Modeling a Cap Table with existing notes

For aspiring VCs, John Gannon’s blog is a must, both for resources that can help guide through the process, but also to know which firms are hiring for VC professionals. He recently posted this cap table exercise (1st tab in file has the parameters) one of his readers received during an interview. Below is an answer key link that I hope is helpful. Conversion of notes in the different methods is something I come across frequently, and you can learn more about the nuances of the methods here, here and here. Understanding how the different methods impact valuation and dilution for existing and new shareholders is a technicality both investors and founders should become comfortable with, and draft deal documents accordingly. 

You can edit the file by clicking here and then hitting download. Please don't make any edits on the live document in OneDrive. If any questions on the methodology or the build, I am all ears!