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INVENTORYMEAPP INC

The Asset Documentation App

Closed on 03/12/19

50% funded (of minimum target)

min$10k

max$1070k

funding goal 

Reg CF

exemption used 

$2,600,000

pre money valuation 

$500.00

min investment 

$5,000

amount raised 

7

investors 

Security Type
Common Stock
$10: Price per Share
$2.6 Mil: Valuation 20% Discounted (See
Valuation - Documents Section)

Pitch

Who are we

The InventoryMeApp disrupts the exponentially growing Home Inventory and 3rd Party Asset Documentation sector by introducing a comprehensive, modular, scalable and industry compliant automated Inventory Mobile Application. Our offering fills a critical gap that will allow for growth and modernization of a process that is costing Home Inventory industry Professionals, Inspection-based Service Providers, individual Business and Governmental organizations, AND.... the individual consumer, both TIME & MONEY. 

 

We have added a modular capability which will make our offering an enterprise-grade tool that can seamlessly integrate into many of the backend platforms used by 3rd Party Asset Documentation firms, Claims Adjusters, and Contents Appraisal Companies positioning InventoryMeApp as the benchmark and industry standard moving forward.

 

WHAT IS A 3RD PARTY ASSET DOCUMENTATION SERVICE? 

What do they do?

 

 

 

Problem

The Home Inventory and 3rd Party Asset Documentation industry (a growing trade still in its infancy, but poised for significant organic growth) has steadily grown and gained significant attention over the last 5+ years based upon the unprecedented number of natural disasters, and… social media’s constant barrage of news highlighting the consequences to the victims when they cannot substantiate what they lost.

 

Although other cloud-based inventory app options exist on the market today, they are very limited in functionality and are often-times very complicated and non-intuitive for the novice user.  Additionally, there still remains the lack of an end-to-end automated solution for the typical Asset Documentation Company and/or Inspection-based Service provider due to the fact that the industry as a whole is still extremely disconnected.  It has been using tools and processes that were not specifically developed to solve its unique and varied needs and many independent appraisers and Inspection-based Service Providers are still using old school methods (i.e., paper and pencil, Excel, Word, etc) to manage their inspections, a separate calendar to schedule and manage appointments, and a separate accounting platform to manage and generate estimates and invoices.

 

In contrast, the InventoryMeApp, has conducted a market analysis and has identified the pain points and specific needs of the various inspection-based service provider and other potential adopters and has built an end-to-end, comprehensive, real-time collaboration-based modular Mobile App with an intuitive backend support portal and optional integration into Quickbooks Online (QBO) to provide a much more fluid and seamless solution to this need.  

 

The fact of the matter is: the number of potential adopters in this niche industry is significant and our goal is to continue tailoring our offering based upon the growing and customized needs of our wide-ranging end-user base.  We also plan to offer integration with other popular accounting platforms in the near future as well (XERO and Freshbooks for example).

 

In a nutshell: our product provides an improved, simple and cost-effective solution to meet the needs of this diverse mix of customers; to include, the Individual Consumer, a host of Business and Governmental Organizations and the wide-ranging Enterprise needs of the inspection-based service industry.

 

Solution

The InventoryMeApp will provide an integrated comprehensive solution that solves the unmet needs of the different categories of service providers and industry potential clients to our app, including:

