WebTracker Summary Financial Plan ($000)

Last Q 2014
Total Revenue

$0

COGS

$0

Gross Margin
Gross Margin % Total

$0

2015

2016

2018

2019

$2,436

$5,557

$14,000

$31,000

$1,583

$3,056

$6,300

$12,400

$0

$853
35%

$2,501
45%

$7,700
55%

$18,600
60%

$350

$1,400

$4,498

$6,100

$10,124

$16,328

Income/(Loss) from Operations

($350)

($1,400)

($3,645)

($3,599)

($2,424)

$2,272

Cash Flow from Operations

($350)

($1,700)

($4,400)

($4,500)

($2,600)

$1,818

$2,150

$450

$7,750

$3,250

$650

$2,468

Total Operating Expenses

Ending Cash

$0

2017

Assumptions
$2.5 million Series A closes Sept 30, 2014
$12 million Series B round closes Jan 1, 2016

2020
$64,000
$22,400
$41,600
65%
$26,754
$14,846
$11,877
$14,344

Exhibit 3: Cap Tables for Regent and Bantam Offers

Regent Cap Table (shown on an as-converted basis)
Pre-Investment
Shares
$
3,900,000
450,000

Founders
Existing / Allocated Options
Existing / Unallocated options
New / Unallocated Options
Series A Investors
Total

%
87%
10%

Post-Investment
Shares
$
3,900,000
450,000

%
53.30%
6.20%
1.50%
18.50%
20.50%

111,000

2%
0%
0%

111,000
1,350,000
1,500,000

4,461,000

100%

7,311,000

3,000,000

100.00%

1,350,000

Bantam Cap Table (shown on an as-converted basis)

Pre-Investment
Shares
$
3,900,000
450,000

Founders
Existing / Allocated Options
Existing / Unallocated options
New / Unallocated Options
Series A Investors
Total

111,000
-
-
4,461,000

%
87%
10%
2%

Post-Investment
Shares
$
3,900,000
450,000
111,000

0%

850,000

0%
100%

1,100,000
6,411,000

%
60.80%
7.00%
1.70%
13.30%

2,500,000

17.20%
100.00%

Exhibit 3: Prevalence of Selected VC Deal Terms in Series A Financings

Percentage of Such Deals
2008
2009
Series A deals with a multiple liquidation preference. A "multiple liquidation preference"
is a provision that provides that the holders of preferred stock are entitled to receive
more than 1x their money back before the proceeds of the liquidation or sale are
distributed to holders of the common stock. Range 1.2 to 3X

3%

Deals with Particpating Preferred Stock. Participating preferred stock entitles the
holder not only to receive its stated liquidation preference, but also to receive a pro-rata
share (assuming conversionof the of the preferred stock into common stock) of any
remaining proceeds available for distribution to holders of common stock. Range 2 to
10X

53%

30%

Percentage of above deals where there is a cap on the participation

Range on Cap

35%
25%
2 to 5 X 2 to 3 X

Deals with Accruing dividends. "Accruing dividends are generally payable upon
liquidation or redemption of the preferred stock. Because the sale of the company is
generally deemed to be a liquidation, the accrued dividend effectively increases the
liquidation preference for the preferred stock.

53%

41%

Pay-to-play provisions provide an incentive to investors to invest in future down

rounds of financing. Investors that do not purchase their full pro-rata share in a future
down round lose certain rights - typoiaclly their shares of preferred stock are converted
into common stock.

23%

35%

Source: Adapted from WillmerHale 2014 Venture Capital Report http://www.wilmerhale.com/uploadedFiles/WilmerHale_Shar

e of Such Deals
2010

2011

2012

4%

7%

33%

24%

15%

18%
45%
43%
2 to 3 X 2 to 3 X 2 to 10X

23%

18%

29%

20%

19%

7%

adedFiles/WilmerHale_Shared_Content/Files/Editorial/Publication/2013-wilmerhale-vc-report.pdf page 18. Accessed June

cessed June

Regent Cap Table

Pre-Investment
Shares
Founders
3,900,000
Existing / Allocated Options
450,000
Existing / Unallocated options
111,000
New / Unallocated Options
Series A Investors
Total
4,461,000

