9.7. **Assignability and Transferability.** This Subscription Agreement is not transferable or assignable by the Investor without the prior written consent of the Company on behalf of the SPV, and any transfer or assignment in violation of this provision shall be null and void. The Interests in the SPV being acquired by Investor herein may only be transferred by Investor in compliance with Regulation Crowdfunding and the terms and conditions of this Agreement. If Investor seeks to transfer the Interests, Investor shall first give written notice to the Company and Wefunder Admin, LLC, including the number of Interests that Investor desires to transfer, the proposed price, the name and contact information of the proposed buyer, and any other information that the Company or Wefunder Admin, LLC may reasonably request. To the extent possible, such notice shall be provided through the Wefunder.com website. Any transfer of Interests shall be subject to execution by Investor and the proposed transferee of appropriate documentation, as may be required by the Company or Wefunder Admin, LLC, in their discretion. Investor further acknowledges that pursuant to the LLC Agreement, Wefunder Admin, LLC (as Series Manager of the SPV), may impose additional restrictions on or prohibit the Transfer of Interests for any reason or no reason, in its sole discretion.

9.8. **Repurchase.** In the event that the SPV or any Administrator determines that it is likely that within twelve (12) months the securities of the SPV or the Company will be held of record by a number of persons that would require the SPV or the Company to register a class of its equity securities under the Securities Exchange Act of 1934, as amended ('Exchange Act'), as required by Section 12(g) or 15(d) thereof, the SPV shall have the option to repurchase the Interests from each Investor to the extent necessary to avoid the requirement to register a class of its securities under the Exchange Act. Such repurchase of Interests shall be for the greater of (i) the purchase price of the Interests, or (ii) the fair market value of the Interests, as determined by an independent appraiser of securities chosen by the Administrator. Any such repurchase may only occur with the consent of Wefunder Admin, LLC, as Series Manager of the SPV.

9.9. **Governing Law.** Consent to Jurisdiction. Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed under the laws of the State of Delaware. Any action or proceeding brought by the SPV or any SPV service provider against one or more investors in the SPV relating in any way to this Subscription Agreement or the LLC Agreement may, and any action or proceeding brought by any other party against the SPV or any SPV service provider relating in any way to this Subscription Agreement or the Company Information shall, be brought and enforced in the state courts of the State of Delaware located in Wilmington or (to the extent subject matter jurisdiction exists therefore) in the courts of the United States located in the District of Delaware; and the Investor and the SPV irrevocably submit to the jurisdiction of both such state and federal courts in respect of any such action or proceeding. The Investor and the SPV irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to laying the venue of any such action or proceeding in the courts of the State of Delaware located in Wilmington or in the courts of the United States located in the District of Delaware and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

9.10. **Severability.** If any provision of this Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof that may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.

9.11. **Headings.** The headings in this Subscription Agreement are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

9.12. **General.** This Subscription Agreement shall be binding upon the Investor and the legal representatives, successors and assigns of the Investor, shall survive the admission of the Investor as a member of a SPV, and shall, if the Investor consists of more than one person, be the joint and several obligation of all such persons.

The undersigned have executed this instrument as of the date first above written.

**SPV**

**VitalFlo I, as series of Wefunder SPV, LLC**
**By: Wefunder Admin, LLC, its Manager**

By: *Founder Signature*

Date:

Name: **Nicholas Tommarello**

Title: **Chief Executive Officer**

**Investor**

**[INVESTOR NAME]**

By: *Investor Signature*

Date:

CONTACT INFORMATION:

Name: **[INVESTOR NAME]**

Mailing Address:

City:

Country:

E-mail:

# TERMS APPENDIX FOR THE PURCHASE OF VitalFlo Inc.
SECURITIES BY VitalFlo I. A SERIES OF WEFUNDER SPV,
LLC, A DELAWARE LIMITED LIABILITY COMPANY

**Type of Security:** Future Equity

**Terms** $7M valuation cap and 20% discount

To view a copy of the contract, please see **Appendix B, Investor Contracts** of
the Form C. The latest Form C or C/A filing be found here:
https://www.sec.gov/cgi-bin/srch-edgar?text=%28FORM-
TYPE%3DC%2FA+or+FORM-
TYPE%3DC%29+and+CIK%3D0001740049&first=2016

**Attachment 5:** `document_5.pdf`

**VitalFlo, Inc.** (the “Company”) a Delaware Corporation

Financial Statements (unaudited) and
Independent Accountant’s Review Report

Years ended December 31, 2020 & 2021

![img-0.jpeg](img-0.jpeg)

## INDEPENDENT ACCOUNTANT'S REVIEW REPORT

To Management VitalFlo, Inc.

We have reviewed the accompanying financial statements of the Company which comprise the statement of financial position as of December 31, 2020 & 2021 and the related statements of operations, statement of changes in shareholder equity, and statement of cash flows for the years then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's financial data and making inquiries of Company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

### Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error.

### Accountant's Responsibility

Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.

### Accountant's Conclusion

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.

### Going Concern

As discussed in Note 8, certain conditions indicate that the Company may be unable to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs.

Vince Mongio, CPA, CIA, CFE, MACC

*Vincenzo Mongio*

# **Statement of Financial Position**

|  | As of December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| ASSETS |  |  |
| Current Assets |  |  |
| Cash and Cash Equivalents | 712,911 | 141,748 |
| Accounts Receivable | 16,543 | 11,619 |
| Grants Receivable | 120,068 | 83,248 |
| Prepaid Expenses | 16,470 | 9,642 |
| Inventory | 8,634 | 13,553 |
| Total Current Assets | 874,626 | 259,809 |
| Non-current Assets |  |  |
| Furniture and Equipment, net of Accumulated Depreciation | 3,300 | 7,920 |
| Total Non-Current Assets | 3,300 | 7,920 |
| TOTAL ASSETS | 877,926 | 267,729 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Accounts Payable | 26,549 | 22,466 |
| Short Term Debt | - | 35,091 |
| Deferred Revenue | 7,124 | - |
| Accrued Interest | - | 12,751 |
| Other Liabilities | 5,604 | 5,515 |
| Total Current Liabilities | 39,277 | 75,823 |
| Long-term Liabilities |  |  |
| Convertible Notes | - | 615,644 |
| Convertible Notes - Related Parties | - | 109,356 |
| Total Long-Term Liabilities | - | 725,000 |
| TOTAL LIABILITIES | 39,277 | 800,823 |
| EQUITY |  |  |
| Common Stock | 35 | 34 |
| Preferred Stock | 24 | - |
| Additional Paid-in Capital | 2,149,852 | 36,453 |
| Treasury Stock | (9,860) | (9,860) |
| Accumulated Deficit | (1,301,401) | (559,721) |
| Total Equity | 838,650 | (533,094) |
| TOTAL LIABILITIES AND EQUITY | 877,926 | 267,729 |

