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If I could hold a pencil, I'd mark up those reading passages like it was going out of style. Do it for the buffalo, man. Do it for me.

Balance Sheet B.S.

“So at this point, the company’s equity was:

500,000 Preferred stock
1,000,000 Common stock

“And note that at inception, the three of us owned the company 33-33-33, thirdsies; at that point each of us owned 333,333 shares out of a total of 1,500,000 or about 22%, assuming a successful outcome. We owned somewhere between that number and the square root of zero in a less successful outcome. The Net Worth of the company was then $500,000. It’s just the cash.”

“There is $1,000,000 of perc...

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