bringing her healthier
juice alternative for kids, KidsLuv, to market. How much did you raise? $1 million. Ohh!
$1 million? Yes.
Wow! I know that sounds
like a lot --
Yes, it's a lot! O'Leary: Wow!
Yes, it is, but it's taken a lot for me to come up with
the vegan vitamins to source it. I am in talks right now with one big-box
national retailer to do a test. Okay, so, how much cash do you
have left in the bank?
What -- What did he -- I have $50,000
left in the bank.
$50,000?! -Yes.
-Out of the million?
-Whoa. Ohh, Ashi!
You burned through $950,000? So I want to explain that.
How did you burn $950,000? Yikes! Jelinek:
So, it's been 3 1/2 years that I have been working
on this. Okay.
Where did the bulk
of the $950,000 go? So, regulatory.
What is that? Lawyers? Okay, so -- so -- Yes. What did you spend
the money on? So I did international, um,
licensing, and international I.P.
[ Groans ]
Corcoran: Oh, my God. Herjavec: And what did
that cost you?
And national I.P. What did you spend
on that? A lot. So, on that, I spent
around...$150,000. Ohh! Oh!
$150,000. So I have all that done,
though. I've trademarked
the name KidsLuv, as well as
the parent-company name, which is
The Luving Company. Ashi, just listening
to this is so painful.
Then I paid for my -- But I paid for my
manufacturing run, as well.
It's just -- There was one thing --
How much did you pay for
a manufacturing run? It is painful.
Jelinek: ...that I just did. So, I just finished a run, and I spent, um, $57,000
on the run, because it's Tetra Pak. My plan and why I'm here is to really focus
on West Coast right now and then duplicate that plan
to other coasts in a very strategic pattern following where
my demographics are. No, I got it.
That sounds very fancy, but where are you gonna get
the money to do any of that? Well, so, right now,
I'm also in the process of talking
to my current investors about putting money into
basically track me, where we are --
And what do your
original investors say going back to them
for more money? Are they eager
to lend it? You know, now that I'm -- finally have gotten
distribution in order, and I'm ready to be in stores --
[ Chuckles ] Ashi,
listen to me a minute. You did all of that
and spent all of that money before you found out
the most important component, which is, can it sell? How fast can it sell?
How much of it can I sell? Okay, so, I am
at that point now that I have my distribution
in lock. I understand that I spent money. I am totally willing
to own my mistakes and ways
that I could've saved -- No, but here's the rub. You're not owning
your own mistakes, really. The investors
that gave you their money are really owning
your mistakes. And then you come here,
and you're asking us to follow your other investors
down that little yellow path. Well --
It makes absolutely no sense. So --
It's amazing to me that you don't see
what's wrong with that picture. For all of those reasons,
I'm out. Cuban:
Yeah, Ashi, I mean, the one thing that you
haven't owned up to is saying that you're
going door to door. And I understand
it's tough for the family. But I am.
I'm doing grassroots
marketing efforts -- Marketing is not sales. Marketing is trying
to create demand so that there's sell-through
at some point. But I am selling the product. What I had to do in order
to get it to the market is to come up with a strategy,
and, unfortunately, I did not plan
on that the distribution was going to take
this long to lock down. Again, you say
the word "distribution." Yeah.
I didn't say
"distribution." You're just talking
about me doing it.
Yes! Whose company is it?
Mine. Who's responsible for it?
Me. Who should be doing
all the selling?
Me. That's what I'm doing now.
No. Going out and getting
a distributor is not doing
all the selling. For those reasons,
I'm out, Ashi.
Okay. I wish you all the best.
Okay, thank you.
00:03:26.373,00:00:00.000
O'Leary: This idea has merit,
but we need sell-through data,