# **Statement of Operations**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| Revenue | 72,690 | 42,877 |
| Cost of Revenue | 43,118 | 1,937 |
| Gross Profit | 29,572 | 40,940 |
| Operating Expenses |  |  |
| Advertising and Marketing | 23 | 11,015 |
| General and Administrative | 1,011,590 | 555,054 |
| Research and Development | 20,333 | 27,154 |
| Rent and Lease | 25,747 | 23,172 |
| Depreciation | 4,620 | - |
| Total Operating Expenses | 1,062,313 | 616,395 |
| Operating Income (loss) | (1,032,741) | (575,455) |
| Other Income |  |  |
| Grant Income | 310,971 | 422,068 |
| PPP Loan Forgiveness | 35,091 | - |
| Other | - | 6,805 |
| Total Other Income | 346,062 | 428,872 |
| Other Expense |  |  |
| Interest Expense | 55,001 | - |
| Other | - | 12,640 |
| Total Other Expense | 55,001 | 12,640 |
| Provision for Income Tax | - | - |
| Net Income (loss) | (741,679) | (159,223) |

# **Statement of Cash Flows**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| OPERATING ACTIVITIES |  |  |
| Net Income (Loss) | (741,679) | (159,223) |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| Depreciation | 4,620 | - |
| Accounts Payable | 4,082 | (7,794) |
| Inventory | 4,919 | (11,061) |
| Accounts Receivable | (4,924) | (11,619) |
| Grants Receivable | (36,820) | (83,248) |
| Prepaids | (6,829) | (4,558) |
| Accrued Interest | (12,751) | - |
| PPP Loan Forgiveness | (35,091) | - |
| Deferred Revenue | 7,124 | (86,799) |
| Other | 89 | 2,891 |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | (75,580) | (202,187) |
| Net Cash provided by (used in) Operating Activities | (817,259) | (361,410) |
| FINANCING ACTIVITIES |  |  |
| Issuance of Common Stock | 1 | - |
| Issuance of Preferred Stock | 24 | - |
| Additional Paid-in Capital | 1,388,399 | - |
| Convertible Notes | - | 310,091 |
| Net Cash provided by (used in) Financing Activities | 1,388,424 | 310,091 |
| Cash at the beginning of period | 141,748 | 193,066 |
| Net Cash increase (decrease) for period | 571,165 | (51,319) |
| Cash at end of period | 712,911 | 141,748 |

# **Statement of Changes in Shareholder Equity**

|  | Common Stock |  | Preferred Stock |  | APIC | Treasury Stock | Accumulated Deficit | Total Shareholder Equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | # of Shares Amount | $ Amount | # of Shares Amount | $ Amount |  |  |  |  |
| Beginning Balance at 1/1/2020 | 3,408,781 | 34 | - | - | 36,453 | (9,860) | (400,499) | (373,872) |
| Net Income (Loss) | - | - | - | - | - | - | (159,223) | (159,223) |
| Ending Balance 12/31/2020 | 3,408,781 | 34 | - | - | 36,453 | (9,860) | (559,722) | (533,094) |
| Issuance of Common Stock | 58,128 | 1 | 2,416,328 | 24 | - | - | - | 25 |
| Additional Paid in Capital | - | - | - | - | 1,388,399 | - | - | 1,388,399 |
| Conversion of Convertible Notes | - | - | - | - | 725,000 | - | - | 725,000 |
| Net Income (Loss) | - | - | - | - | - | - | (741,679) | (741,679) |
| Ending Balance 12/31/2021 | 3,466,909 | 35 | 2,416,328 | 24 | 2,149,852 | (9,860) | (1,301,401) | 838,650 |

# **VitalFlo, Inc.**  
**Notes to the Unaudited Financial Statements**  
**December 31st, 2021**  
**\$USD**

# **NOTE 1 - ORGANIZATION AND NATURE OF ACTIVITIES**

VitalFlo, Inc. ('the Company') was formed in North Carolina on April 28th, 2017. The company specializes in software that improves the state of care in the chronic respiratory space in the clinic and at the patient's home. The company plans to leverage AI technology to build better diagnostic tools for chronic respiratory conditions. The company is largely remote with headquarters in Portland, Oregon.

The Company will conduct a crowdfunding campaign under regulation CF in 2022 to raise operating capital.

# **NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

# Basis of Presentation

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles ('GAAP'). Our fiscal year ends on December 31. The Company has no interest in variable interest entities and no predecessor entities.

# Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

# Cash and Cash Equivalents

Cash and cash equivalents include all cash balances, and highly liquid investments with maturities of three months or less when purchased.

# Fair Value of Financial Instruments

ASC 820 '*Fair Value Measurements and Disclosures*' establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:

- Level 1: defined as observable inputs such as quoted prices in active markets;

- Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

- Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

# Concentrations of Credit Risks

The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

## Revenue Recognition

The Company recognizes revenue from the sale of products and services in accordance with ASC 606, “Revenue Recognition” following the five steps procedure:

- Step 1: Identify the contract(s) with customers
- Step 2: Identify the performance obligations in the contract
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price to performance obligations
- Step 5: Recognize Revenue When or As Performance Obligations Are Satisfied

## Subscription Sales

The Company generates revenues by selling a subscription service to healthcare practices to help them measure their patient’s lung function within the practice and at the patient’s home. Users may pay on a monthly or annual upfront frequency. The Company’s primary performance obligation is to maintain an acceptable level of software uptime for users over the subscription period which has a minimum commitment of 1 year. The subscription also includes the hardware used to measure lung function, and the company replaces this hardware as a part of the service if it stops functioning correctly. Revenue is recognized over the life of the subscription as performance obligations are satisfied.