  • 360 Degree image functionality.  Take panoramic images of Rooms and Properties and create multiple items from such by simply scrolling thru the image and cherry-picking the individual items to be set up.  THIS FUNCTIONALITY DOES NOT EXIST IN ANY EXISTING/SIMILAR APPLICATIONS ON THE MARKET TODAY!
  • Both online and offline functionality.  Full App functionality when no connection available.  Then....  sync to the Cloud upon reconnecting to either a Wifi or Data source.
  • Company Branding & Customized PDF Design Functionality
  • Optional QBO Integration (Estimates, Invoicing, Payments and Timesheet reporting for both Employees and Vendors).  Future plans on integrating with other popular accounting programs such as Xero, Freshbooks and more.
  • Workforce/Field Scheduling with a Calendar view, Dashboard Analytics and Crew/Employee Task Assignment functionality
  • Quote submittals, E-sign functionality, and Payment options directly from the customer portal
  • Dynamic share functionality - Limit access to Add/Edit/View permissions and control who sees what and who can access what data fields. 
  • The streamlined ability for Clients to generate inspection work requests, setup and manage auto-recurring visits and track progress in real-time.
  • Online Price Checking with major retailers
  • Bulk Edit Functionality - Make global changes to field(s) across a pre-filtered set of records (i.e., Category, Item Descriptions, Location and more).
  • Partial data Report submittals to Client (for credibility purposes).  Auto-send the final inventory/inspection reports upon online processing of payment.
  • Dynamic Import and Export functionality.  Import/Export directly into other popular programs (i.e., Exactimate for the Content Claims industry).  Working from a prior inventory or 3rd party list of items? No Problem!  Easily import these records for easy integration into your InventoryMeApp inspection, inventory or claim.
  • Automated Email Notifications and SMS texts.  Ensure neither your Clients, Employees and Vendors don't forget about their scheduled visit.  Send 'ON MY WAY' text notifications and more.
  • Native Mobile app for both IOS and Android devices
  • GPS/Metadata tracking and reporting.  Future plans for 'Route Optimization' and more in the near future.
  • Capture barcodes and QR Codes - Including 'Search' by a scan. 
  • Print professional looking QR and Barcode labels (using off-the-shelf labels) with EASE.  Then affix, inventory, and receive against upon completion of a move (noting any damage identified).
  • Customized and dynamic workflows along with user-defined templates based upon the type of inspection being performed.
  • Over 13,000 pre-defined items and Categories to choose from.  If it can be found on Amazon, then you can find that item description in the InventoryMeApp.  
  • Download Bulk images and Video files at the click of a button.
  • Multiple Report templates, Customized Report Writer and Customized fields throughout the App and modules.
  • Ability to perform an independent/3rd party inspection (for credibility and legitimacy purposes) and then share with the end user for continuous updates going forward.  End users can update data on pre-inventoried items and add/update additional items going forward, to include:  Scan and Save barcodes/UPC info, receipts, Warranty info and Docs, Images and Videos.
  • Robust Back-End
  • Easy to use and super intuitive and customizable workflows depending upon the type of inventory or inspection being performed.
  • And Much Much MORE!

 

 

 

Achievement & Traction

OUR STRATEGIC MARKETING PLAN:

We will be making our App available EVERYWHERE POSSIBLE!

We are fully aware that there are many ways to promote an app today: optimizing for app store algorithms, promoting your app on websites, and more. However, Google recently announced that people now most often find apps not on the App Store or Google Play Store but on search engines. We can expect this trend to continue. Even though 40 percent of people still find apps in an app store, we are focused on the future and on optimizing our app so that people can find it with search engines as well.

According to Market Share Statistics, nearly 75 percent of users now start their searches for mobile apps on Google. So we will be primarily focusing our efforts and energy there. Search ads are currently the most efficient way to market an app successfully and get people to download it, but, what’s the benefit of search ads? Search advertising not only boosts app awareness but also drives downloads because these ads are shown right when people are actively looking for mobile apps. Put another way, it’s now possible to find not only traditional web pages via organic searches but also mobile app content as well.

We will also be optimizing our mobile app for relevant search queries, to include:

Employing effective SEO tactics like selecting keywords in the mobile app optimization process. To promote greater visibility and awareness of our mobile app, we will be developing an SEO approach both for the website and for the mobile app.

