Funding & Tranches
Milestone-gated capital schedule with convertible term sheet and dilution walk
Scenario
Total Capital Planned
25,000,000
All tranches, all instruments
Committed
10,000,000
Signed / closed
Equity Raise
15,000,000
Priced rounds only
Convertible Principal
10,000,000
Face value at issuance
Tranched Capital Schedule
| Name | Amount | Instrument | Close | Trigger Milestone | Pre-Money | Cap | Discount | Status | |
|---|---|---|---|---|---|---|---|---|---|
| Y | |||||||||
| Y | |||||||||
| Y |
Cash-In by Year & Min-Cash Covenant
| FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | |
|---|---|---|---|---|---|
| Tranche Cash-In | 10,000,000 | 15,000,000 | - | - | - |
| EBITDA | 3,762,695 | 5,467,437 | 7,603,973 | 10,427,957 | 13,873,694 |
| Cumulative Cash + EBITDA | 13,762,695 | 34,230,132 | 41,834,105 | 52,262,062 | 66,135,755 |
⚠ flag = cumulative cash + EBITDA falls below $2M min-cash covenant. Simplified proxy — full monthly view on Monthly Cash tab.
Convertible Notes — Term Sheet & Conversion Math
| Holder | Principal | Cash Coupon | PIK Coupon | Maturity | Cap | Discount | QF Threshold | MFN | |
|---|---|---|---|---|---|---|---|---|---|
Conversion Math — at assumed qualified financing ($40M pre-money)
| Holder | Principal + PIK @ Conv. | Cap Price | Discount Price | Effective Price | Shares Issued | Effective Ownership |
|---|---|---|---|---|---|---|
| Pivot Investment Partners | $12,100,000 | $5.00 | $3.20 | $3.20 | 3,781,250 | 27.4% |
Illustrative: assumes Y2 qualified financing at $40M pre-money with 10M pre-round FDS. Effective price = min(cap price, round price × (1 − discount)).
Milestone gates reference the
Execution Plan
— status changes there flip tranche eligibility here.