STARTUP COMPANY VALUATION AND DILUTION CALCULATOR FOR FIVE IN

Numbers in blue can be edited. See "How to Use" Tab for Instructions
Template prepared by Mackley & Mackley, PLLC

Investment Round A Round (Founders) B Round (Seed)

Raise % FD - Post Raise
Amount of Raise & % FD $ 20,000 100% $ 50,000
Price Per Share $ 0.002 $ 0.03
Pre-Money Valuation $0 $ 283,333
Post-Money Valuation $ 20,000 $ 333,333

Shareholder Shares $$ % of Round % FD - Post Units $$ % of Round

Founder 1 3,800,000 7,600 38% 38%
Founder 2 3,200,000 6,400 32% 32%
Chief Technology Officer 200,000 400 2% 2%
Key Employee 300,000 600 3% 3%
Key Employee 300,000 600 3% 3%
Contractor 200,000 400 2% 2%
Stock Option Plan 2,000,000 4,000 20% 20%
Total A Round 10,000,000 20,000 100.00% 100.00%

B Round B Round
Investor B1 1,058,824 $ 30,000 60%
Investor B2 705,882 $ 20,000 40%
Investor B3 0 $ - 0%
Investor B4 0 $ - 0%
Investor B5 0 $ - 0%
Investor B6 0 $ - 0%
Total B Round 1,764,706 $ 50,000 100%

C Round
Investor C1
Investor C2
Investor C3

365145304.xlsx
Investor C4
Investor C5
Investor C6
Total C Round

D Round
Investor D1
Investor D2
Investor D3
Investor D4
Investor D5
Investor D6
Total D Round

E Round
Investor E1
Investor E2
Investor E3
Investor E4
Investor E5
Investor E6
Total E Round
10,000,000 100.00% 100.00% 11,764,706 15%

365145304.xlsx
ATOR FOR FIVE INVESTMENT ROUNDS
e" Tab for Instructions
ckley, PLLC

d (Seed) C Round (Product Development) D Round (Go to Market) E Round

% FD - Post Raise % FD - Post Raise % FD - Post
15% $ 1,000,000 15% $ 10,000,000 20%
$ 0.48 $ 2.89
$ 5,666,667 $ 40,000,000
$ 6,666,667 $ 50,000,000

% FD - Post Units $$ % of Round % FD - Post Units $$ % of Round % FD - Post Units

32% 27.46% 21.96%
27% 23.12% 18.50%
2% 1.45% 1.16%
3% 2.17% 1.73%
3% 2.17% 1.73%
2% 1.45% 1.16%
17% 14.45% 11.56%
85% 72.25% 57.80%

und
9% 7.65% 6.12%
6% 5.10% 4.08%
0% 0.00% 0.00%
0% 0.00% 0.00%
0% 0.00% 0.00%
0% 0.00% 0.00%
15% 12.75% 10.20%

C Round
519,031.14 $ 250,000 25% 3.75% 3.00%
519,031.14 $ 250,000 25% 3.75% 3.00%
207,612.46 $ 100,000 10% 1.50% 1.20%

365145304.xlsx
 207,612.46 $ 100,000 10% 1.50% 1.20%
311,418.69 $ 150,000 15% 2.25% 1.80%
311,418.69 $ 150,000 15% 2.25% 1.80%
2,076,124.57 $ 1,000,000 100% 15% 12.00%

3,460,208 $ 10,000,000 100% 20.00%

0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
3,460,208 $ 10,000,000 100% 20.00%

1,922,338
0
0
0
0
0
1,922,338
100% 13,840,830 100.00% 17,301,038 100.00% 19,223,376

365145304.xlsx
 E Round
Raise % FD - Post
$ 40,000,000 10%
$ 20.81
$ 360,000,000
$ 400,000,000

$$ % of Round % FD - Post
19.768%
16.646%
1.040%
1.561%
1.561%
1.040%
10.404%
52.020%

5.51%
3.67%
0.00%
0.00%
0.00%
0.00%
9.18%

2.70%
2.70%
1.08%

365145304.xlsx
 1.08%
1.62%
1.80%
10.98%

18.00%
0.00%
0.00%
0.00%
0.00%
0.00%
18.00%

$40,000,000 100% 10.00%

$ - 0% 0.00%
$ - 0% 0.00%
$ - 0% 0.00%
$ - 0% 0.00%
$ - 0% 0.00%
$40,000,000 100% 10.00%
100.18%

365145304.xlsx
The Startup Company Valuation and Dilution Calculator is a pro-forma capitalization table designed for
successive financing stages of a growing company.

You may input values into the sections that are highlighted in blue. The calculator derives the other va

The key values that the user must enter into the "Calculator" worksheet are:

"Amount of Raise" -- This is amount of funds projected to to be raised at each financing stage.

"% FD Post" -- This is short for "Percentage of the fully-diluted capitalization of the company, post fina
must determine how much of the company will be allocated to the new investor.

"% of Round" -- This is short for "Percentage of the Investment Round". For each investment round, r
investors. NOTE: The sum of the investor percentages must equal 100. If not, you will have incorrect v
spreadsheet. The number of investors - six - is arbitrary, and would normally be unknown for future ro
six investors, or rows can be deleted.
Shareholders - - For each round, starting from the Founder Round, the user can edit the list ofsharehol
To learn how to add and delete shareholders watch the instructional video available at www.startuplaw

Calculator (2) is an alternative spreadsheet that allows the user to imput the actual share amounts and
founder round and the spreadsheet calculates percentage interest. Otherwise it works just like the Ca

Note: This spreadsheet is for estimating values in the future. This spreadsheet can not be used as an
company without changing the formulas.

