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welcome back my name is stefan trovich and this is part two of my cap table series if you havent already i suggest you start with part one which ill probably link right up here for the rest of us were going to continue with our original hypothetical startup example and were at some future date our startup has received the interest from two angel investors who in total want to invest 150 000 and this investment will be in the form of a convertible note or convertible loan now this means that were not giving up equity today this loan is going to convert into equity at some point the future and how much equity we give away really depends on three things one whats the valuation set at the next round of funding two whats the discount rate provided to the angels and three what is the cap set on the loan lets cover this all right now in excel its july 1st 2016 and we finally received our 150 thousand dollars of cash from the two literal investors now what you have in front of you it