| Feature |
Standard & Light
Version |
Advanced & Extra-Large
Version |
Comments |
| Investment rounds |
 |
 |
Investment rounds with specified dates. |
| Phase in investment rounds |
|
|
Each round has a sequence of events: splits, dividends, sale of new securities, conversion of notes and preferred shares and exercise of warrants and options. |
| Types of Securities |
| Convertible notes |
|
|
Initial value, interest rate, conversion price discount, liquidation preference (senior to all other securities), default conversion conditions, settable conversion decisions |
| Preferred stock |
|
|
Initial shares, price premium over common stock, dividend rate, liquidation preference, default conversion conditions, settable conversion decisions |
| Common stock |
|
|
Shares, share price, dividends, stock splits |
| Warrants and Options |
|
|
Initial price, exercise price, default exercise conditions, settable exercise decisions |
| Series of each type of security |
|
|
Many series of each type of security, each with its own terms |
| Conversion and exercise of securities |
|
|
You decide which securities to convert or exercise. The model used five criteria to make default decisions for conversion and exercise that you can override. |
| Detail for default conversion and exercise decisions |
|
|
Includes a detailed analysis of which securities meet which of five default conversion and exercise conditions. |
| Investment, Valuation, Share Units |
| Valuation of the firm |
|
|
A specified value of the firm at the start of each investment round, adjusted during each round for
sale of securities and payments for exercise of warrants and options |
| Investment and share units |
|
|
Tracks value and share units of each type and series of security for each phase of each investment
round. |
| Investment and share units by original investment vehicle |
|
|
Tracks value (and share units where relevant) based on original type and series of securities before
conversion and exercise |
| Payout |
|
|
Tracks payout at exit to each series and type of security, including contingent liquidation preferences
|
| Payout by original investment vehicle |
|
|
Tracks payout at exit by original series and type of security, including contingent liquidation preferences
|
| Measure of Return on Investment |
| Return multiple |
|
|
Return multiple for each series of each type of security |
| Internal rate of return |
|
|
IRR of cash flow to each series of each type of security |
| Net present value |
|
|
NPV of cash flow to each series of each type of security |
| Founder’s non-cash contribution |
|
|
Includes optional value of non-cash contribution of founders in returns metrics |
| Scenarios |
| Firm valuation scenarios |
|
|
Settable number of scenarios for valuation of the firm at the start of each investment round. |
| Investment scenarios |
|
|
Settable number of investment scenarios, each with its own dates for each investment round, and sales of new securities of each type and series |