Example Pro Forma Cap Table for a Series B company (three tranches of A, plus warrants). Option pool refresh to post-money target of 10% fully diluted. Small reserve for licensor of technology.

1. Cap Table Round B
Series B Pre Money Valuation
Size of Series B Round
Post Money Valuation
Series B Pre-Money Price Per Share
Series B Post-Money Price Per Share
Licensor Target Ownership %
Post Option Pool
$ 15,000,000
$ Amount
% of Round
$ 7,500,000 Inv A
$ 5,000,000
66.7%
33.3%
$ 22,500,000 Corporate A $ 2,500,000
$0.76
$0.71
8.0%
10.00%
Common
Founders Shares
Founder
Founder Trust
Licensor
Family & Friends
Z
Y
X
W
V
U
T
S
R
Q
P
O
N
M
2,000,000
350,000
649,750
2,999,750
Series A
Series A-1
Series A-2
250,000
Total
%
A-1 Warrants
Total
Pre-Series B
Fully Dil %
2,250,000
350,000
649,750
3,249,750
14.2%
2.2%
4.1%
20.5%
2,250,000
350,000
649,750
3,249,750
11.3%
1.8%
3.3%
16.4%
300,000
200,000
70,000
200,500
550,000
3,000
400
15,000
2,000
1,256
2,000
2,250
29,900
1,500
1,377,806
1.9%
1.3%
0.4%
1.3%
3.5%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
0.2%
0.0%
8.7%
300,000
200,000
70,000
200,500
550,000
3,000
400
15,000
2,000
1,256
2,000
2,250
29,900
1,500
1,377,806
7,322,036
6,774,512
297,525
250,000
3,012,233
400,000
497,739
20,000
140,000
47,448
47,448
220,173
22,671
11,232,008
46.2%
42.7%
1.9%
1.6%
19.0%
2.5%
3.1%
0.1%
0.9%
0.3%
0.3%
1.4%
0.1%
70.8%
7,943,193
7,370,427
322,767
250,000
3,124,658
435,000
542,739
20,000
170,000
54,448
55,448
220,173
22,671
12,045,591
40.0%
37.2%
1.6%
1.3%
15.8%
2.2%
2.7%
0.1%
0.9%
0.3%
0.3%
1.1%
0.1%
60.7%
1,318,298
153,536
1,691,799
3,163,633
6.6%
0.8%
8.5%
15.9%
3,163,633
19,836,779
100.0%
Series B
1.5%
1.0%
0.4%
1.0%
2.8%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
0.2%
0.0%
6.9%
1,318,298
153,536
1,691,799
3,163,633
250,000
300,000
200,000
70,000
200,500
550,000
3,000
400
15,000
2,000
1,256
2,000
2,250
29,900
1,500
1,377,806
Investors
Inv A
Inv B
Sub Fund 1
Sub Fund 2
Sub Fund 3
Corporate A
Inv C
Others
A
B
C
D
E
F
2,330,159
2,280,851
49,309
2,360,453
400,000
440,000
20,000
140,000
40,000
40,000
200,000
783,000
4,208,877
3,993,661
215,216
651,780
7,409,330
57,739
7,448
7,448
20,173
22,671
3,039,678
621,157
595,915
25,242
112,426
35,000
45,000
30,000
7,000
8,000
813,582
4,377,556
1,033,000
7,409,330
3,039,678
15,859,564
100%
813,582
Pre-Options
Total
%
Options
Total
Fully Dil %
9,918,390
2,250,000
350,000
2,530,906
5,130,906
7.1%
1.1%
8.0%
16.2%
1.0%
0.7%
0.2%
0.7%
1.8%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
0.1%
0.0%
4.6%
300,000
200,000
70,000
200,500
550,000
3,000
400
15,000
2,000
1,256
2,000
2,250
29,900
1,500
1,377,806
0.9%
0.6%
0.2%
0.6%
1.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
0.0%
4.4%
6,612,260
7,943,193
7,370,427
322,767
250,000
6,430,788
435,000
542,739
20,000
170,000
54,448
55,448
220,173
22,671
21,963,981
22.1%
26.5%
24.6%
1.1%
0.8%
21.5%
1.5%
1.8%
0.1%
0.6%
0.2%
0.2%
0.7%
0.1%
73.3%
6,612,260
7,943,193
7,370,427
322,767
250,000
6,430,788
435,000
542,739
20,000
170,000
54,448
55,448
220,173
22,671