## Product Resales

The Company generates revenue by selling the consumable components used in each lung function test performed by the subscription product. The Company’s primary performance obligation is the delivery of products. Additionally, the company previously generated revenue by selling the hardware used to perform the lung function test, prior to including this device as a part of the subscription revenue. Revenue for these product sales is recognized at the time of shipment. For products that arrive at the customer’s location with visible defects, or that don’t function upon first use, the Company will replace the products.

## Custom Feature Development

The Company generates revenue by developing custom features for certain customers. The Company works with the customer to understand the scope of work, and then generates a quote. Payment is typically gathered up front for these contracts and revenue is recognized based on project completion and milestones. The Company’s primary performance obligation is to develop and deliver custom features as agreed upon between the Company and its customers. The Company intends to generate minimal revenue through this stream going forward.

The table below shows the approximate amount of revenue generated from each revenue stream in 2020 and 2021.

| Segments | Subscription Sales | Product Resales | Custom Feature Development | Total |
| --- | --- | --- | --- | --- |
| 2021 | $29,803 | $38,526 | $4,361 | $72,690 |
| 2020 | $6,860 | $22,725 | $13,292 | $42,877 |
| Total | $36,663 | $61,251 | $17,653 | $115,567 |

## Grants

The National Science Foundation awarded (Award #1926849) the Company up to $750,000 in grants starting on August 1st, 2019 and ending on July 31st, 2021. Company had income from grants in the amount of $310,971 and $422,068 as of December 31st, 2021 and 2020, respectively. There were 4 additional amendments increasing the total award to $838,000 ending on December 31st, 2022. The Company had grants receivable of $120,068 as of December 31st, 2021.

## Property and Equipment

Property and equipment are recorded at cost. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense. When equipment is retired or sold, the cost and related accumulated depreciation are eliminated from the accounts and the resultant gain or loss is reflected in income. Depreciation is provided using the straight-line method, based on useful lives of the assets.

The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment there was no impairment for December 31, 2021.

A summary of the Company’s property and equipment is below.

| Property Type | Useful Life in Years | Cost | Accumulated Depreciation | Disposals | Book Value as of 12/31/21 |
| --- | --- | --- | --- | --- | --- |
| Furniture and Equipment | 3-4 | 16,500 | 13,200 | - | 3,300 |
| Grand Total | - | 16,500 | 13,200 | - | 3,300 |

## Accounts Receivable

Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms. Trade receivables are stated at the amount billed to the customer. Payments of trade receivables are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. Payments are generally collected upfront, but some of the merchants that products are sold through have a delay between collecting from the customer and sending to the Company.

The Company estimates an allowance for doubtful accounts based upon an evaluation of the current status of receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change.

## Advertising Costs

Advertising costs associated with marketing the Company’s products and services are generally expensed as costs are incurred.

## General and Administrative

General and administrative expenses consist of payroll and related expenses for employees and independent contractors involved in general corporate functions, including accounting, finance, tax, legal, business development, and other miscellaneous expenses.

## Rent and Lease

The Company leases office space under a 1-year Sublease Agreement requiring monthly payments of $1,500. The current lease expires on February 16th, 2023. The lease cannot be canceled through the term of the agreement.

The Company leases office space under a 1-year Sublease Agreement requiring monthly payments of $453 as well as a pro rata share of utilities. The lease has yet to commence, and commencement is contingent upon the completion of construction of the office space. Once the construction is complete, the Company will begin paying the monthly $453

payments and utilities fees. The Company has the option to renew this lease upon providing at least 60 days of notice of intent to renew. The lease cannot be canceled through the term of the agreement.

### Equity based compensation

The following is an analysis of options to purchase shares of the Company's stock issued and outstanding:

|  | Total Options | Weighted Average Exercise Price |
| --- | --- | --- |
| Total options outstanding, January 1, 2020 | 407,536 | $0.009 |
| Granted | 803,860 | $0.010 |
| Exercised | - | $ - |
| Expired/cancelled | (418,551) | $0.010 |
| Total options outstanding, December 31, 2020 | 792,845 | $0.010 |
| Granted | 726,795 | $0.029 |
| Exercised | (8,210) | $0.010 |
| Expired/cancelled | (11,932) | $0.010 |
| Total options outstanding, December 31, 2021 | 1,499,498 | $0.020 |
| Options exercisable, December 31, 2021 | 241,611 | $0.010 |

|  | Nonvested Options | Weighted Average Fair Value |
| --- | --- | --- |
| Nonvested options, January 1, 2020 | 363,479 | $- |
| Granted | 803,860 | $- |
| Vested | (334,588) | $- |
| Forfeited | - | $- |
| Nonvested options, December 31, 2020 | 832,751 | $- |
| Granted | 726,795 | $- |
| Vested | (231,898) | $- |
| Forfeited | (69,761) | $- |
| Nonvested options, December 31, 2021 | 1,257,887 | $- |

The Company accounts for stock options issued to employees under ASC 718 (Stock Compensation). Under ASC 718, share-based compensation cost to employees is measured at the grant date, based on the estimated fair value of the award, and is recognized as an item of expense ratably over the employee's requisite vesting period. The Company has elected early adoption of ASU 2018-07, which permits measurement of stock options at their intrinsic value, instead of their fair value. An option's intrinsic value is defined as the amount by which the fair value of the underlying stock exceeds the exercise price of an option. In certain cases, this means that option compensation granted by the Company may have an intrinsic value of $0.

The Company measures compensation expense for its non-employee stock-based compensation under ASC 505 (Equity). The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company's common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty's performance is complete. The fair value of the equity instrument is charged directly to expense and credited to additional paid-in capital.

There is not a viable market for the Company's common stock to determine its fair value, therefore management is required to estimate the fair value to be utilized in the determining stock-based compensation costs. In estimating the fair value, management considers recent sales of its common stock to independent qualified investors, placement agents' assessments of the underlying common shares relating to our sale of preferred stock and validation by independent fair value experts. Considerable management judgment is necessary to estimate the fair value. Accordingly, actual results could vary significantly from management's estimates. Management has concluded that the estimated fair value of the Company's stock and corresponding expense is negligible.

## Income Taxes

The Company is subject to corporate income and state income taxes in the state it does business. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company does not have any uncertain tax provisions. The Company's primary tax jurisdictions are the United States and North Carolina. The Company's primary deferred tax assets are its net operating loss (NOL) carryforwards. A deferred tax asset as a result of NOLs have not been recognized due to the uncertainty of future positive taxable income to utilize the NOL.