 

We will be focusing our efforts on the following primary practices: 

  • Effective use of Blogs and Podcasts,
  • Development and constant updates to landing pages that sell
  • App Store Optimization
  • Effective use of App Visuals and engaging screenshots
  • Regular analysis and Proper measuring of our applications KPI’s - Tracking: App Downloads, Active Users, Stickiness Rate, Daily Sessions, Retention, Churn Ratios and more.
  • Continuous focus on generating Curiosity, i.e., Teaser Vids and strong social media presence
  • Targeted Advertising (Facebook/Linked-In)
  • Effective/Strategic Multi-Channel relationships

Our advantages

Our target market is still extremely non-saturated and, in our educated opinion, the market is still positioned for SIGNIFICANT organic GROWTH both in the awareness of these types of applications and in regards to the benefits they will provide into the long-term future.

 

Furthermore, the Company Founder has 5+ years’ experience as the Operating Owner of Home Inventory Me, LLC, (a 3rd Party Asset Documentation Service Provider), where he has learned the needs of the industry first-hand and has developed the systematic workflows himself thru the, oftentimes painful process of Trial & Error.

 

The Founder/Owner also owns a company called Contractor Accounting Solutions Inc., which is positioned to support any/all Quickbooks and Accounting services related to our App's QBO Integration features, to include: Assistance and support with QBO Setup, Data Conversions, and Integration Support services.

 

He is also extremely well-versed in tech and possesses a strong background in both Accounting & Finance as well as Best Inventory practices and Logistics Management. 

 

Most importantly: The company's core values will be centered on WIN-WIN relationships - between, and with, our Customers, Business Partners, Investors, Employees, Re-sellers and more. It is, and always will be, a central theme embedded within all we do!

 

 

Market

3rd Party Independent Asset Documentation Service Providers provide independent Asset Documentation Services to support Personal Property Claims Protection, Business Inventory Solutions and to support a diverse range of legal matters and various life change events which all-too-often affect individuals and organizations from all walks of life. These companies provide thorough documentation and catalogued breakdown of one's property and belongings (including videos, images, descriptive nomenclature and more) and oftentimes work with Appraisal companies, Content Claim Adjusters and more to support Proof of Possession, Item Conditions, Value assessments and much more.

MARKET: This service industry is still in its infancy and has struggled to establish itself due to the lack of an effective all-in-one tool to manage the process from start to finish. According to a recent survey, there are over 13,000 Asset Documentation service providers in the USA (IBIS World, 2018) and around 5,000 of these specifically provide documentation services to non-business owners.

 

Appraisal Companies  provide valuation services for homeowners and business organizations to support matters such as Charitable Donations, Estate Tax Liability, Equitable Distribution, Insurance, Common Entity Business transactions and more. Whether it’s a valuation to determine Replacement value or Fair Market value, these professional service providers must be able to document the various characteristics of the household items and/or property and include this data in their reports (to include images and video when/where applicable) to adhere to industry accepted standards.

MARKET: In the USA there are around 78,500 appraisers.

 

Property Management Firms

MARKET: There are around 56,000 property management firms in the USA and around 34,000 of them provide residential property management service. These residential property management firms are the main target customer.

 

Insurance Claim Adjusters Investigate insurance claims to determine the extent of the insuring company's liability. Claims adjusters may handle property claims involving damage to structures and/or damage to the structure's contents. A lot of claims adjusters despise handling content claims matters and the most popular program Xactware/XactContents is not the easiest product to learn and master. Regardless.... our application provides easy import functionality into Xactware for those claim adjusters who use it for its pricing functionality.

MARKET: There are around 81,000 active insurance claim adjusters in the USA and most of them work closely with the clients. The individual claim adjusters (especially those which deal primarily with Contents related claims) are the main target and there are around 76,000 individual claim adjusters in the USA.

 

Pack-out Companies

The term pack out is often used to refer to any situation where the personal property contents of a home or office need to be removed so that repairs or construction can be done.

MARKET: There are around 12,000 pack-out companies that are exclusively involved in residential pack out business.

 

Disaster response teams

Disaster response teams require a uniform and intuitive manner of reporting which is customizable depending on their special/unique needs. Furthermore, they need to be ensured the means of collecting their data (images, video, descriptive info and more) in settings where there may not be any data and/or wifi connections available.