87%
10%
2%
0%
0%
100%

Post Investment
Shares
3,900,000
450,000
111,000
1,350,000
1,500,000
7,311,000

Pre-Investment
Shares
Founders
3,900,000
Existing / Allocated Options
450,000
Existing / Unallocated options
111,000
New / Unallocated Options
Series A Investors
Total
4,461,000

87%
10%
2%
0%
0%
100%

Post Investment
Shares
3,900,000
450,000
111,000
850,000
1,100,000
6,411,000

Split of 700,000 options

founders stock
existing allocated
total

3,900,000
450,000
4,350,000

Bantam Cap Table

Summary Comparison
Post-money
Regent - Basic
14,622,000
Bantam
14,570,455
Regent with performance opti 16,022,000

Promote
7,800,000
8,863,636
7,800,000

89.7%
10.3%
100.0%

st Investment

3,000,000

53.3%
6.2%
1.5%
18.5%
20.5%
100.0%

st Investment

Total options Totl unalloc options

26.1%
20.0%
Pre
11,622,000
Promote
7,800,000

Post
14,622,000
$ per share
2.00

Total options Totl unalloc options

22.0%
15.0%

2,500,000

700000
627,586
72,414

60.8%
7.0%
1.7%
13.3%
17.2%
100.0%

Pre
12,070,455
Promote
8,863,636

Post
14,570,455
$ per share
2.27

Regent Cap Table - REVISED PROPOSAL

Pre-Investment
Shares
%
Founders
3,900,000
87%
Existing / Allocated Options
450,000
10%
Existing / Unallocated options
111,000
2%
New / Unallocated Options
0%
Series A Investors
0%
Total
4,461,000
100%

Post Investment
Shares
$
3,900,000
450,000
111,000
2,050,000
1,500,000
3,000,000
8,011,000

%
48.7%
5.6%
1.4%
25.6%
18.7%
100.0%

Total options Totl unalloc options

32.6%
27.0%
Pre $
13,022,000

Post $
16,022,000

Promote
$ per share
7,800,000
2.00

Regent Cap Table - Series B

Pre-Investment Shares
Founders
Existing / Allocated Options
Existing / Unallocated options
New / Unallocated Options
Series A Investors
Series B Investors
Total
Pre-money
Amount invested
Regent
Series B rest

3900000.00
450000.00
111000.00

4461000.00
10000000.00
12000000.00
2246910.50
9753089.50

Post Investment Shares

87%
10%
2%
0%
0%
0%
100%

3900000.00
450000.00
111000.00
2050000.00
1500000.00
8011000.00

ent Shares

Total options Totl unalloc options

32.6%
27.0%
48.6831%
5.6173%
1.3856%
25.5898%
3000000.00 18.7243%
12000000.00 0.0000%
###

700000 extra oprtions

Bantam1,12-4yearsthenexit
Exit value Investors
(ExitValue-Invest)Founders
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

1
2
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.9
3.1
3.3
3.4
3.6
3.8
3.9
4.1
4.3
4.5
4.6
4.8
5.0
5.1
5.3
5.5
5.7
5.8
6.0
6.2
6.3
6.5
6.7
6.9
7.0
7.2
7.4
7.5
7.7
7.9
8.1

0
0
0.2
1.2
2.2
3.2
4.2
5.2
6.2
7.2
8.2
9.2
10.2
11.2
12.2
13.2
14.083138356
14.9115582592
15.7399781625
16.5683980658
17.3968179691
18.2252378724
19.0536577757
19.882077679
20.7104975823
21.5389174856
22.3673373889
23.1957572922
24.0241771954
24.8525970987
25.681017002
26.5094369053
27.3378568086
28.1662767119
28.9946966152
29.8231165185
30.6515364218
31.4799563251
32.3083762284
33.1367961316
33.9652160349
34.7936359382
35.6220558415
36.4504757448
37.2788956481
38.1073155514
38.9357354547

0.0
0.0
0.1
0.7
1.3
1.9
2.6
3.2
3.8
4.4
5.0
5.6
6.2
6.8
7.4
8.0
8.6
9.1
9.6
10.1
10.6
11.1
11.6
12.1
12.6
13.1
13.6
14.1
14.6
15.1
15.6
16.1
16.6
17.1
17.6
18.1
18.6
19.2
19.7
20.2
20.7
21.2
21.7
22.2
22.7
23.2
23.7

