October 2011 Convertible Note
- Bertrand Serlet and Dave McClure / 500 Startups
- $125,000 amount
- 1 year maturity
- 5% interest rate
- 15% discount
- $3M cap
November 2011 Convertible Note
- Index Ventures (lead), Strive Capital, Dave McClure / 500 Startups, David Williams / 2020 Ventures, Phil O’Brien, Gerald Rimer, Avery Hager, Sol Werdiger, Michael Herf
- $675,000 amount
- 1 year maturity
- 5% interest rate
- 20% discount
- $5M cap
July 2012 Series Seed
- Index Ventures (lead), Strive Capital, Dave McClure / 500 Startups, David Williams, Bertrand Serlet, Gerald Rimer
- $1,000,000 amount
- Effective valuation of $7.8M post
April 2013 Bridge Note
- Index Ventures (lead), Dave McClure / 500 Startups
- $525,000 amount
- 1 year maturity
- 5% interest rate
- 20% discount
- $10M cap (kicks in if raising less than $4,000,000 at Series A)
Fully-diluted after Series Seed (including conversion of previous Convertible Notes).
| Owner | Equity |
|---|---|
| Founders | 66.43% |
| Investors | 26.18% |
| Options Pool | 7.38% |
| October 19th, 2011 - December 15th, 2013 | Accrual Basis |
|---|
| Income | Everpix Subscriptions | 269,974.47 Refunded Purchases | 2,696.78 Vendor Credits | 7,451.31 Interest Earned | 573.82 Total Income | $280,696.38 | Expenses | Bank Charges | 1,396.70 Government Fees | 8,827.20 Legal & Professional Fees | Accountants | 9,251.95 Consultants | 272,821.83 Legal | General Corporate | 85,775.46 General Patent | 37,463.52 Immigration | 2,215.00 Initial Bridge Financing | 27,086.56 Investors Legal Costs | 20,722.05 Series Seed Preferred Stock Financing | 15,351.23 Public Relations | 109,552.34 Office Expenses | Entertainment Meals | 2,022.27 Food & Beverages | 8,073.03 Hardware | 10,981.09 Insurance | 2,446.00 Miscellaneous | 4,829.51 Rent | 95,085.24 Service Subscriptions | 5,039.84 Software | 2,172.05 Operating Costs | Amazon Mechanical Turk | 8,916.75 Amazon Web Services | 394,588.35 Google App Engine | 7,878.01 Other Cloud Infrastructure | 15,699.84 Personnel Costs | Health Care | 62,653.68 Miscellaneous | 1,442.18 Payroll | Salaries | 832,347.83 Withholding | 360,025.20 Taxes | 130,486.03 Recruiting | 51,836.00 Promotional Expenses | 48,007.80 Travel Expenses | 30,197.80 Total Expenses | $2,665,192.34 | Net Operating Income | -$2,384,224.67