## Recent accounting pronouncements

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our financial statements.

## NOTE 3 - RELATED PARTY TRANSACTIONS

The Company follows ASC 850, 'Related Party Disclosures,' for the identification of related parties and disclosure of related party transactions.

Family members of the CEO invested in VitalFlo in the amount of $50,000 in 2021.

Additional family members of the CEO invested in VitalFlo for an additional amount of $35,000 in 2021.

The Company entered into several convertible note agreements with family members of the CEO totaling $109,356 for the purposes of funding operations. The interest on the notes ranged between 5-6%. These notes converted into equity on May 24th, 2021.

## NOTE 4 - COMMITMENTS, CONTINGENCIES, COMPLIANCE WITH LAWS AND REGULATIONS

We are currently not involved with or know of any pending or threatening litigation against the Company or any of its officers. Further, the Company is currently complying with all relevant laws and regulations. The Company does not have any long-term commitments or guarantees.

## NOTE 5 - DEBT

The Company entered into several convertible note agreements for the purposes of funding operations. The interest on the notes ranged between 5-6%. These notes converted into equity on May 24th, 2021, after an equity financing round in which the Company raised over $250,000. The total accrued interest was $12,571 as of December 31st, 2020.

In April of 2020, the Company entered into a Payroll Protection Program (PPP) loan agreement for $35,091 with an interest rate of 1% and a Maturity Date of April 21$^{st}$, 2022. This loan was fully forgiven on February 10$^{th}$, 2021.

See Note 3 - Related Party Transaction for details of related party convertible notes.

# **Debt Principal Maturities 5  
Years Subsequent to 2021**

| Year | Amount |
| --- | --- |
| 2022 | - |
| 2023 | - |
| 2024 | - |
| 2025 | - |
| 2026 | - |
| Thereafter | - |

# **NOTE 6 - EQUITY**

The company has authorized 9,917,432 common shares with a par value of $0.00001 per share. 3,466,909 shares were issued and outstanding as of 2021.

**Dividends:** The holders of capital stock of the Company are entitled to receive dividends when and if declared by the Board of Directors. The Corporation will declare all dividends pro rata on Common Stock and Preferred Stock on a pari passu basis according to the number of shares of Common Stock held by such holders.

The voting, dividend and liquidation rights of the holders of Common Stock are subject to and qualified by the rights, powers and privileges of the holders of Preferred Stock.

**Voting:** Common stockholders are entitled to one vote per share

The company has authorized 3,019,093 shares of preferred shares with a par value of $0.00001 per share. 2,068,503 shares were issued and outstanding and designated as Series Seed 1 Preferred Stock as of December 31$^{st}$, 2021. 347,825 shares were issued and outstanding and designated as Series Seed 2 Preferred Stock as of December 31$^{st}$, 2021. The rights for these share classes are the same as detailed below and will be referred to collectively as Preferred Stock.

**Liquidation preference:** In the event of any liquidation, dissolution, or winding up of the company, the holders of Preferred Stock are entitled to receive prior to, and in preference to, any distribution to the common stockholders, an amount equal to the greater of their “Original Issue Price” for such share of Preferred Stock or such amount as would be payable if such Preferred Stock was converted to common stock. Such amounts will be distributed on a pari passu basis among the different series of Preferred Stock.

**Voting:** Preferred stockholders have 1 vote for every common share they would own if converted.

**Conversion:** Each share of Preferred Stock is convertible, at the option of the holder thereof, at any time into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the applicable Original Issue Price for the series of Preferred Stock by the applicable Conversion Price of such series of Preferred Stock in effect at the time of conversion. Each share shall be converted upon the closing of a public offering under the Securities Act of 1933 or open the vote or consent of the holders of a majority of the then outstanding shares of Preferred Stock, voting together as a single class.

**Anti-Dilution:** Each share of Preferred Stock has standard “broad-based” weighted average anti-dilution rights.

# NOTE 7 - SUBSEQUENT EVENTS

The Company has evaluated events subsequent to December 31, 2021 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through October 25, 2022, the date these financial statements were available to be issued.

Simple Agreements for Future Equity (SAFE) - The Company entered into numerous SAFE agreements (Simple Agreement for Future Equity) with third parties totaling $325k. The SAFE agreements have no maturity date and bear no interest. The agreements provide the right of the investor to future equity in the Company during a qualified financing or change of control event at a 20% discount. Each agreement is subject to a valuation cap. The valuation caps of the agreements entered were $7M.

The Company received a Letter of Intent from a global investment business to invest $150k in SAFEs at the same terms as mentioned above. The investment will be automatically trigger when 600k of additional investment is contributed, which already includes the $325k above.

# NOTE 8 - GOING CONCERN

The accompanying balance sheet has been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The entity realized losses every year since inception, incurred negative cash flows from operations, and may continue to generate losses.

During the next twelve months, the Company intends to finance its operations with funds from a crowdfunding campaign and revenue producing activities. The Company’s ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs. No assurance can be given that the Company will be successful in these efforts. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities.

# NOTE 9 - RISKS AND UNCERTAINTIES

## *COVID-19*

The spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility and a significant weakening. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses remains unclear currently. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

**Attachment 6:** `document_6.pdf`

Contact

www.linkedin.com/in/andy-taylor-385a06b5 (LinkedIn)

Top Skills

Biomedical Engineering
Public Speaking
Leadership

Honors-Awards

Abrams Scholar

# Andy Taylor

COO at VitalFlo

Clayton, North Carolina, United States

## Summary

Experienced leader combining business savvy and technical expertise to develop innovative medical technologies and drive the growth of life science organizations that increase access to quality healthcare.

