In a counterclaim filed towards Hanieh Sigari, Dariusz Banasik has revealed Qyral is “financially distressed”.
Banasik’s counterclaim was filed along with his April twentieth filed reply to Sigari’s lawsuit.
Sigari sued Banasik final month, alleging she was “illegally locked out” of Qyral.
In his reply to Sigari’s Criticism, Banasik (proper) denies the eight causes of motion Sigari filed towards him.
In his counterclaim, Banasik maintains he and Sigari “every personal 50% of the membership pursuits in Qyral”.
In or round mid-2018, Counterclaimant and Sigari decided to launch a enterprise advertising and promoting skincare merchandise.
Counterclaimant and Sigari fashioned Qyral in 2019, with its give attention to promoting skincare merchandise.
Initially, issues didn’t go so nicely.
From its inception, Qyral struggled with the sale of skincare merchandise. From 2019 by 2022, the sale of the corporate had been as follows:
•2019: $1,500
•2020: $45,000
•2021: $44,000
•2022: $64,000
“Prescription grade” skincare merchandise had been introduced in as a part of “sure business modifications in telehealth on account of COVID-19”.
Whereas gross sales picked up barely, the fortunes of the corporate remained challenged.
As a consequence of the corporate’s struggles, and on behalf of Qyral, Counterclaimant requested, and, over time, obtained $1,300,000 in financing from Banabrands LLC dba ecomblvd (“Bananrands’), an organization owned by Counterclaimant’s brother, Paul Banasik.
A further infusion of $50,000 in financing from different members of the family was additionally made to Qyral.
Against this, Sigari’s father funded $40,000, and was repaid on the finish of 2023.
Qyral pivoted to “off-label” weight reduction medication in early 2023.
Counterclaimant satisfied Sigari that with a purpose to turn into money circulate optimistic, Qyral wanted the burden loss product line, because it was not a sustainable enterprise, absent a launch of its weight reduction treatment.
The introduction of off-label weight reduction medication noticed Qyral generate $400,000 in income between March and April 2023. Banasik claims he was “intricately concerned” in setting the transition up.
From Might 2023, as soon as the burden loss idea appeared viable, Counterclaimant and Sigari labored collectively to construct out the infrastructure to get the product to clients, and embody it as a part of the Qyral product providing.
Sigari dealt with the doctor community, gross sales workforce, and authorized points related to medical merchandise; Counterclaimant dealt with the pharmacy community, customer support, fee funds to consultants, and operations infrastructure.
With that construction, Qyral scaled the customer support workforce to fifteen folks in six months. Projected income for 2023 is forecasted to be 4,200,000, due largely to Counterclaimant’s work.
Furthermore, Counterclaimant structured a nonetheless pending Joint Enterprise settlement with an Arizona-based pharmacy that may “white label” its providers, enabling Qyral to not solely be a model, however a pharmacy, additional establishing Qyral’s legitimacy within the market, as this is able to be a primary of its form vertical integration.
This settlement can also be anticipated to chop our largest value, product prices, by 50%.
With the pharmacy deal nonetheless pending, Qyral in the meantime stays “financially distressed”.
Whereas Qyral enjoys substantial revenues and realized a cumulative gross revenue of $1,583,547.11 for the interval of January 2023 by February 2024, Qyral’s cumulative web earnings over these 13 months is $-135,595.89.
Certainly, except for July 2023, November 2023, and January 2024- three months- its web earnings was destructive each month throughout the 13-month interval.
The present stability sheet signifies that Qyral has present belongings retaining a price of $884,334.65, towards complete liabilities of $1,449,889.83. By any definition, Qyral is financially distressed.
Banasik goes on to assert that though Qyral is “functionally insolvement”, Sigari
defrauded the corporate, breached her fiduciary duties as an LLC member and supervisor, and risked litigation publicity previous to the graduation of this case.
These claims are a repeat of arguments Banasik introduced up in opposition to the appointment of a Qyral Receiver.
Moreover, Qyral’s ongoing enterprise bills look like going ignored.
Sigari has did not pay main firm money owed as they’ve come due.
For instance, whereas she was primarily looting the corporate for her private profit, Sigari failed and refused to pay Qyral’s distributors. One vendor, Hallandale Pharmacy- the first pharmacy Qyral uses- was owed roughly $200,000 as late as March 22, 2024. The co-owner of Hallandale unsuccessfully tried, for weeks, to handle this stability, Sigari merely ignored this most necessary pharmacy’s inquiries.
Worse, when Counterclaimant questioned considered one of Qyral’s workers concerning this excellent debt, the worker, Samira Fatehyar, confirmed by textual content that Sigari had instructed her to not disclose pharmacy points with Counterclaimant.
Pointers set by the CDC, with respect to Qyral’s product shipments, are additionally alleged to have been ignored.
Counterclaimant is knowledgeable and believes, and thereon alleges, that Sigari has endangered Qyral clients with a purpose to proceed to develop income by overseeing the prescription of prescribing drugs to people that didn’t qualify for it.
Software program builders had been instructed by Sigari to not ship Physique Mass Index info for at the very least one buyer to physicians, out of an obvious concern that as a result of she was anxious the shopper could be disqualified from the treatment.
Banasik claims he’s been locked out of “vital Qyral administrative databases”, and that Sigari
is, or has, tried or contemplated opening up an organization in the identical line of enterprise as Qyral, and has downloaded Qyral’s buyer database for that goal.
Claims of Aid put forth by Banasik in his countersuit embody:
- breach of fiduciary obligation;
- conversion; and
- unjust enrichment.
Banasik has additionally requested the courtroom to “expell” Sigari from the LLC tied to Qyral.
And, considerably oddly, Banasik has additionally requested a Receiver be appointed. I’m unsure how that components right into a Qyral Receiver having already been appointed earlier this month.
A choice on Sigari’s beforehand filed contempt software and requested preliminary injunction stays pending.