![]() ![]() With that, Kevin was out and the pitch was over. When Kevin asked if she wanted to counter, she said they were too far apart. He offered $250,000 for 40% equity– an offer that Mark immediately urged her to take– but Romy turned it down outright. Kevin O’Leary remained the last shark standing, and he was interested. Romy Taormina, CEO, and founder of Psi Health Solutions tells us about innovation in the health sector. Mark, known for his skepticism toward products making medical claims, was the next shark to drop out. Robert too had a major problem with the claim, and was the next shark to go out. Daymond, couldn’t get past her claim that the business was profitable since she carried debt. Romy unflinchingly confirmed this for Robert, and with this revelation, Barbara went out. PSI CROs revenue is 742. Find related and similar companies as well as employees by title and much more. He wanted to confirm that Romy intended to pay herself for work she did years ago to make up for the early, less profitable stages of the business. View PSI CRO (location in Switzerland, revenue, industry and description. Robert could not contain his shock yet again and asked for a clarification. As the sharks reacted, Romy urged them to consider that this $600,000 included “past deferred salaries” from previous years. Daymond John asked if Psi Bands had any debt, and Romy confirmed that they carried $600,000 in debt. Note that even without a written agreement in place, when people come together to ‘earn income jointly’ the tax law says that a partnership is in place. This is a typical structure for a band just starting out. Romy replied that it went to overhead, bookkeeping, rent, and utilities, but the sharks still sensed there was something amiss. to carry on a business and share in the risks and profits. By the numbers, Romy should have made $600,000 on the $1 million in sales and, after subtracting the $110,000 net profit and $100,000 salary, there was $400,000 unaccounted for. Robert asked about her margins, discovering that she was collecting 60% gross margin. She asked if Romy collected a salary, and she confirmed that she did in fact collect $100,000 annually to reward her hard work. Robert pointed out that it was low, but Romy disagreed. Barbara Corcoran began the investigation to determine why the profit was so low. The sharks were impressed until Romy followed it up with the fact that Psi Bands only netted 11% profit. Romy rebutted that there have been clinical studies to show the efficacy of acupressure in nausea relief, remaining very careful not to say outright that it will cure everyone’s nausea. Robert moved on to the numbers, learning that Psi Bands had been selling since 2007, and sold over $1 million in the past twelve months. ![]()
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