MARKET: There are over 7,500 state, voluntary, and private disaster response teams in the USA and will be a primary component of our targeted marketing initiatives.

 

Restoration companies

Restoration companies are usually the first responders following significant damage to a home from floods and fires, water damage, sewage backup and other major events. The job of a restoration company is to clean up the mess and to preserve and protect the home and its contents so that further damage will not occur.

MARKET: There are around 1,200 restoration companies in the USA and around 490 companies of them provide residential asset restoration services.

 

Moving Companies

MARKET: There are around 7,200 moving companies in the US and 4300 of them exclusively move home and office contents.

 

Landlords need to document the condition of the unit, and the contents when furnished, and must be able to provide an intuitive and uniform process for ensuring the documentation and acknowledgment of such from their tenants.

MARKET: There are around 10 million landlords in the USA and 7 million of them are individual landlords. These individual landlords are the main target market for the company.

 

Individual Consumers, Businesses and Governmental entities - Pre-disaster documentation needs and more!

 

Competition

Other Contents-based Inventory Apps available on the marketplace

None of these programs provide the following:

 

a. Field/Workforce Scheduling
b. Quotes, Invoicing, Timesheet functionality
c. QBO Integration
d. 360° Inventory Functionality
 

 

Sortly:

 

• Reporting functionality is available only from desktop/PC
• No default Items/Categories to select from (affects uniformity in reporting)
• No bulk edit functionality
• No video functionality
• Permissions-based sharing is based upon 3 roles only. No field-level permissions functionality.

 

Memento:

• Works on Android and Windows only
• No Video functionality
• No QR/Barcode functionality
• No bulk edit functionality
• Designed for individual consumer use. Limited/non-existent in-app sharing functionality.

 

MyStuff2:

• Works on IOS only
• Extremely user-unfriendly/complicated/confusing to the novice user
• Designed for individual consumer use only
• Limited sharing & print functionality

 

Nest Egg:

 

• Works on IOS only
• No cloud-based sync. Data stays on your device unless you back-up the data to a separate cloud-based file sharing source
• Poorly designed U/I

 

Encircle:

 

• Non-Intuitive workflows – Text Notes and Photo notes concept very unappealing
• Lacks uniformity in reporting
• No custom field functionality nor ability to add custom tags
• No permissions based sharing controls. Sharing functionality is all or none. No existing controls to permit accidental deletion of the entire Property, Rooms, and/or individual items.
• No Import functionality

 

Homezada:

 

• Mobile app bulky/slow
• Professional version geared specifically to Realtors and Property Managers
• No QR/Barcode functionality
• Limited Sharing functionality (all or none)
• No Custom Field functionality
• Limited Reporting functionality from Mobile Device

 

Blue Plum:

 

• Works on IOS only and completely dependent on their desktop software program
• No video functionality
• Extremely limited data/images synchronization
• Designed for individual consumer use only

Magic Inventory:

 

• Works on Android only
• No online storage
• Non-Existent inventory sharing functionality
• Designed for individual consumer use only

 

Smart Inventory:

 

• Works on Android only
• No bulk edit functionality
• Limited Sharing functionality
• No video functionality
• Designed for individual consumer use only

 

Business Model

OUR BUSINESS MODEL:

The main revenue channel of the app is the continuity subscription model. When conducting an industry survey and analysis we determined the viability of each category and their potential annual spending. The average spend we anticipate is $25/ month in our core target demographic of independent appraisers, pack-out companies, asset documentation,  and property managers.

 

We can make different modules available at different subscription tiers, and provide discounts for volume, and time commitment. Furthermore, we anticipate enhanced revenues through the back-end platform and the customization offering for top-tier and white label clients. 

 

The first year operating costs are expected to be high due to continued development, build out of our sales and marketing division, and the significant amount of advertisement which will be required to acquire clients.  However, we envision that this approach will best position the company for a very strong second year where the EBITA would begin to show positive growth.

