1. Assume the following sequence of transactions and prepare a summary capitalization table that accurately reflects the impact of each round of financing.

1. Company is founded by Julie, Sam and Phil who invest $150K, $50K and $50K respectively. Sam and Phil plan to manage the firm in its early incarnation while Julie will serve only as an adviser. In exchange for these services, the managers will each receive an additional 10% of the equity. Assume initial share issue totals 100,000 shares.
2. An angel investor is brought on board for $600K based on a post-money valuation of $2 million. These funds are used to buy out 50% of Phils position as he has decided to leave the company and to support continued seed stage activities.
3. VC financing of $2.5 million is obtained on a post-money valuation of $7.5 million. The VC mandates that 10% of the post-round equity is reserved for employee stock options.
4. An IPO raises $20 million in new equity capital with a total post-money market capitalization of $80 million. The VC chooses to sell their shares into the public market during this transaction but the other investors continue to hold.

At each stage, be certain to compute the amount of shares held by and proportional ownership positions of each owner (you should show totals as well!).