21,963,981
20.9%
25.1%
23.3%
1.0%
0.8%
20.3%
1.4%
1.7%
0.1%
0.5%
0.2%
0.2%
0.7%
0.1%
69.4%
4.4%
0.5%
1,471,834
9,918,390
7.5%
1.2%
8.5%
17.1%
1,318,298
153,536
3,306,130
2,250,000
350,000
2,530,906
5,130,906
300,000
200,000
70,000
200,500
550,000
3,000
400
15,000
2,000
1,256
2,000
2,250
29,900
1,500
1,377,806
1,881,156
6,612,260
783,000
500,000
33,000
250,000
Outstanding Options
Ungrated Options
Option Pool Gross Up
Total
Options
4.9%
1,318,298
153,536
1,691,799
3,163,633
4.2%
0.5%
5.3%
10.0%
29,944,527
100.0%
31,636,325
100.0%
1,691,799
-

2. Returns Analysis Round B
Series A Price Per Share
Series A-1 Price Per Share
Series A-2 Price Per Share
Series B Price Per Share
Series A-1 Warrant Conversion Ratio
$1.000 Sale Price
$1.764 Amt Available for Common
$1.764
$0.756
1.000 <----need to verify
$
$
Liquidation Preference
Series A-2
Series A-1
Series B
Founders Shares
Founder
Founder Trust
Licensor
150,000,000
121,595,285
Series A
Series B
Series Returns
Series A-1
Series A-2
Series A
$
250,000
$
960,883
$
250,000
$
960,883
$
5,000,000
$
2,500,000
7,500,000
4,111,333
4,024,333
87,000
$
$
$
$
1,150,000
$
$
$ 7,687,068
$ 1,345,237
$ 9,727,623
$ 18,759,927
$
$
$
$
8,897,951
1,345,237
9,727,623
19,970,811
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
101,875
$ 4,363,147
$
767,514
$
855,734
$
35,288
$
299,948
$
82,927
$
84,691
$
352,880
$
$ 14,508,507
$
$
$
$
$
13,141
13,141
35,592
40,000
5,363,208
8,522,112
8,097,847
424,264
$
$
$
$
783,000
500,000
33,000
250,000
$
$
$
$ 12,707,222
$
783,000
$ 38,121,666
8,956,047
8,766,528
189,519
$
$
$
18,564,398
17,640,190
924,208
$ 2,505,137
$
$
221,923
$
$
$
28,627
$
28,627
$
77,534
$
87,135
$ 11,683,107
$
$
$
$
$
$
$
$
31,605,042
$ 30,414,444
$ 43,946,376
$ 40,950,665
$
1,784,828
$
1,210,883
$ 32,730,099
$
2,439,451
$
3,043,646
$
112,159
$
953,349
$
305,341
$
310,949
$
1,234,713
$
127,135
$ 112,574,017
9,504,593
1,671,937
1,864,114
76,871
653,401
180,646
184,490
768,707
$
$
$
$
$
$
3,009,487
1,921,767
126,837
960,883
3,009,487
$ 5,066,923
$
590,121
$ 6,502,485
$ 12,159,528
$
7,500,000
$
5,363,208
$ 14,508,507
$
1,033,000
$ 38,121,666
$ 11,683,107
$
31,605,042
$
3,970,370
$ Invested
$
$
$
$
$ 36,215,100
$ 150,000,000
$
250,000
$
250,000
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,000,000
12,320,476
11,570,748
499,728
250,000
7,814,783
705,760
878,211
35,288
247,016
83,717
83,717
388,472
40,000
26,719,230
$
26,969,230
Multiple
1,153,060
768,707
269,047
770,629
2,113,944
11,531
1,537
57,653
7,687
4,827
7,687
8,648
114,922
5,765
5,295,644
1,153,060
768,707
269,047
770,629
2,113,944
11,531
1,537
57,653
7,687
4,827
7,687
8,648
114,922
5,765
5,295,644
$ 25,414,444
$
$
$
Outstanding Options
Ungrated Options
Option Pool Gross Up
Total
Total
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Family & Friends
Z
Y
X
W
V
U
T
S
R
Q
P
O
N
M
Investors
Inv A
Inv B
Sub Fund 1
Sub Fund 2
Sub Fund 3
Corporate A
Inv C
Others
A
B
C
D
E
F
Common
5,066,923
590,121
6,502,485
12,159,528
35.6x
6.1x
3.6x
3.5x
3.6x
4.8x
4.2x
3.5x
3.2x
3.9x
3.6x
3.7x
3.2x
3.2x