2.5
Liq.preference
1.12
16,318,909

Break points for the first

2.8
16.319

Graphs presented below

Formulas presented on cells

48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99

8.2
8.4
8.6
8.8
8.9
9.1
9.3
9.4
9.6
9.8
10.0
10.1
10.3
10.5
10.6
10.8
11.0
11.2
11.3
11.5
11.7
11.8
12.0
12.2
12.4
12.5
12.7
12.9
13.0
13.2
13.4
13.6
13.7
13.9
14.1
14.2
14.4
14.6
14.8
14.9
15.1
15.3
15.4
15.6
15.8
16.0
16.1
16.3
16.5
16.6
16.8
17.0

39.764155358
40.5925752613
41.4209951646
42.2494150679
43.0778349711
43.9062548744
44.7346747777
45.563094681
46.3915145843
47.2199344876
48.0483543909
48.8767742942
49.7051941975
50.5336141008
51.3620340041
52.1904539073
53.0188738106
53.8472937139
54.6757136172
55.5041335205
56.3325534238
57.1609733271
57.9893932304
58.8178131337
59.646233037
60.4746529403
61.3030728436
62.1314927468
62.9599126501
63.7883325534
64.6167524567
65.44517236
66.2735922633
67.1020121666
67.9304320699
68.7588519732
69.5872718765
70.4156917798
71.244111683
72.0725315863
72.9009514896
73.7293713929
74.5577912962
75.3862111995
76.2146311028
77.0430510061
77.8714709094
78.6998908127
79.528310716
80.3567306192
81.1851505225
82.0135704258

24.2
24.7
25.2
25.7
26.2
26.7
27.2
27.7
28.2
28.7
29.2
29.7
30.2
30.7
31.2
31.7
32.3
32.8
33.3
33.8
34.3
34.8
35.3
35.8
36.3
36.8
37.3
37.8
38.3
38.8
39.3
39.8
40.3
40.8
41.3
41.8
42.3
42.8
43.3
43.8
44.3
44.9
45.4
45.9
46.4
46.9
47.4
47.9
48.4
48.9
49.4
49.9

100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150

17.2
17.3
17.5
17.7
17.8
18.0
18.2
18.4
18.5
18.7
18.9
19.0
19.2
19.4
19.6
19.7
19.9
20.1
20.2
20.4
20.6
20.8
20.9
21.1
21.3
21.4
21.6
21.8
22.0
22.1
22.3
22.5
22.6
22.8
23.0
23.2
23.3
23.5
23.7
23.8
24.0
24.2
24.4
24.5
24.7
24.9
25.1
25.2
25.4
25.6
25.7

82.8419903291
83.6704102324
84.4988301357
85.327250039
86.1556699423
86.9840898456
87.8125097489
88.6409296522
89.4693495555
90.2977694587
91.126189362
91.9546092653
92.7830291686
93.6114490719
94.4398689752
95.2682888785
96.0967087818
96.9251286851
97.7535485884
98.5819684917
99.4103883949
100.238808298
101.067228202
101.895648105
102.724068008
103.552487911
104.380907815
105.209327718
106.037747621
106.866167525
107.694587428
108.523007331
109.351427234
110.179847138
111.008267041
111.836686944
112.665106848
113.493526751
114.321946654
115.150366557
115.978786461
116.807206364
117.635626267
118.464046171
119.292466074
120.120885977
120.949305881
121.777725784
122.606145687
123.43456559
124.262985494

50.4
50.9
51.4
51.9
52.4
52.9
53.4
53.9
54.4
54.9
55.4
55.9
56.4
56.9
57.5
58.0
58.5
59.0
59.5
60.0
60.5
61.0
61.5
62.0
62.5
63.0
63.5
64.0
64.5
65.0
65.5
66.0
66.5
67.0
67.5
68.0
68.5
69.0
69.5
70.0
70.6
71.1
71.6
72.1
72.6
73.1
73.6
74.1
74.6
75.1
75.6

