next up is a modern version of an important Health [Music] accessory hey sharks my name is just Wayne I'm here today to ask for $500,000 for 1% of my company Lark have you ever noticed that funky smell coming from your reusable water bottle I bet you have and if you're like most people you do what we call the sniff test wo we the average reusable water bottle contains more bacteria Colony than your dog bowl or toilet seat no wonder they stink and it's no wonder it's so tempting to reach for a single use plastic water bottle the result over 1 million of these guys who consumed every single minute and that's no good for your health and even worse for the environment that's why we invented the lar bottle the lar bottle is the world's first self-cleaning water bottle that purifies water on the go with a simple press of a button and in just 60 seconds the lar bottle activates our patented UVC LED technology pys to eradicate 99.99% of harmful and odor-causing bacteria viruses and mold the result pure water from a pristinely clean bottle so sharks who's thirsty for a great deal just want to be clear I heard you properly 500,000 for 1% that's C Robert congratulations highest valuation ever requested in the Shark Tank you seem like a reasonable human being tell us why it's a by the way in all transy I have a couple of these oh you do great that is awesome I do but what's the market opportunity that justifies this so it's a huge Market big water is a real thing it's a $300 billion Market worldwide which reusable Market is only 7% it is growing I tried to squar off of single-use plastic water bottle several years ago I bought several reable options and sure enough they ended up in the back of the cabinet or in my gym bag they would collect mold if it sat in my car it would get stinky so it's the self cleaning part self and purifies it looks to me like you have a UV light in the top can you explain how this works and what it does this is actually an optical system that's designed to reflect the UV light inside so simply you press this button the UV light turns on my co-founder is a PhD in physics from Caltech he's engineered this to balance to Optical light throughout the bottle so then how many minutes does it take to do that we have two modes our normal mode is 60 seconds and then we have a venture mode which is 3 minutes so if you want to take it to a developing country or camping or you're just somewhere where you don't quite trust a water Justin is it safer than boiling water it would be the equivalent of boiling your water for like 20 minutes really competition are you the only one one that has UV activation and cleaning we launched in October of 2018 we were the first own one1 Market we have about 10 patents both utility and design around this product and other products but there are copycats out there that were pursuing potential legal actions for right now so Justin why is it worth $50 million so we launched this product in 2018 so we've been on the market for a little under years two years huh under two years and in our first full year in 2019 we did a little over $5.5 million in sales there you go in the last 12 months we've done over $9 million this year we're planning on doing $14 million what you going to make on the 14 million so we brought on our first outside menture Capital round earlier this year in January and we leaned into growing the business so this year we're expecting to lose about a million doar Justin how much did you raise 6.7 at what valuation at a $31.7 million valuation so Justus let's talk real business you've only raised 6.7 how much do you have in the bank uh I have about 6.5 okay so you really haven't had to spend anything right yeah what do these retail for the one you have right there is 95 I paid 95 for this didn't holy crap it's actually not bad it cost you what to make it the landed cost is around 40 you said you had a lot of patents what are those other products you already have well some of the those patents just covered some other applications but some of them do apply to the new product uh this is the L pitcher which is our first foray into the home let me do that real quick and while that's going I'll show you a video of how that works traditional water pitchers use a filter and the biggest problem is that they only trap contaminants where they could quickly accumulate and multiply and actually reverse contaminate your water why do they reverse contaminate because the contaminants are being trapped and collected there and as germs are growing there it's a wet porous environment that's dark so imagine all the things that could be growing there so we take a two-step approach the first step you see it go through and it captures things like lead cadmium mercury in the Second Step you simply press this button and it'll purify the water that's gone through and as you can see that is a clear water that we pour blue water in that's contaminated clear water but is anybody else doing this no one's doing this there's a million people on planet don't have access to clean water and 1.5 million don't have access to electricity so I don't think any of those people are getting this bottle right now because they don't have $95 1% of all or our proceeds go to our charity partner 1% for the planet charity water well Weare where we build wells in Africa 1% of profits 1% of Revenue we pledge revenue of gross revenue gross revenue 1% that that is that is impressive Off Top Line I mean you're committed I get it that that is important Damon was going to stick a skewer through you no I I might still but I want to just lay it out where I am okay I think we're at a time where people are really angry they're they're looking for Hope and when I sign signed up to this platform the platform didn't start off as the wealthy helping the wealthy with 6.5 million in the bank I just could not do this because I just think that I'm here for a different reason I think this is crazy I'll let the other sharks discuss it but I'm I'm out I also come from a background where I didn't have a lot it's unfortunate you won't take that Journey with me but I respect what you're saying so let me take a shot at it I support a charity called One Drop making sure everybody can drink fresh water around the world it's something I can get behind love to be involved in this but I'm not doing it for 1% I bring too much value I've never done a deal for 1% for obvious reasons I'll do it for 4% I don't care how you structure it advisory shares whatever so you want him to do it at almost onethird of his last understand I didn't say you would like it Mark or you would I'm just telling you what I would do is there other offers out there what you know to give you half a million dollars for 1% I I feel like I'm not making anything the category that we're in is gigantic it's a $300 billion industry and it's so ripe for disruption and so ripe for Innovation I think I'm willing to take offers and listen to off Lori I would love to work with you I would love it 500,000 for 5% you keep on going backwards Justin Justin the problem with 1% is you're priced for Perfection and yes yes I would love to own 1% of apple and I would love to own 1% of Tesla but the odds are just so low to make it easier for your investors I'll do 500,000 for 3% we can work out the other 2% from from your advisory pool M that's my offer and Mark are you anywhere yeah I know where I'm at um so look there's different platforms for different reasons right this is a place where people come where they just need a little bit more fuel they need a little bit of help we're not here to evaluate companies that may be billion dollars in sales over a trillion dollar market in 20 years which is possible but this is not the place to do it so for those Reasons I'm out so you have three offers what do you want to do you know the the offers are all great but even without the advisory shares below my last valuation of 32 is right to be honest with you that's really my bottom line what about we got you all in for half million doll each for $1.5 million total at 4 and a half% and I I will also throw an advisory share of 1% split between the three of you so for a total it would be 5 and a half% for that money 2% yeah okay here's something we'll do would you consider a million and a half for 6% and each shark gets two if you get three sharks huge value for you two sharks are out and Justin has one offer on the table from Kevin Lori and Robert for his water purification company Lark huge value for you 1.5 million 500,000 each for 6% what say you uh I could accept the offer with one condition that the structure in a way that 1.5 million for 4.5% and the remaining 1.5% would be advisory shares to be divided among you my question is do I get 2% for my $500,000 you do how long is the vesting period for the advisory shares 24 months based on what forget the best you what do I have to do to get my advisory shares I think we just have a conversation about what we could do with the business how we could build it together maybe it's QVC maybe it's Channel let make it very simple it's too complicated you know what I'm out because I've worked really hard to get to this point I don't need you to interview me I I don't want contingencies on it you know that we're going to be involved we don't want to see that just evaporate absolutely absolutely I'm in for 2% for 500,000 I'll do a million dollar for 4% split between you and Lori I'm in no advisory it's just straight advisory would just best no contingencies so half a million dollars each for 1.5% plus half a percent in advisory shares 2% total I don't want advisory shares I I like can you do that look I want her part of the deal for sure I see lots of value here whatever it takes to get her on board I want the same so are you putting a steak in the sand here on the yeah I would go 2% okay well that's what we got to do but not advisory shares um what if those shares just invested up front cuz I have to structure something where I'm not going below my last valuation there 2% up front done done all right yes