Effective Pre-Money

Pre-Money
Post-Money

Misc Inputs and Outputs

$3,325,000 Share Price
$4,000,000 Post-Money Pool
$4,500,000 Debt Discount

$0.332500
15%
35%

Series A Cap Table

Shares
75,188
225,564
1,203,008
1,503,759

Ownership
0.56%
1.67%
8.89%
11.11%

0
0
0

0.00%
0.00%
0.00%

Common Stock and

Pre-Money Options

10,000,000

73.89%

Post-Money Options
Total

2,030,075
13,533,835

15.00%
100.00%

Series A Investor 1
Wes
Series A Investor 2
Total Series A
Lender 1
Lender 2
Total Seed Debt

Investment
$25,000
$75,000
$400,000
$500,000
$0
$0
$0

$500,000

Summary

Founders
Preferred
All Options
Total

Pre-Money

Post-Money

Share Value

55.00%
0.00%
45.00%

40.64%
11.11%
48.25%

$1,828,750
$500,000
$2,171,250

100.00%

100.00%

$4,500,000

Instructions!!!
Everything is calculated from the blue numbers in both worksheets. Fill them in.

Notes
We assume that all of the Debt and Post-Money Options come out of the Pre-Money.
We assume that all of the Pre-Money Options have been allocated.
Effective Pre-Money is the value of the Common Stock and Pre-Money Options, i.e. it does no
Debt calculations do not include interest payments.

Exit Value assumes there is no liquidation preference and no additional dilution before an exi
Share Value assumes that the Common Stock's fair market value is equal to the Share Price;
in reality, the Common Stock's fair market value is much lower than the Share Price.

Calculations
For your information, after you fill in the blue numbers, the main variables are calculated wit
These are useful if you want to customize the spreadsheet.
Post-Money = Pre-Money + Total Series A
Share Price = (Pre-Money - Post Money x Post-Money Pool - Total Seed Debt / (1 - Debt Discou
Effective Pre-Money = Share Price x Common Stock and Pre-Money Options
Post-Money Options = Post Money x Post-Money Pool / Share Price
Investor Shares = Investment / Share Price
Lender Shares = Investment / (Share Price x (1 - Debt Discount))

(from the 2nd worksheet)

Exit Value
$8,127,778
$2,222,222
$9,650,000
$20,000,000

ts. Fill them in.

of the Pre-Money.

oney Options, i.e. it does not include the Debt and Post-Money Options.

tional dilution before an exit.

is equal to the Share Price;
an the Share Price.

variables are calculated with the following equations.

Seed Debt / (1 - Debt Discount)) / Common Stock and Pre-Money Options

y Options

Common Stock and Pre-Money Options

Shares

Post-Money Share Value

Exit Value

Common Stock
Nathan Leggatt
Founder 2
Total Common

5,500,000
0
5,500,000

40.64%
0.00%
40.64%

$1,828,750
$0
$1,828,750

$8,127,778
$0
$8,127,778

Pre-Money Options
Terry Evans
Justin Bull
Option Pool
Employee
Employee
Total Options

1,000,000
300,000
3,200,000
0
0
4,500,000

7.39%
2.22%
23.64%
0.00%
0.00%
33.25%

$332,500
$99,750
$1,064,000
$0
$0
$1,496,250

$1,477,778
$443,333
$4,728,889
$0
$0
$6,650,000

10,000,000

73.89%

$3,325,000

$14,777,778

Common Stock
and Pre-Money
Options

Use this spreadsheet to learn more about cap tables and illustrate what your cap table might look like. Then hire a lawyer
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