With convertible debt, the timing of cash into the venture from the note directly impacts pricing if interest on the note converts into the next round or is a part of the basis for the warrant coverage calculation.

If that sounds complicated, it’s because it is. However, we were able to reflect each of those iterative relationships [Series A pricing, pre-money capitalization, a discount on Series A for Convertible Note holders and interest triggered pricing differences based on draws] almost instantly, as illustrated in the screen below.