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Example Cap Table for Convertible Note, Seed Round, and Series A Rounds
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Note Round
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Note Cap$8,000,000
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Note Interest0%
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Discount0%
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Seed Equity Round
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Equity Closing Date1/1/2018Series A Round
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Equity Round Total Dollar Size
$3,500,000
(does not include prior cash raised by the Note)
$10,000,000
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Option Pool Expansion Prior to Closing
 100,000
resulting in post-money pool
10% 40,000
resulting in post-money
10%
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Equity Pre-Money Valuation with Pool
$12,000,000 $50,000,000
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Equity Purchase Price$8.28 $25.53
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 (a) Calculate discount$8.28
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(b) Calculate cap per pre-closing share
$5.52
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Note Conversion Price (lesser a or b)
$5.52
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Year 1 Note RoundYear 2 Note Conversion and Seed Equity RoundYear 3 Series A Round
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Cap Table with NotePre-Closing Cap TablePost-Closing Cap TablePost-Closing Cap Table
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Note1/1/2018SeedTotalPost-MoneySeries ATotalPost-Money
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Cash ReceivedDateNote + InterestSharesFD %Equity PurchaseSharesSharesFD %ValuationEquity PurchaseSharesSharesFD %Valuation
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Note Investors
Cash invested in the Note
fresh cash invested in Seed round:
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 Note Investor 1$25,000 1/1/2017$25,000 4,531 0%$10,000 1,208 5,739 0% $ 47,495 $29,307 1,148 6,887 0% $ 175,843
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 Note Investor 2$75,000 2/1/2017$75,000 13,593 1%$20,000 2,417 16,010 1% $ 132,497 $81,758 3,202 19,212 1% $ 490,546
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 Note Investor 3$150,000 3/1/2017$150,000 27,187 2%$50,000 6,042 33,229 2% $ 274,999 $169,689 6,646 39,875 2% $ 1,018,135
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$250,000 $250,000 45,311 3%$80,000 9,667 54,978 3% $ 454,990 $280,754 10,996 65,974 3% $ 1,684,523
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Seed Equity Investors
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 Seed Investor 1$1,140,000 137,750 137,750 7% $ 1,140,000 $703,442 27,550 165,300 7% $ 4,220,653
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 Seed Investor 2$1,140,000 137,750 137,750 7% $ 1,140,000 $703,442 27,550 165,300 7% $ 4,220,653
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 Seed Investor 3$1,140,000 137,750 137,750 7% $ 1,140,000 $703,442 27,550 165,300 7% $ 4,220,653
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$3,420,000 413,250 413,250 22% $ 3,420,000 $2,110,326 82,650 495,900 21% $ 12,661,958
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New Series A Investors
$7,608,920 298,000 298,000 13% $ 7,608,920
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Total Preferred 45,311 3%$3,500,000 422,917 468,228 24% $ 3,874,990 $10,000,000 391,646 859,874 37% $ 21,955,400
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Founders
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 Founder 1 500,000 500,000 33% 500,000 26% $ 4,137,931 500,000 21% $ 12,766,644
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 Founder 2 500,000 500,000 33% 500,000 26% $ 4,137,931 500,000 21% $ 12,766,644
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 Founder 3 125,000 125,000 8% 125,000 7% $ 1,034,483 125,000 5% $ 3,191,661
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 Founder 4 125,000 125,000 8% 125,000 7% $ 1,034,483 125,000 5% $ 3,191,661
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 1,250,000 84% 1,250,000 65% $ 10,344,828 1,250,000 53% $ 31,916,610
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Option Pool
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 Allocated 50,000 50,000 3% 50,000 3% $ 413,793 50,000 2% $ 1,276,664
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 Unallocated 50,000 150,000 10% 150,000 8% $ 1,241,379 190,000 8% $ 4,851,325
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 200,000 13% 200,000 10% 1,655,172 240,000 10% $ 6,127,989
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Total Shares 1,350,000 1,495,311 100% 1,918,228 100% $ 15,874,990 2,349,874 100% $ 60,000,000
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Vesting Comments
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- Describe start date and vesting terms for each founder; confirm whether 83(b) election was filed for each owner of founder shares
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- Describe vesting policy for options (e.g. 4 year quarterly vest with one year cliff)
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- List each person who has been awarded options and how many; include any advisors
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Other Notes
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- Describe any additional debts owed by the company
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- Describe any other agreements that could require issuance of shares, e.g. university license; someone who has a right to buy stock
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