## Experience

VitalFlo

3 years 10 months

Chief Operating Officer

April 2022 - Present (7 months)

Raleigh, North Carolina, United States

VitalFlo creates clinically validated tools, accessible to all, to proactively monitor chronic respiratory disease. We use the latest clinical research, behavioral science, and environmental science to empower patients to take charge of their health with a simple, intuitive experience. With our predictive analytics and data-driven insights, VitalFlo supports provider teams in making efficient, effective clinical decisions. As Chief Operating Officer, my responsibilities include:

- Partnering with the CEO and the Board of Directors to set quarterly milestones for the organization that optimize company performance and align the organization towards growth.
- Managing department leads, their metrics and accountability, and their professional growth.
- Designing and implementing company strategies, policies, and procedures
- Leading the Finance function including long-term financial planning and forecasting, managing company burn, and revenue growth targets.
- Leading Human Resources initiatives including hiring, benefits administration, performance goals and reviews, and company HR policy.
- Presenting finance & operations metrics to the Board of Directors at Board Meetings and providing the Board with a clear and compelling plan of operations

Page 1 of 5

• Measuring and mitigating organizational risk while developing VitalFlo's regulatory and compliance infrastructure, including HIPAA and FDA compliance.

Vice President of Operations & Finance

September 2020 - April 2022 (1 year 8 months)

Raleigh, North Carolina, United States

VitalFlo creates clinically validated tools, accessible to all, to proactively monitor chronic respiratory disease. We use the latest clinical research, behavioral science, and environmental science to empower patients to take charge of their health with a simple, intuitive experience. With our predictive analytics and data-driven insights, VitalFlo supports provider teams in making efficient, effective clinical decisions. As VP of Operations & Finance, my responsibilities include:

- Leading VitalFlo's regulatory and compliance infrastructure including the administration of VitalFlo's quality management system. This includes building and leading the internal and external teams needed in this effort.
- Partnering with the CEO on Company financial matters including long-term financial planning and forecasting.
- Partnering with the VP of Product & Engineering on Security and System Administration functions including matters related to HIPAA compliance, cybersecurity and quality assurance
- Overseeing all financial matters related to bookkeeping, payroll, taxes, grant administration, and reporting.
- Leading and managing VitalFlo's Customer Success Team.
- Self-educating in the skillsets required for the above duties.
- Working with VitalFlo team members to (i) develop products and roadmaps to delight our customers, (ii) solve important problems related to customer discovery and retention, and (iii) identify new opportunities for revenue growth

Director Of Operations

October 2019 - September 2020 (1 year)

Raleigh-Durham, North Carolina Area

Operations Engineer

January 2019 - September 2019 (9 months)

Raleigh-Durham, North Carolina Area

The Medical Innovators Collaborative (MEDIC)

Co Founder & President

May 2016 - December 2018 (2 years 8 months)

Page 2 of 5

The Frontier in RTP, 800 Park Offices Drive, Research Triangle Park, NC 27709

Founded The Medical Innovators Collaborative (MEDIC), a not for profit organization dedicated to bridging the gap in medical device development. Evaluated early-stage innovators and start-ups to assess technology feasibility and market opportunity. Paired these partners with local student teams to complete product development and market assessment related projects, accelerating local innovative technologies and companies while providing local students with meaningful internships and professional development opportunities.

- Obtained $85,000 in seed funding through a grant from a local partner to found the organization.
- Maintained a portfolio of eight early-stage medical device and digital health technologies which we propelled toward commercialization.
- Managed >30 student interns from three universities on development projects, providing them with valuable experiences to further their careers.
- Built partnerships with two large medical technology companies in the area to further support the mission.
- Managed relationships with a diverse network of community partners consisting of design, engineering, regulatory, reimbursement, and business development experts providing >$500,000 worth of resources towards the mission.
- Organized and ran a 3 month long global health innovation boot camp in partnership with Triangle Global Health Consortium with 30 students and young professionals participating.

Washington Elementary Boys and Girls Club

Tutor

October 2014 - December 2017 (3 years 3 months)

Raleigh-Durham, North Carolina Area

Developed teaching skills through tutoring a student through 4th, 5th, and 6th grade. Primarily tutored in mathematics and reading. The student I worked with was originally at constant risk of being held back in school, but throughout the course of tutoring, he developed a love for learning and is now a top tier student.

NCSU Cell Mechanics Laboratory

2 years 8 months

Lab Manager

Page 3 of 5

October 2015 - August 2016 (11 months)

Raleigh-Durham, North Carolina Area

Managed the Cell Mechanics Laboratory, a large laboratory at a tier one research institution that consisted of researchers in two different States and three different countries. The Cell Mechanics Laboratory investigates the effects of mechanical, chemical, and electrical stimuli on adult stem cell function and differentiation with the long-term goal of engineering musculoskeletal tissues for in vivo applications.

- Ensured efficient operation of the facility to sustain the research projects of 12 researchers and students.
- Performed research in the area of regenerative medicine with a focus on developing novel material applications for the development of osteochondral and muscular tissue as well as the effects of microgravity on the development of chondrocytes.
- Obtained authorship on 1 published paper, 1 pending publication, and 5 conference presentations and posters.
- Maintained >$250,000 of equipment through extensive use between our lab and others.
- Maintained operations of the lab through a tough transition as the Principal Investigator moved out of state for a new position and the previous lab manager moved out of the country.
- Advanced in the lab from a research intern to the lab manager in less than two years.

Research Assistant

January 2014 - October 2015 (1 year 10 months)

Gained experience in cell culture and tissue engineering lab techniques.

Worked with human adipose derived stem cells in a variety of musculoskeletal tissue engineering projects. Worked full time in the lab over the summer of 2014 and continued working throughout the rest of my undergraduate career before being promoted to Lab Manager.

North Carolina State University

8 months

Instructor

January 2016 - May 2016 (5 months)

Raleigh-Durham, North Carolina Area

The aim of the course is to give students their first experience in developing novel medical technologies through interviewing stakeholders to identify

Page 4 of 5

problems and opportunities, defining user needs statements, and brainstorming & developing solutions to those needs.

- Taught ~60 junior level biomedical engineering students.
- Developed all lecture content for the course and gave lectures once a week.
- Utilized my extensive network to bring in high quality guest lecturers.
- Revamped the main project of the class to provide a more valuable experience to the students.

# Teaching Assistant

October 2015 - December 2015 (3 months)

I was the teaching assistant for the Tissue Engineering Technologies (BME483/583) course through the joint biomedical engineering department at UNC and NC State. In this course, the students go through the process of growing living skin equivalents (LSEs) by growing a co-culture of human dermal fibroblasts and human keratinocytes on a collagen gel matrix. As TA I was responsible for setting up the weekly labs as well as take care of the students cells and experiments between classes. During class I would help troubleshoot any problems the students were having with experiments. This experience really opened my eyes to all of the work that goes into planning lab courses such as this as well as making me more efficient in planning my time.