Copies of the Valuation and Dilution Calculator can be downloaded at www.startuplawtalk.com.

Questions and comments regarding the Valuation and Dilution Calculator can be posted at www.startu
carter.mackley@mackleylaw.com.

Copyright 2012 Mackley & Mackley, PLLC

apitalization table designed for analyzing ownership percentages over

calculator derives the other values in the pro-forma cap table.

are:

at each financing stage.

ation of the company, post financing." At each financing stage, the user
investor.

For each investment round, rows are available for six different
f not, you will have incorrect values for the other metrics on the
mally be unknown for future rounds. Insert zeros if there are less than

ser can edit the list ofshareholders/investors participating in the round.

eo available at www.startuplawtalk.com.

t the actual share amounts and the actual dollar amounts paid for the
erwise it works just like the Calculator.

adsheet can not be used as an actual capitlization table for your

ww.startuplawtalk.com.

r can be posted at www.startuplawtalk.com or emailed to

 STARTUP COMPANY VALUATION AND DILUTION CALCULATOR FOR FIVE
Numbers in blue can be edited. See "How to Use" Tab for Instructions
Template prepared by Mackley & Mackley, PLLC

Investment Round A Round (Founders) B Round (Seed)

Raise % FD - Post
Amount of Raise & % FD $ 10,000 100%
Price Per Share $ 0.001
Pre-Money Valuation n/a
Post-Money Valuation $ 10,000

Shareholder Shares $$ % of Round % FD - Post Units $$

Founder 1 3,700,000 $ 3,700 37% 37%
Founder 2 3,200,000 $ 3,200 32% 32%
Chief Technology Officer 500,000 $ 500 5% 5%
Key Employee 300,000 $ 300 3% 3%
Key Employee 100,000 $ 100 1% 1%
Contractor 200,000 $ 200 2% 2%
Stock Option Plan 2,000,000 $ 2,000 20% 20%
Total A Round 10,000,000 $ 10,000 100% 100.00%

B Round B Round
Investor B1 1,058,824 $ 30,000
Investor B2 705,882 $ 20,000
Investor B3 0 $ -
Investor B4 0 $ -
Investor B5 0 $ -
Investor B6 0 $ -
Total B Round 1,764,706 $ 50,000

C Round
Investor C1
Investor C2
Investor C3

365145304.xlsx
Investor C4
Investor C5
Investor C6
Total C Round

D Round
Investor D1
Investor D2
Investor D3
Investor D4
Investor D5
Investor D6
Total D Round

E Round
Investor E1
Investor E2
Investor E3
Investor E4
Investor E5
Investor E6
Total E Round
10,000,000 100.00% 100.00% 11,764,706

365145304.xlsx
N CALCULATOR FOR FIVE INVESTMENT ROUNDS
ee "How to Use" Tab for Instructions
Mackley & Mackley, PLLC

B Round (Seed) C Round (Product Development) D Round (Go to Market)

Raise % FD - Post Raise % FD - Post Raise % FD - Post
$ 50,000 15% $ 1,000,000 15% $ 10,000,000 20%
$ 0.03 $ 0.48 $ 2.89
$ 283,333 $ 5,666,667 $ 40,000,000
$ 333,333 $ 6,666,667 $ 50,000,000

% of Round % FD - Post Units $$ % of Round % FD - Post Units $$ % of Round % FD - Post

31% 26.73% 21.39%
27% 23.12% 18.50%
4% 3.61% 2.89%
3% 2.17% 1.73%
1% 0.72% 0.58%
2% 1.45% 1.16%
17% 14.45% 11.56%
85% 72.25% 57.80%

B Round
60% 9% 7.65% 6.12%
40% 6% 5.10% 4.08%
0% 0% 0.00% 0.00%
0% 0% 0.00% 0.00%
0% 0% 0.00% 0.00%
0% 0% 0.00% 0.00%
100% 15% 12.75% 10.20%

C Round
519,031.14 $ 250,000 25% 3.75% 3.00%
519,031.14 $ 250,000 25% 3.75% 3.00%
207,612.46 $ 100,000 10% 1.50% 1.20%

365145304.xlsx
 207,612.46 $ 100,000 10% 1.50% 1.20%
311,418.69 $ 150,000 15% 2.25% 1.80%
311,418.69 $ 150,000 15% 2.25% 1.80%
2,076,124.57 $ 1,000,000 100% 15% 12.00%

3,460,208 $ 10,000,000 100% 20.00%

0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
3,460,208 $ 10,000,000 100% 20.00%

15% 100% 13,840,830 100.00% 17,301,038 100.00%

365145304.xlsx
 E Round
% FD - Post Raise % FD - Post
$ 40,000,000 10%
$ 20.81
$ 360,000,000
$ 400,000,000

Units $$ % of Round % FD - Post

19.247%
16.646%
2.601%
1.561%
0.520%
1.040%
10.404%
52.020%

5.51%
3.67%
0.00%
0.00%
0.00%
0.00%
9.18%

2.70%
2.70%
1.08%

365145304.xlsx
 1.08%
1.62%
1.80%
10.98%

18.00%
0.00%
0.00%
0.00%
0.00%
0.00%
18.00%

1,922,338 $40,000,000 100% 10.00%

0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
0 $ - 0% 0.00%
1,922,338 $40,000,000 100% 10.00%
19,223,376 100.18%

365145304.xlsx