Change Log

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Current Version - 5.7 | Jul 5th, 2024

This version mainly fixes a compatibility issue with Microsoft Excel, by replacing two formulas in the FS-Month sheet. These formulas added multiple IF statements (example: IF(...)+IF(...)) which caused an unknown error in Excel. The new formulas use SUM instead.

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FS Month > Convertible Notes (Row 85)

=SUM(IF(D$6='Cap Table'!$H$49,'Cap Table'!$H$112,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$112,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$112,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$112,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$112,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$119,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$119,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$119,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$119,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$126,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$126,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$126,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$133,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$133,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$140,0))

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FS Month >  (+) Converted Notes - Conversion to Equity (Row 198)

=SUM(IF(D$6='Cap Table'!$H$49,'Cap Table'!$H$114,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$114,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$114,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$114,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$114,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$121,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$128,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$128,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$128,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$135,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$135,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$142,0))

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Other minor fixes

• Version 5.4 made a major standardization update for links and CTAs on the shpreadsheet.
• Version 5.4 renamed WK-CAPEX Sheet to CAPEX, and added Expense Categories to that sheet (with the corresponding changes needed on the Data for Charts sheet).
• Version 5.5 fixed an issue in Data for Charts sheet Row 64: referencing the wrong set of cells for the Total Expenses.
• Version 5.6 fixed a reference issue on FS-Annual: Financing Activities was referencing an incorrect cell.

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Current Version - 5.3 | Feb 21st, 2024

This versions fixes a couple of minor issues related to keeping the Balance Sheet in balance.

• Fixed a double accounting issue on Convertible Note financing: FS-Month 198 now subscract converted notes.
• Adjusted loan functionality so all Loans are accounted as short term debts, to avoid potential double accounting problems (FS-Month Rows 131 and 142)
• Adjusted the name on FS-Month 199 to correctly reflect the line as a (+), and not a (-)

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5.2 | Feb 16th, 2024

This version fixes export issues to Microsoft Excel as follows.

Cleaned Up formulas incompatible with Microsoft Excel:

• CAPEX Sheet Rows 69 and 70: replaced ELSE case from "" to '0'.
• Taxes Sheet Rows 28-43: If statements require spelling out the TRUE boolean evaluation
• Cap Table Rows 46 and 49: XLOOKUP formula doesn't export correctly from Sheets to Excel
• Fonts on the FS-Month and FS-Annual Sheets

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5.1 | Jan 26th, 2024

This version fixes two core issues on the FS-Month and the FS-Annual sheet that cause discrepancies in the Annual summaries and in fundraising.

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Issue on FS-Annual row 61 - Net Income

The Tax and Valuation functionality in the model requires separation between EBITDA, EBIT, and EBT (earnings before taxes). Therefore, the fomula for net income should be

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EBT-Income Taxes

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The model was incorrectly taking into account EBIT. Therefore, the new formula in the model for cell D61 should be: 

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D56-D59

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This formula should then be copied and extended through row J61

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Issue on FS-Month - Convertible Note Functionality

Since Convertible Notes and SAFEs are accounted as loans (Liabilities) until they convert to stock, new convertible note/SAFE investments must be accounted both in the Balance Sheet and in the Cash Flow Statement: 

• In the Balance Sheet, they are considered Long Term Liabilities.
• In the Cash Flow statement, there's a specific line for 'this:   (+) New Debt Issued - Convertible Notes/SAFEs

The 5.0 version of the model had an error that didn't allow for Convertible Note funding estimations to be reflected properly. The fix for this is simple: 

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The formula for Fs-Month Row D143 should be

=ROUND(SUMIFS($D186:D186,$D188:D188,"Convertible Note")+SUMIFS($D186:D186,$D188:D188,"SAFE")-SUM($D198:D198)+SUM($D85:D85),2)

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The formula for FS-Month Row D197 should be:

=IF(AND(C143<D143,D143>0),SUM(D143,IFERROR(-C143,0)),0)

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Both formulas should be copied and extended to cover the entire FS-Month Sheet.

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5.0 | Jan 21st, 2024

This version consolidated a number of adjustments and new features developed over versions 4.9-4.99.

• Finalized adjustments and links to Knowledge Base
• Link from Capital Infusions to Cap Table
• Fixed a Balance Sheet issue with Convertible Notes

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Fix History - Previous Versions