# Education

North Carolina State University

Bachelor of Science (B.S.), Biomedical Engineering · (2011 - 2015)

Page 5 of 5

**Attachment 7:** `document_7.pdf`

Contact

www.linkedin.com/in/lukegmarshall
(LinkedIn)

Top Skills

Public Speaking

Data Analysis

Project Management

Languages

English (Native or Bilingual)

Spanish (Professional Working)

Certifications

The Foundation for Effective
Leadership

Honors-Awards

Department of Energy Basic Energy
Sciences Research Highlight

Baker Hughes Award for Excellence
in Research

The 13th National School on Neutron
& X-ray Scattering

Virginia & Ernest Cockrell, Jr.
Graduate Fellowship

Cullen M. Crain Endowed
Scholarship in Engineering

Publications

Identification of electronic state in
perovskite CaCrO3 by high pressure
studies

Low-moment ferrimagnetic phase of
the Heusler compound Cr2CoAl

Insulating Pockets in Metallic
LaNiO3

Anisotropic small-polaron hopping in
W:BiVO4 single crystals

Charge disproportionation and the
pressure-induced insulator-metal
transition in cubic perovskite PbCrO3

# Luke Marshall, PhD

Founder & CEO at VitalFlo
Portland, Oregon, United States

Summary

VitalFlo is a predictive and preventative respiratory health company.
We help patients and doctors measure and track chronic respiratory
health conditions over time with flexible, easy to use solutions both
for in-person and virtual care. By directly measuring lung function
over time, alongside other measures of patient health such as
symptoms and local environmental factors (air quality, pollen and
wildfires), VitalFlo provides detailed diagnostic reporting to support
fast, accurate clinical decision making.

Experience

VitalFlo Inc.

Founder & CEO

April 2017 - Present (5 years 7 months)

Raleigh, North Carolina

VitalFlo is a predictive and preventative respiratory health company. We help
patients and doctors measure and track chronic respiratory health conditions
over time with flexible, easy to use solutions both for in-person and virtual care.
By directly measuring lung function over time, alongside other measures of
patient health such as symptoms and local environmental factors (air quality,
pollen and wildfires), VitalFlo provides detailed diagnostic reporting to support
fast, accurate clinical decision making.

Global Data Consortium

Business Development Representative

January 2017 - December 2017 (1 year)

Raleigh, North Carolina, United States

GDC is a Data as a Service company with a cloud-based platform for global
electronic identity verification. For businesses that need to know the identities
of customers all over the world, GDC provides one point of access to local, in-
country reference data for instant verification.

LGM Consulting

Principal

Page 1 of 3

January 2015 - December 2017 (3 years)

Raleigh-Durham, North Carolina Area

Providing scientific and technical due diligence to investors, and multi-functional services to startups including operations, business development, and strategic communication.

Hyperloop Transportation Technologies, Inc.

Materials Engineering Specialist

August 2016 - February 2017 (7 months)

Raleigh-Durham-Chapel Hill Area

Project manager and Head of the Energy Storage team. Contributor to the Propulsion and Levitation Systems (MagLev) team.

Nanomagnetism Research Group, Northeastern University

Postdoctoral Research Associate

January 2014 - May 2016 (2 years 5 months)

Greater Boston Area

- Scientific research into magnetic materials design and synthesis
- Led commercialization partnership with Rogers Corporation (NYSE:ROG), a global technology leader in materials and electronics manufacturing
- Lab manager and research mentor for graduate students working on six distinct research projects

John B. Goodenough Research Group, University of Texas

Graduate Research Assistant

August 2009 - December 2013 (4 years 5 months)

Austin, TX

- Scientific research into energetic and magnetic materials design and synthesis
- Experimental design and execution
- Lab and technical equipment management, maintenance, and procurement
- Communication and dissemination of findings through journal publications (11), invited talks (3), and conference talks (10)
- Interdisciplinary/international collaboration with team members from USA, China, Japan, Spain, & Argentina

AmeriCorps VISTA at UCP Texas

Marketing & Outreach Coordinator

August 2008 - August 2009 (1 year 1 month)

Austin, TX

Page 2 of 3

Online campaign manager, product development, team recruiting, team leader, and grant writing

## Education

The University of Texas at Austin

Doctor of Philosophy (Ph.D.), Materials Science & Engineering · (2009 - 2013)

Whitman College

Bachelor of Arts (B.A.), Physics & Philosophy (Dual Degree) · (2004 - 2008)

Page 3 of 3

**Attachment 8:** `document_8.pdf`

Contact

www.linkedin.com/in/mitroy
(LinkedIn)
www.flashscan3d.com (Company)

Top Skills

Start-ups
Entrepreneurship
Business Development

# Mike Troy

Managing Director at Geekdom Fund
San Antonio, Texas, United States

## Experience

Geekdom Fund

Managing Director

June 2013 - Present (9 years 5 months)

San Antonio, Texas

Geekdom Fund is a venture capital fund that invests in early stage B2B tech startups with continued support through Series A and B. We have an emphasis on Texas based companies but invest throughout North America. Through our RealCo accelerator program we can play early than most institutional investors.

MP Cloud Technologies

Board Member

June 2019 - Present (3 years 5 months)

FunnelAI

Board Observer

May 2019 - Present (3 years 6 months)

Third Corner

Board Member

May 2018 - Present (4 years 6 months)

SubjectWell

Board Member

February 2017 - Present (5 years 9 months)

Austin, Texas

MR Presta Inc.

Board Member

June 2017 - Present (5 years 5 months)

Parlevel Systems

Board Member

August 2013 - Present (9 years 3 months)

Page 1 of 3

SiteOwl

Advisor

December 2018 - Present (3 years 11 months)

FlashScan3D

CEO

2006 - December 2019 (13 years)

Contract research and development company that is focused on the application of 3D imaging to various problems and challenges in the biometric and forensic science industries. The company's research and development has been funded by the IARPA, Department of Homeland Security, U.S. Army, Department of Defense, National Institute of Justice and National Science Foundation.

BenchMade Modern

Board Member

February 2017 - April 2019 (2 years 3 months)

Benchmade Modern was acquired by American Leather.

