Why this plant-based meat company turned down a $1 million from Mark Cuban on 'Shark Tank.' (via CNBCMakeIt)
When asked about their financials, Deborah's response confused the Sharks.
"Our total sales are $63,000, our net with shipping is $73,000, and our gross is $76,000," she said in the episode. "Wait, that doesn't add up. Your numbers are backwards. You can't have $70,000 in sales and make $63,000," Cuban said, rounding the $73,000 down. The unclear sales numbers made all the Sharks except Mark Cuban and brand guru and recurring guest Shark Rohan Oza remove their offer from the table.
Cuban first offered $500,000 as a line of credit for a 30% stake in the company. Initially, Jonathan and Deborah Torres asked for $500,000 for a 10% stake. Later, Cuban and Oza teamed up to offer $1 million dollars for 100% of the business, with 10% in royalties given to Jonathan and Deborah."As soon as we get our facility, we will fulfill the orders and hit a million dollars immediately," Deborah said.
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