I need a correct answer to find pre money ownership each time different answer do you consider future value or just take nominal amount for convertible loan which is correct formula. I have a exam I need correct answer step by step to naswer this kind of quesiton In $2021,$ Nicolas and Steve created their company with an investment of EUR $50,000$ each. In $2022$ they decided to issue a convertible loan with the following features:

$$ Issue Date: $01/01/2022$

$$ Nominal Amount: EUR $800,000$

$$ Interest Rate: $7\mathrm{.}5\%$

$$ Maturity: $2$ years

$$ Discount Rate: $15\%$

$$ Valuation Cap: EUR $5,000,000$

$$ Trigger Event: Maturity or in case of Round $>$ EUR $1,000,000$

On September $30$th$,2023,$ a Venture Capital fund invests EUR $1,500,000$ in the Company at a pre$-$money valuation of EUR $6,000,000.$

Compute the pre$-$money and post$-$money ownership of the Company.

Calculate the Conversion Price of the Convertible Loan

The loan converts at the lower of the valuation cap or the discounted pre$-$money valuation:

$$ Discounted pre$-$money valuation: EUR $6,000,000*(1-0\mathrm{.}15)=$ EUR $5,100,000$

$$ Valuation cap: EUR $5,000,000$

$$ Use the Valuation Cap or Discounted Valuation: The conversion price will be the lower of these two values.

Since the valuation cap $($EUR $5,000,000)$ is lower than the discounted valuation $($EUR $5,100,000),$ the conversion price will be based on the valuation cap.

$2.$ Determine the Number of Shares Issued to Convertible Loan Holders

$$ Conversion at Valuation Cap:

o Amount of loan to be converted: EUR $800,000$

o Conversion price per share $($based on valuation cap$)$: EUR $5,000,000$

o Ownership percentage for loan holders: EUR $800,000/$ EUR $5,000,000=0\mathrm{.}1616\%$

Or

Future value nominal value $*(1+$ interest rate$)$ period

Future Value$=800,000\backslash$times $(1+0\mathrm{.}075)2=$ the future value is $$924,500.$

Ownership Percentage Pre$-$Money

$=$ Future Value $/$ Effective Valuation $($ the Valuation Cap or Discounted Valuation $)$

$$924,500/5,000,000=$ the ownership percentage is $18\mathrm{.}49\%.$

$3.$ Calculate Post$-$Money Valuation and Ownership

$$ Post$-$money valuation: Pre$-$money valuation $+$ VC investment

o Post$-$money valuation: EUR $6,000,000+$ EUR $1,500,000=$ EUR $7,500,000$

$$ VC Ownership:

o EUR $1,500,000/$ EUR $7,500,000=0\mathrm{.}20$ or $20\%$

$4.$ Determine the Founders' Ownership

$$ Founders' Pre$-$Money Ownership: Initially, the founders owned $100\%$ of the company. With the conversion and new investment:

o Total ownership: $100\%-20\%($VC$)-16\%($convertible loan holders$)=64\%$

$5.$ Summary of Ownership

$$ Founders: $64\%$

$$ Convertible Loan Holders: $16\%$

$$ VC Investors: $20\%$