Implied Value Overview

Aumni uses multiple different calculations for implied value depending on the platform context.

At the time of the transaction (Transaction Ledger)

NOTE: for the following section, “most recent” is relative to the date of the transaction.

• SAFT
  • Cost
• Share Conversion
  • (the number of shares converted into) * (the original issue price per share for the converted into equity class)
• Warrant Exercise
  • if there is no Equity Financing on record
    • Cost
  • if there is an Equity Financing on record
    • (fully diluted ownership percent of the shares received from the warrant exercise) * (most recent post-money valuation)
• Common Stock Purchase
  • when Cost > 0
    • Cost
  • when Cost = 0
    • (fully diluted ownership percent of the shares received from the common stock purchase) * (post-money valuation from the most recent Equity Financing)
• Warrant
  • if there is no Equity Financing on record
    • 0
  • if there is no Strike Price defined on the Warrant
    • 0
  • if there is an Equity Financing on record and the Warrant has a Strike Price
    • (value received from the warrant) - (coverage amount + cost)
      • value received from the Warrant
        • (fully diluted ownership percent of the shares that would be received by exercising the warrant) * (most recent post-money valuation)
      • Coverage Amount
        • (warrant shares * strike price)
    • When (hypothetical value received from the Warrant) - (Coverage Amount + Cost). Comes out to be a negative value
• SAFE
  • if there is no discount rate on the SAFE
    • Cost
    • If discount exists
      • Cost / discount rate
• Convertible Conversion
  • (fully diluted ownership percent of the shares received from the convertible conversion) * (post-money valuation from the equity financing in which the convertible conversion took place)
• Convertible Note
  • Principal Amount
• Convertible Secondary Transfer
  • Principal of the underlying convertible
• Preferred Stock Purchase
  • (fully diluted ownership percent of the shares received from the preferred stock purchase) * (post-money valuation from the equity financing in which the preferred stock purchase took place)
• Secondary Transfer
  • (fully diluted ownership percent of the shares transferred in the secondary transfer) * (post-money valuation from the most recent equity financing)
• StockConsideration
  • if there is a Price Per Share on the Stock Consideration
    • (shares received) * (price per share)
  • if there is no Price Per Share on the Stock Consideration, but the shares received via the Stock Consideration are in a public company
    • (shares received) * (public stock price from end of day of the transaction date)
  • if there is no Price Per Share on the Stock Consideration, and the shares received via the Stock Consideration are in a private company that Aumni has an Equity Financing for
    • (fully diluted ownership percent of the shares received from the stock consideration) * (post-money valuation from the most recent equity financing Aumni has on record)

Current Implied Value (Securities Held, Portfolio Company Report)

NOTE: for the following section, “most recent” refers to the most recent Equity Financing Aumni has on record

• All Convertibles
  • Cost of SAFE / principal amount of convertible note
• Warrants
  • (hypothetical value received from the warrant) - (coverage amount + cost)
    • hypothetical value received from the Warrant
      • (fully diluted ownership percent of the shares that would be received by exercising the warrant) * (most recent post-money valuation)
    • Coverage Amount
      • (warrant shares * strike price)
  • When (hypothetical value received from the warrant) - (coverage amount + cost). Comes out to be a negative value
    • 0
• Stock
  • if the stock is in a public company
    • (shares held) * (public stock price from end of day yesterday)
  • if the fund has received a stock consideration in the company that took place AFTER the latest Equity Financing Aumni has on record OR if Aumni has no Equity Financing on record
    • (shares held) * (highest price_per_share from the relevant stock consideration(s))
  • if the latest Equity Financing was a conversion only round, but Aumni has a priced Equity Financing on record
    • (current fully diluted ownership percent of the shares held) * (most recent post-money valuation Aumni has on record)
  • if Aumni has no Equity Financing on record for the Portfolio Company
    • (shares held) * (fund’s most recent purchase or sale price for the company)
  • Otherwise
    • (fully diluted ownership percent of the shares held) * (most recent-post money valuation)
• SAFT
  • If the SAFT was received as an Exit Consideration
    • 0
  • Otherwise
    • Cost