Red Mile Entertainment

VP Business Development

January 2005 - June 2007 (2 years 6 months)

Fluent Entertainment

Director of Business Development

October 2000 - December 2004 (4 years 3 months)

*acquired by Red Mile Entertainment

BMI Consulting

Co-Founder

1997 - 2000 (3 years)

IBM

Consultant

1995 - 1997 (2 years)

## Education

University of California, Berkeley

Page 2 of 3

Bachelor of Science - BS, Political Economy of Natural  
Resources · (1989 - 1994)

Page 3 of 3

**Attachment 9:** `document_9.pdf`

10/30/22, 1:53 PM

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We've launched on WeFunder

Hi <<First Name>>,

Throughout the last couple of months I've been following up with most of you on this list individually to provide some key updates. Now it time for us all to jump back on the same thread with some big VitalFlo updates at the end of Q3!

We've had a lot of great progress, and really dialed in on our value proposition and product-market fit - more details an updates on that below.

First, let's chat about our new WeFunder campaign, which I hope you'll consider supporting:

### Fundraise Update: We're Live on WeFunder

First the basics: What is WeFunder? WeFunder is a crowdfunding campaign that uses updated regulations (JOBS Act) to allow more individuals to invest in startups.

![img-1.jpeg](img-1.jpeg)

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- Allows more investors eligible to participate with smaller checks: but with only one line on the Cap Table
- Allows VitalFlo's friends, customers, and other stakeholders to participate, helping align our whole community with our continued success and growth
- Promotes our fundraise to investors we don't already know: they are the largest crowdfunding site, and they will promote our offering to their investors as we hit different funding thresholds

# **What we're asking for from our stakeholders (you):**

Before the campaign is able to launch to the public, we need to raise $100K+ from our internal stakeholders and community via the WeFunder platform.

This $100K+ is in addition to the $325K already signed/wired from Geekdom Fund, Elevate Capital and Front Porch VP, and is also in addition to the $150K committed to this round by Techstars.

This campaign is now live on WeFunder, and we have a target of closing commitments totaling this amount from our stakeholders in the next two weeks. Initially, we just need these commitments: the capital call will occur later (in mid-November).

If you have the interest and ability to participate in our current round, doing so on the WeFunder platform - and committing this week - is the best way to help the company.

Timeline:

- Now through Next Two Weeks: Internal commitments made via WeFunder platform
- Next Four Weeks: Public campaign via WeFunder platform
- Mid-November: Closing and capital calls

Thank you! More updates on our growth and progress below.

# **Independent Primary Care is Growing Fast**

This market is going really well:

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![img-2.jpeg](img-2.jpeg)

Plus, over the last two weeks of cold-calling, we just added over 150 marketing-qualified leads to our funnel for Q4 (great job Andrea & Sully!)

### Hospital Systems have an Urgent Need

As you know, Sovah Health is a two-hospital system in Virginia. They reached out to us for help because they had an urgent need in their pulmonary clinic: the backlog for pulmonary function testing was about 4-6 months.

Health Systems need VitalFlo to help them with their 4-6 Month Spirometry Backlog

"I love VitalFlo. I absolutely love it. Within six weeks, just in billing, were able to make back what we paid out. We're using it really frequently. So I'm very happy with all that."

![img-3.jpeg](img-3.jpeg)

# SPIROMETRY IS CRUCIAL

- Physical-questionnaire for the first 10 years
- Smoking Cessation Program
- Diagnostic Monitoring
  Asthma & CO Exposures

![img-4.jpeg](img-4.jpeg)

Wendy G. Irvine, FNP, RRT
Medical New York & Williams

We got them launched right away, and since they went live in May, their account has grown by over 3X (with more growth still to come). Their need was so great they actually launched us before we cleared their internal security/CIO review (which is highly unusual). We've been undergoing that review over the last couple of months, and I'm pleased to announce that we have cleared the review!

Something to clarify: we didn't just clear Sovah Health's review. We cleared LifePoint Health's review. LifePoint is the 90-hospital Mothership that recently acquired

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This represents a massive fast-track for our Health System pipeline: sales velocity within LifePoint should be very high compared to the average sales cycle. The LifePoint Health pipeline represents well over $1M ARR in potential contract value that we're moving quickly to line up and lock-in.

## We are Launching "Full-Stack" Virtual Care with our Partners

Our biggest learning from our previous launches for remote monitoring and virtual care services was that our customers struggled to provide the staffing necessary to run the program.

We're solving that by partnering with Allergy & Asthma Network's team of virtual respiratory therapists, nurses and nurse practitioners to provide these services bundled with the VitalFlo platform!

Our first customer, launching this month, will be Family Allergy - one of the largest Private Equity-backed Allergy & Asthma rollups in the country (120+ providers across 9 States). All of our health system customers and prospects have also requested this service, so we'll be rolling it out more broadly soon!

## Thank You!

Thank you for all of your support over the last several years. We're right at the cusp of some major growth, which our current fundraise is supporting.

The biggest thing you can do to support us over the next 1-2 months is to participate and/or share our WeFunder campaign with interested investors.

Good health to you and yours,
Luke

Normally, I'd ask to please keep this email private and confidential, but in the interest of promoting our WeFunder Campaign: please share with anyone who may be interested.

Thank you!

## How You Can Help

- Help us fundraise on WeFunder. For investors who may be interested, please feel free to introduce me directly (luke@vitalflohealth.com), or to send them to our WeFunder page!

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# Thank You's

- Andrea Kalmans - feedback and sharing our WeFunder campaign with other investors
- Randy Williams - productive feedback and advice

![img-5.jpeg](img-5.jpeg)

VitalFlo

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![img-6.jpeg](img-6.jpeg)

### Insiders' Update

Our WeFunder Pre-Launch is in Full Swing

Hi <<First Name>>,

Short turn-around between updates this week while we're live in our pre-launch period for our WeFunder campaign.

A couple campaign-related updates (for our previous update with other company highlights, click here):

- A couple days in, we're already 22% of the way to our target of $100K+ from our Insiders and their networks: Thank You!
- We have another some additional investments committed verbally (I'll be following up with a few of you shortly)
- If you are interested in participating, committing in the next week will be the most impactful for us.

