IXRF, Inc | Application Preview
IXRF, Inc. is seeking government grants to secure working capital aimed at supporting its business growth. The company anticipates a cash shortfall of nearly $1 million in 2023 and is in the process of obtaining operating lines of credit ranging from $250,000 to $400,000 backed by accounts receivable and inventory. The remaining funding of $750,000 to $1 million is the amount requested in this application.
The business plan focuses on increasing sales of existing product lines while simultaneously developing new equipment offerings. Growth projections over the next three years include the following:
- For the existing Product Atlas, sales are expected to rise 20% in year one, 33% in year two, and 25% in year three.
- The Product EDS is projected to grow by 25% in year one, 80% in year two, and 50% in year three.
- New products are anticipated to have a significant increase of 200% in year two and 100% in year three.
IXRF emphasizes the need for funding by highlighting its position as an industry leader in Micro XRF technology. It operates in a niche market where its products serve as cost-effective alternatives to larger, more expensive analytical equipment. The demand for its solutions is strong, and even competitors acknowledge the value of IXRF's offerings.
The company's competitive edge lies in its micro-focused technology, which allows for more detailed analysis on smaller samples, further distinguishing it from competitors like Bruker Nano Analytics.
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General Information
Business Registration Number: 84-4375973
Location: Austin, TX, United States
Length of Operation: 1-5
Number of Employees: 11-25 Employees
Annual Gross Income: $1M to $10M
Annual Gross Expense: $1M to $10M
Open to Loans: YES
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Funding Usage
Working capital to support the growth of the business. 2023 Cash Shortfall is expected to be near $1MM. We are working on securing operating Lines of Credit for $250K - $400K supported by accounts receivable and inventory. The balance $750K - $1MM is what we are looking for from this application
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Business Plan
Our growth plan consist of an increase the the sale of existing equipment lines as well as the development and growth of additional equipment lines. Our growth projections are as follows: Existing Lines: Product Atlas: Yr1=20% Yr2=33% Yr3=25% Product EDS: Yr1=25% Yr2=80% Yr3=50% New Product: Yr1=New Yr2=200% Yr3=100% We are an industry leader in Micro XRF technology and an innovator in a market that is open due to the Niche nature of what we do. There are larger analysis equipment but they are cost prohibitive for many customers, and demand for the services are such that our product provides intermediary solutions which would negate the need for the larger competitive solution. Our solution is even recommended by these competitive solutions
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Self Identified Competition
Bruker Nano Analytics Our technology is micro focused to enable use on smaller samples and to produce more detailed resolution analysis
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Contact Applicant
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