Bantam Case

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Investors

Founders

Regent revised

Investors

Founders

nted on cells

Regent1,32-samestrategyasBantam(4anos)
Exit value Investors (ExitValue-Invest)
1
1
0
2
2
0
3
3
0
4
4.0
0.0317931883
5
4.2
0.826622897
6
4.4
1.6214526057
7
4.6
2.4162823143
8
4.8
3.211112023
9
5.0
4.0059417316
10
5.2
4.8007714403
11
5.4
5.595601149
12
5.6
6.3904308576
13
5.8
7.1852605663
14
6.0
7.9800902749
15
6.2
8.7749199836
16
6.4
9.5697496922
17
6.6
10.3645794009
18
6.8
11.1594091096
19
7.0
11.9542388182
20
7.3
12.7490685269
21
7.5
13.5438982355
22
7.7
14.3387279442
23
7.9
15.1335576529
24
8.1
15.9283873615
25
8.3
16.7232170702
26
8.5
17.5180467788
27
8.7
18.3128764875
28
8.9
19.1077061961
29
9.1
19.9025359048
30
9.3
20.6973656135
31
9.5
21.4921953221
32
9.7
22.2870250308
33
9.9
23.0818547394
34
10.1
23.8766844481
35
10.3
24.6715141568
36
10.5
25.4663438654
37
10.7
26.2611735741
38
10.9
27.0560032827
39
11.1
27.8508329914
40
11.4
28.6456627
41
11.6
29.4404924087
42
11.8
30.2353221174
43
12.0
31.030151826
44
12.2
31.8249815347
45
12.4
32.6198112433
46
12.6
33.414640952
47
12.8
34.2094706606

Founders
0.0
0.0
0.0
0.0
0.4
0.9
1.3
1.7
2.1
2.6
3.0
3.4
3.8
4.3
4.7
5.1
5.5
6.0
6.4
6.8
7.2
7.6
8.1
8.5
8.9
9.3
9.8
10.2
10.6
11.0
11.5
11.9
12.3
12.7
13.2
13.6
14.0
14.4
14.9
15.3
15.7
16.1
16.6
17.0
17.4
17.8
18.2

Liq.preference
3.96
Preference
1.32
19,301,040
Break points for the second
3.96

Graphs presented below

Formulas presented on cells

48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99

13.0
13.2
13.4
13.6
13.8
14.0
14.2
14.4
14.6
14.8
15.0
15.3
15.5
15.7
15.9
16.1
16.3
16.5
16.7
16.9
17.1
17.3
17.5
17.7
17.9
18.1
18.3
18.5
18.7
18.9
19.2
19.4
19.6
19.8
20.0
20.2
20.4
20.6
20.8
21.0
21.2
21.4
21.6
21.8
22.0
22.2
22.4
22.6
22.8
23.0
23.3
23.5

35.0043003693
35.799130078
36.5939597866
37.3887894953
38.1836192039
38.9784489126
39.7732786213
40.5681083299
41.3629380386
42.1577677472
42.9525974559
43.7474271645
44.5422568732
45.3370865819
46.1319162905
46.9267459992
47.7215757078
48.5164054165
49.3112351252
50.1060648338
50.9008945425
51.6957242511
52.4905539598
53.2853836684
54.0802133771
54.8750430858
55.6698727944
56.4647025031
57.2595322117
58.0543619204
58.8491916291
59.6440213377
60.4388510464
61.233680755
62.0285104637
62.8233401723
63.618169881
64.4129995897
65.2078292983
66.002659007
66.7974887156
67.5923184243
68.387148133
69.1819778416
69.9768075503
70.7716372589
71.5664669676
72.3612966762
73.1561263849
73.9509560936
74.7457858022
75.5406155109

18.7
19.1
19.5
19.9
20.4
20.8
21.2
21.6
22.1
22.5
22.9
23.3
23.8
24.2
24.6
25.0
25.5
25.9
26.3
26.7
27.2
27.6
28.0
28.4
28.8
29.3
29.7
30.1
30.5
31.0
31.4
31.8
32.2
32.7
33.1
33.5
33.9
34.4
34.8
35.2
35.6
36.1
36.5
36.9
37.3
37.8
38.2
38.6
39.0
39.4
39.9
40.3