As a quick overview (more detail below): funding commitments this week will close at the end of the public campaign in mid-November. So a commitment now doesn't immediately involve any immediate wires/transfers.

Additionally, please share the campaign with anyone in your network who may be interested. We're looking forward to an exciting public launch late next week!

### Thank You!

Thank you for all of your support over the last several years. We're right at the cusp of some major growth, which our current fundraise is supporting.

The biggest thing you can do to support us over the next 1-2 weeks is to participate and/or share our WeFunder campaign with interested investors.

Good health to you and yours,
Luke

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# Thank you!

## WeFunder Overview

First the basics: What is WeFunder? WeFunder is a crowdfunding campaign that uses updated regulations (JOBS Act) to allow more individuals to invest in startups.

![img-7.jpeg](img-7.jpeg)

From VitalFlo's perspective, launching on WeFunder accomplishes a few things:

- Allows more investors eligible to participate with smaller checks
- Allows VitalFlo's friends, customers, and other stakeholders to participate, helping align our whole community with our continued success and growth
- Promotes our fundraise to investors we don't already know

### What we're asking for from our stakeholders (you):

Before the campaign is able to launch to the public, we need to raise $100K+ from our internal stakeholders and community via the WeFunder platform.

This $100K+ is in addition to the $325K already signed/wired from Geekdom Fund, Elevate Capital and Front Porch VP, and is also in addition to the $150K committed to this round by Techstars.

This campaign is now live on WeFunder, and we have a target of closing commitments totaling this amount from our stakeholders in the next two weeks. Initially, we just need these commitments: the capital call will occur later (in mid-November).

If you have the interest and ability to participate in our current round, doing so

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# Timeline:

- Now through Next Two Weeks: Internal commitments made via WeFunder platform
- Next Four Weeks: Public campaign via WeFunder platform
- Mid-November: Closing and capital calls

# How You Can Help

- Help us fundraise on WeFunder. For investors who may be interested, please feel free to introduce me directly (luke@vitalflohealth.com), or to send them to our WeFunder page!
- Follow our social accounts. Help us grow our audience and share our updates.

![img-8.jpeg](img-8.jpeg)

# Thank You's

- Andrea Kalmans - wildly helpful intros and hustle
- Randy Williams - productive feedback and advice

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![img-9.jpeg](img-9.jpeg)

VitalFlo

Copyright © 2022 VitalFlo, All rights reserved.

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## Can you vouch for John Doe?

John has applied to raise funding for Company Name on Wefunder and provided your name as a personal reference.

Quote goes here

Wefunder has raised hundreds of millions for startups that later went on to raise over $5 billion in follow-on funding from venture capitalists.

Can you vouch for John?

VOUCH FOR JOHN

LEARN MORE

### About Wefunder

We help anyone invest as little as $100 in the startups they believe in. We're also a Public Benefit Corporation with a mission to keep the American dream alive. We aim to help 20,000 founders get off the ground by 2029.

Unsubscribe | About | Education

Wefunder Inc. runs wefunder.com and is the parent company of Wefunder Advisors LLC and Wefunder Portal LLC. Wefunder Advisors is an exempt reporting adviser that advises SPVs used in Reg D offerings. Wefunder Portal is a funding portal (CRD #283503) that operates sections of wefunder.com where some Reg Crowdfunding offerings are made. Wefunder, Inc. operates sections of wefunder.com where some Reg A offerings are made. Wefunder, Inc. is not regulated as either a broker-dealer or funding portal and is not a member of FINRA.

Company Name is testing the waters to evaluate investor interest. No money or other consideration is being solicited; if sent, it will not be accepted. No offer to buy securities will be accepted. No part of the purchase price will be received until a Form C is filed and, then, only through Wefunder. Any indication of interest has no obligation or commitment of any kind.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** VitalFlo Inc.

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 04-28-2017

**Physical Address:** 224 Fayetteville St, Raleigh, NC, 27601

**Issuer Website:** https://vitalflohealth.com

**Is there a Co-Issuer?:** Yes

**Intermediary Name:** Wefunder Portal LLC

**Intermediary CIK:** 0001670254

**Intermediary File Number:** 007-00033

**Intermediary CRD Number:** 283503

### Offering Information

**Compensation to Intermediary:** 7.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.

**Financial Interest in Issuer:** No

**Type of Security Offered:** Other

**Other Description of Security:** Simple Agreement for Future Equity (SAFE)

**Number of Securities Offered:** 235000

**Price per Security:** $1.00

**Method for Determining Price:** Pro-rated portion of the total principal value of $235,000; interests will be sold in increments of $1; each investment is convertible to one share of stock as described under Item 13.

**Target Offering Amount:** $235,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** Other

**Description of Oversubscription:** As determined by the issuer

**Maximum Offering Amount:** $1,000,000.00

**Deadline to Reach Target Amount:** 04-30-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 8

**Total Assets (Most Recent Fiscal Year):** $877,926.00

**Total Assets (Prior Fiscal Year):** $267,729.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $712,911.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $141,748.00

**Accounts Receivable (Most Recent Fiscal Year):** $16,543.00

**Accounts Receivable (Prior Fiscal Year):** $11,619.00

**Short-Term Debt (Most Recent Fiscal Year):** $39,277.00

**Short-Term Debt (Prior Fiscal Year):** $75,823.00

**Long-Term Debt (Most Recent Fiscal Year):** $0.00

**Long-Term Debt (Prior Fiscal Year):** $725,000.00

**Revenues/Sales (Most Recent Fiscal Year):** $72,690.00

**Revenues/Sales (Prior Fiscal Year):** $42,877.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $43,118.00

**Cost of Goods Sold (Prior Fiscal Year):** $1,937.00

**Taxes Paid (Most Recent Fiscal Year):** $200.00

**Taxes Paid (Prior Fiscal Year):** $204.00

**Net Income (Most Recent Fiscal Year):** $-741,679.00

**Net Income (Prior Fiscal Year):** $-159,223.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING, B5, GU, PR, VI, 1V

### Signatures

**Issuer:** VitalFlo Inc.

**Signature:** Luke Marshall

**Title:** Founder & CEO

---

**Signature:** Mike Troy

**Title:** Managing Director, Geekdom Fund III, LP

**Date:** 01-13-2023

---

**Signature:** Luke Marshall

**Title:** Founder & CEO

**Date:** 01-13-2023