 

Our subscription pricing module has been attached below.  Although this is still in review and most likely subject to change, it does provide a glimpse into the manner in which we will seek to attract users, how the pricing will be broken down, and how it will encourage upgrades into the more feature-rich plans.

 

Team

Kevin Cope Founder, CEO 

FOUNDER SKILLS SUMMARY:

Pro-active and results-oriented with broad experience in all aspects of accounting and financial management.  Demonstrated hands-on management style in the development and implementation of strategic plans to ensure company growth.  Solid planning and organizational skills in coordinating all aspects of each project from inception through completion.  Sees the big picture and plans appropriate strategies to achieve results.  Well disciplined with proven ability to manage multiple assignments efficiently under extreme pressure while meeting tight deadlines and schedules. Strong team builder and facilitator, fosters an atmosphere that encourages talented accounting professionals to balance varied skill-levels with maximum production.  Ascertains needs and goals, streamlines existing operations, turns around unprofitable functions, envisions new concepts and future trends, and follows through with development, direction, and accomplishment.  Effectively communicates direction, commits people to action, and conveys correct information in easily understood terms.  Computer literacy A++.  

Financial, Accounting, & Technical Background:

  • Comprehensive financial and management experience including all phases of corporate accounting: i.e., Financial statement preparation, Cash  management, Fixed asset  reporting, Budgeting, Accounts payable, Accounts receivable, Internal audit, Federal and payroll tax return preparation, Banking/lines of credit, Capitalization transactions, Bonding requirements, Lease agreements, Contractual commitments,  Inventory Management, Fixed Assets, Month-end close, Billing projection reports, AIA/Pay estimates, Change orders, Purchase orders, Subcontract agreements, Time & material Billings (T&M), & Collections.

  • Operations management, to include: Job costing, Financial and performance reporting, Insurance claims (WC/GL), OSHA compliance, Asset utilization, Work in process, Inventory control, Variance cost reporting, Job close-out, Final payment, and P&L analysis.

  • Effective Human Resource Administration on a corporate-wide basis, including Policy & procedures, Compensation, Metrics analysis, Benefits, Recruitment, Retention, Employee relations, & State/Federal compliance issues.
  • Working knowledge of Construction Operations, Estimating, & Project scheduling

Advisors

 

APP DEVELOPMENT:

Appiskey

Naveed Chinoy 

 

LEGAL: 

J&O Law

Rachel Johnson

Attorney at Law Managing Member J&O Law 

 

INSURANCE

Jason Bishara

Directors & Officers MLIS | Seasoned Public Company Executive | Early Stage Investor

 

Use of Funds

 

 

 

 

Updates


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Documents

Tech Stack View Download
FormC Filing View Download
App Presentation Doc View Download
Screen Views Sample View Download
Equidam Valuation View Download

Other Disclosures

Read the Form C filed with the SEC for other important disclosures, like financial statements, Directors, Officers, shareholders with more than 20% of voting rights, and more.
Irregular Use of Proceeds
The Company may make Irregular Use of Proceeds. Such Irregular Use of Proceeds, which may be in material amounts in excess of $10,000, may include by way of example and not limitation: Vendor payments and salary made to management, business associates, relatives, related parties and/or affiliates thereof; expenses labeled "Administration Expenses" that are not strictly for administrative purposes; expenses labeled "Travel and Entertainment"; and expenses that are for the purposes of intercompany debt or back payments.

Without limiting the above, the Company may elect to vary from the proposed use of funds as circumstances or assessments of circumstances following the closing change.
Special Note Regarding Forward-Looking Statements
This offering contains forward-looking statements within the meaning of the federal securities laws. We caution investors that any forward-looking statements presented in this offering, or which management may make orally or in writing from time to time, are based on the Company’s beliefs and assumptions made by, and information currently available to, the Company. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result” and similar expressions, which do not relate solely to historical matters, are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors that are beyond the Company’s control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. While forward-looking statements reflect the Company’s good faith belief when made, they are not guarantees of future performance. The Company expressly disclaims any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this offering may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to revise or publically release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.
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