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How do you account for a SAFE Agreement on a Cap Table

We just raised $525K using a SAFE agreement and I am wondering how it should show on the Cap Table since we cannot calc the number of shares. For the momemt I just put the amount under Investment. The current Cap Table is the following:

Type No. of Shares % Own Investment
Series A 3,771,620 19.1% $3,000,000
Common Stock 1,695,873 8.6% $109,915
Common Stock - Founders 10,000,000 50.6% $10,000
Employee Options Distributed 3,042,346 15.4%
SAFE $525,000
Available Options 1,240,341 6.3%
Fully Dilluted 19,750,180 100.0% $3,644,915

Answers

Anonymous
(Director of Finance and Operations) |

I would think that the SAFE note would be listed as a Long-term Loan. Once you undergo another, official round of Financing, the Long-term Loan would be transferred to "Preferred Stock" and "Preferred Stock: Surplus Paid-in-Capital". I've used this method for Convertible Notes (which is similar to a SAFE, but with interest)

If you find a better answer, please let me (and the Proformative Community) know your findings.

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