100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150

23.7
23.9
24.1
24.3
24.5
24.7
24.9
25.1
25.3
25.5
25.7
25.9
26.1
26.3
26.5
26.7
26.9
27.2
27.4
27.6
27.8
28.0
28.2
28.4
28.6
28.8
29.0
29.2
29.4
29.6
29.8
30.0
30.2
30.4
30.6
30.8
31.1
31.3
31.5
31.7
31.9
32.1
32.3
32.5
32.7
32.9
33.1
33.3
33.5
33.7
33.9

76.3354452195
77.1302749282
77.9251046368
78.7199343455
79.5147640542
80.3095937628
81.1044234715
81.8992531801
82.6940828888
83.4889125975
84.2837423061
85.0785720148
85.8734017234
86.6682314321
87.4630611407
88.2578908494
89.0527205581
89.8475502667
90.6423799754
91.437209684
92.2320393927
93.0268691014
93.82169881
94.6165285187
95.4113582273
96.206187936
97.0010176446
97.7958473533
98.590677062
99.3855067706
100.1803364793
100.9751661879
101.7699958966
102.5648256053
103.3596553139
104.1544850226
104.9493147312
105.7441444399
106.5389741485
107.3338038572
108.1286335659
108.9234632745
109.7182929832
110.5131226918
111.3079524005
112.1027821092
112.8976118178
113.6924415265
114.4872712351
115.2821009438
116.0769306524

40.7
41.1
41.6
42.0
42.4
42.8
43.3
43.7
44.1
44.5
45.0
45.4
45.8
46.2
46.7
47.1
47.5
47.9
48.4
48.8
49.2
49.6
50.0
50.5
50.9
51.3
51.7
52.2
52.6
53.0
53.4
53.9
54.3
54.7
55.1
55.6
56.0
56.4
56.8
57.3
57.7
58.1
58.5
59.0
59.4
59.8
60.2
60.6
61.1
61.5
61.9

Regent Case

22 23 24 25 26 27 28 29 30
Investors

Founders

nts for the second

Regentrevised-1,32
Exit value Investors
1
1
2
2
3
3
4
4.0
5
4.2
6
4.3
7
4.5
8
4.7
9
4.9
10
5.1
11
5.3
12
5.5
13
5.7
14
5.8
15
6.0
16
6.2
17
6.4
18
6.6
19
6.8
20
7.0
21
7.2
22
7.3
23
7.5
24
7.7
25
7.9
26
8.1
27
8.3
28
8.5
29
8.6
30
8.8
31
9.0
32
9.2
33
9.4
34
9.6
35
9.8
36
10.0
37
10.1
38
10.3
39
10.5
40
10.7
41
10.9
42
11.1
43
11.3
44
11.5
45
11.6
46
11.8
47
12.0

(ExitValue-Invest)
0
0
0
0.0325102983
0.8452677568
1.6580252153
2.4707826738
3.2835401323
4.0962975908
4.9090550493
5.7218125078
6.5345699663
7.3473274248
8.1600848833
8.9728423418
9.7855998003
10.5983572588
11.4111147173
12.2238721758
13.0366296343
13.8493870927
14.6621445512
15.4749020097
16.2876594682
17.1004169267
17.9131743852
18.7259318437
19.5386893022
20.3514467607
21.1642042192
21.9769616777
22.7897191362
23.6024765947
24.4152340532
25.2279915117
26.0407489702
26.8535064287
27.6662638872
28.4790213456
29.2917788041
30.1045362626
30.9172937211
31.7300511796
32.5428086381
33.3555660966
34.1683235551
34.9810810136

Founders
0.0
0.0
0.0
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
3.2
3.6
4.0
4.4
4.8
5.2
5.6
6.0
6.3
6.7
7.1
7.5
7.9
8.3
8.7
9.1
9.5
9.9
10.3
10.7
11.1
11.5
11.9
12.3
12.7
13.1
13.5
13.9
14.3
14.7
15.1
15.4
15.8
16.2
16.6
17.0

48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99

12.2
12.4
12.6
12.8
13.0
13.1
13.3
13.5
13.7
13.9
14.1
14.3
14.5
14.6
14.8
15.0
15.2
15.4
15.6
15.8
16.0
16.1
16.3
16.5
16.7
16.9
17.1
17.3
17.4
17.6
17.8
18.0
18.2
18.4
18.6
18.8
18.9
19.1
19.3
19.5
19.7
19.9
20.1
20.3
20.4
20.6
20.8
21.0
21.2
21.4
21.6
21.8

