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Balance Sheet B.S.
The company's equity at this point looks like this:
500,000 Preferred stock
1,000,000 Common stock
Note that at inception, A and B owned the company 50-50, half-sies; now each owns 33%, assuming a successful outcome. They own somewhere between that number and the square root of zero in a less successful outcome.
The Net Worth of the company is now $500,000. It's just the cash.
There is $1,000,000 of perceived value here, though. Why? What did Reid buy? He's a savvy guy and...
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