Docstoc

convertible_note_mechanics

Document Sample
convertible_note_mechanics Powered By Docstoc
					Company Name
Cap Table -- Post-Series A Financing

Series A
Pre-money valuation                    $13,000,000
Existing options available for grant       868,939
Post-money valuation                   $18,374,292

Pre-money shares                        11,666,667
Increase in option pool                  2,785,938
Adjusted pre-money shares               14,452,605

Series A price/share                       $0.8995
Size of Primary Series A financing      $4,000,000
VC #1 portion of Series A               $4,000,000
VC #2 portion of Series A                       $0

Total Series A shares issued             4,446,955

Convertible Note
Discount                                     20.0%
Cap                                     $4,000,000      Cap PPS:            $0.34
Interest Rate                                   5%
Date Converted                            3/31/2013
                                               Total     Principal        Interest
Angel #1                                  $263,904      $250,000         $13,904     Date Issued            2/19/2012
Angel #2                                  $155,959      $150,000          $5,959     Date Issued            6/14/2012
Angel #3                                  $103,973      $100,000          $3,973     Date Issued            6/14/2012
Total                                     $523,836      $500,000         $23,836


                                         Common          Series A    Fully-Diluted     Fully-Diluted   Pre Financing
                                           Stock        Preferred          Shares        Ownership      Fully Diluted

CEO                                      4,500,000                      4,500,000             24.6%            47.3%
Co-Founder #2                            3,000,000                      3,000,000             16.4%            31.5%
Other common and assigned options        1,144,697                      1,144,697              6.3%            12.0%

Unassigned options                       3,654,877                      3,654,877             20.0%             9.1%

Convertible Note from Angel #1                            769,720         769,720              4.2%
Convertible Note from Angel #2                            454,880         454,880              2.5%
Convertible Note from Angel #3                            303,253         303,253              1.7%
VC #1                                                   4,446,955       4,446,955             24.3%
VC #2                                                         -               -                0.0%

Total                                   12,299,574      5,974,809      18,274,383            100.0%           100.0%
% of total                                  67.3%          32.7%          100.0%

$ / share                                                   $0.90
Liquidation Preferences
Angel #1                                                 $692,357
Angel #2                                                 $409,161
Angel #3                                                 $272,774
VC #1                                                  $4,000,000
VC #2                                                          $0
Total                                                  $5,374,292

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:0
posted:12/7/2013
language:English
pages:1