35.7938384721
36.6065959306
37.4193533891
38.2321108476
39.0448683061
39.8576257646
40.6703832231
41.4831406816
42.2958981401
43.1086555986
43.921413057
44.7341705155
45.546927974
46.3596854325
47.172442891
47.9852003495
48.797957808
49.6107152665
50.423472725
51.2362301835
52.048987642
52.8617451005
53.674502559
54.4872600175
55.300017476
56.1127749345
56.925532393
57.7382898515
58.5510473099
59.3638047684
60.1765622269
60.9893196854
61.8020771439
62.6148346024
63.4275920609
64.2403495194
65.0531069779
65.8658644364
66.6786218949
67.4913793534
68.3041368119
69.1168942704
69.9296517289
70.7424091874
71.5551666459
72.3679241044
73.1806815629
73.9934390213
74.8061964798
75.6189539383
76.4317113968
77.2444688553

17.4
17.8
18.2
18.6
19.0
19.4
19.8
20.2
20.6
21.0
21.4
21.8
22.2
22.6
23.0
23.4
23.8
24.2
24.5
24.9
25.3
25.7
26.1
26.5
26.9
27.3
27.7
28.1
28.5
28.9
29.3
29.7
30.1
30.5
30.9
31.3
31.7
32.1
32.5
32.9
33.3
33.6
34.0
34.4
34.8
35.2
35.6
36.0
36.4
36.8
37.2
37.6

100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150

21.9
22.1
22.3
22.5
22.7
22.9
23.1
23.3
23.4
23.6
23.8
24.0
24.2
24.4
24.6
24.8
24.9
25.1
25.3
25.5
25.7
25.9
26.1
26.2
26.4
26.6
26.8
27.0
27.2
27.4
27.6
27.7
27.9
28.1
28.3
28.5
28.7
28.9
29.1
29.2
29.4
29.6
29.8
30.0
30.2
30.4
30.6
30.7
30.9
31.1
31.3

78.0572263138
78.8699837723
79.6827412308
80.4954986893
81.3082561478
82.1210136063
82.9337710648
83.7465285233
84.5592859818
85.3720434403
86.1848008988
86.9975583573
87.8103158158
88.6230732742
89.4358307327
90.2485881912
91.0613456497
91.8741031082
92.6868605667
93.4996180252
94.3123754837
95.1251329422
95.9378904007
96.7506478592
97.5634053177
98.3761627762
99.1889202347
100.0016776932
100.8144351517
101.6271926102
102.4399500687
103.2527075272
104.0654649856
104.8782224441
105.6909799026
106.5037373611
107.3164948196
108.1292522781
108.9420097366
109.7547671951
110.5675246536
111.3802821121
112.1930395706
113.0057970291
113.8185544876
114.6313119461
115.4440694046
116.2568268631
117.0695843216
117.8823417801
118.6950992385

38.0
38.4
38.8
39.2
39.6
40.0
40.4
40.8
41.2
41.6
42.0
42.4
42.7
43.1
43.5
43.9
44.3
44.7
45.1
45.5
45.9
46.3
46.7
47.1
47.5
47.9
48.3
48.7
49.1
49.5
49.9
50.3
50.7
51.1
51.5
51.8
52.2
52.6
53.0
53.4
53.8
54.2
54.6
55.0
55.4
55.8
56.2
56.6
57.0
57.4
57.8

Case

Founders

Liq.preference
3.96
Preference
1.32
21,149,040
Break points for the third
3.96

Graphs presented below

Formulas presented on cells

Main Assumption : All remain constant

10 M option

45 M Option

10 M Option

45 M Option

Bantam Cap Table

Series A round

Founders
Existing / Allocated Opti
Existing / Unallocated op
New / Unallocated Optio
Series A Investors
Total

Series B round - weighted average

Pre-money valuation
Amount Invested
Bantam pro-rata investment
Series B investment

$
10000000
12000000
2058961.1605
9941038.8395

CP2 (new conversion price)

1.8826285787
CP1 (conversion price before new investment
2.27
A (shares outstanding before new investment
6411000
B (new investment/CP1)
5286343.6123
C (new shares)
7693200
Free shares
226337.03122
New Price per Share
1.559819061

Series B round
Pre-money valuation

$
45,000,000

Amount Invested

12,000,000

Bantam pro-rata investment

Series B investment
Shares outstanding before new investment
New shares

2,058,961
9,941,039
6,411,000
1,709,600

0.9941

Regent Cap Table

Series A round

Founders
Existing / Allocated Opti
Existing / Unallocated op
New / Unallocated Options
Series A Investors
Total

Series B round - weighted average

Pre-money valuation
Amount Invested
Regent pro-rata investment
Series B investment
CP2 (new conversion price)
CP1 (conversion price before new investment
A (shares outstanding before new investment
B (new investment/CP1)
C (new shares)
Free shares
New Price per Share

Series B round
Pre-money valuation
Amount Invested
Bantam pro-rata investment
Series B investment
Shares outstanding before new investment
New shares

$
10,000,000
12,000,000
2,462,043
9,537,957
1.66
2.00
7,311,000
6,000,000
8,773,200
312,508
1.37

$
45,000,000
12,000,000
2,462,043
9,537,957
7,311,000
1,949,600

0.9941038839

ap Table
Pre-Investment
Shares
3,900,000
450,000
111,000
4,461,000

Post Investment
87.4%
10.1%
2.5%
0.0%
0.0%
100.0%

3,900,000
450,000
111,000
850,000
1,100,000
6,411,000

2,500,000

Pre-Investment
Shares
3900000.00
450000.00

60.83294%
7.01919%

111000.00
850000.00
1100000.00

1.73140%
13.25846%
17.15801%

6411000.00

100.00000%

Shares
3900000.00

60.83294%

Existing / Allocated Options

450000.00

7.01919%

Existing / Unallocated option

New / Unallocated Options
Series A Investors
Series B Investors
Total

111000.00
850000.00
1100000.00

1.73140%
13.25846%
17.15801%

6411000.00

100.00000%

Founders
Existing / Allocated Options
Existing / Unallocated option
New / Unallocated Options
Series A Investors
Series B Investors
Total

Founders

ap Table
Pre-Investment
Shares
3900000.00
450000.00
111000.00

ated Options
4461000.00

87.4243%
10.0874%
2.4882%
0.0000%
0.0000%
100.0000%

Post Investment
Shares
3900000.00
450000.00
111000.00
1350000.00
1500000.00
7311000.00

Pre-Investment
Shares
Founders
3,900,000
Existing / Allocated Options
450,000
Existing / Unallocated option
111,000
New / Unallocated Options
1,350,000
Series A Investors
Series B Investors
Total

3,000,000

53.3%
6.2%
1.5%
18.5%

1,500,000

20.5%

7,311,000

100.0%

Shares
Founders
Existing / Allocated Options
Existing / Unallocated option

3,900,000
450,000
111,000

53.3%
6.2%
1.5%

New / Unallocated Options

Series A Investors
Series B Investors
Total

1,350,000
1,500,000

18.5%
20.5%

7,311,000

100.0%

60.8%
7.0%
1.7%
13.3%
17.2%
100.0%

Post Investment
Shares
3900000
450000

27.2146%
3.1401%

961000
0
2646337.0312248
6373200
14330537.031225

6.7060%
0.0000%
18.4664%
44.4729%
100.0000%

2,058,961
9,941,039
12,000,000

Shares
3900000.00

48.0260%

450000.00

5.5415%

961000.00
0.00
1393333.33
1416266.67
8120600.00

11.8341%
0.0000%
17.1580%
17.4404%
100.0000%

2058961.16
9941038.84
12000000.00

53.3%
6.2%
1.5%
18.5%
20.5%
100.0%

Post Investment
Shares
3,900,000
450,000
1,461,000
3,612,508
6,973,200
16,396,708

23.8%
2.7%
8.9%
0.0%
2,462,043
9,537,957
12,000,000

22.0%
42.5%
100.0%

Shares
3,900,000
450,000
1,461,000
1,900,000
1,549,600
9,260,600

42.1%
5.5%
15.8%
2,462,043
9,537,957
12,000,000

0.0%
20.5%
16.7%
100.0%