Share count breakdown:
Issued & outstanding (19.5M) = CS 3.5M + PRS1 10.8M + PRS2 3.1M + PRS3 2.1M.
Fully diluted adds: options/RSUs 6.8M + warrants 1.15M + option pool available 507K = +8.4M → total FD 27.96M.
Share Classes
| Class | Authorized | Issued & O/S | Fully Diluted | Cash Raised |
|---|
Financing Rounds
| Round | Type | Close Date | Amount | Status |
|---|---|---|---|---|
| 📄 SAFE Rounds — Convertible Instruments (all converted to equity Feb 27, 2022) | ||||
SAFE 1 16 investors · $4M val cap · 20% discount |
SAFE | Jul 2020 | $670,000 ⚠ ledger $820K | ✓ Converted → PRS3 |
SAFE 2 28 investors · $8M val cap · 20% discount |
SAFE | Feb 2021 | $2,000,000 ⚠ ledger $2.35M | ✓ Converted → PRS2 |
SAFE 3 42 investors · SAFE Financings |
SAFE | 2021 | $1,600,000 | ✓ Converted → PRS1 |
| 🌱 Seed Round — Blumberg Capital led (all closes) | ||||
Seed Close BC $4M + Light Investment $500K · SAFE 1/2/3 convert ($1.575M debt→equity) |
Preferred | Feb 27, 2022 | $4,500,000 | ✓ Closed |
Extension 1 BaseLayer $575K · Miami Angels $248K · Accelerator $200K · Correlation $100K · Gaingels $75K · Chang $50K |
Preferred | Mar–Jul 2022 | $1,247,500 | ✓ No warrants |
Extension 2 Blumberg Capital · PRS1 Warrants issued (PW-01: 298,160 shares) |
Preferred | Aug 4, 2023 | $1,000,000 | ✓ + Warrants |
Extension 3 BC $452K · Miami Angels $62K · 14 co-investors $183K · PRS1 Warrants (PW-02, PW-03) |
Preferred | Mar–May 2024 | $697,121 | ✓ + Warrants |
| ⚠️ Pending Verification | ||||
Convertible Note — Blumberg Capital Not found in current Carta export · Verify via Carta API Monday |
Conv. Note | Unknown | Amount TBD | ⚠ Unverified |
| 🚀 SAFE 4 — Current Round (2026) | ||||
SAFE 4 13 investors committed · 12 signed · $18M val cap · 10% discount |
SAFE | 2026 (Open) | $1,218,000 | Active · $1093K signed |
| Total raised (Carta confirmed · no double-counting) | $11,889,874 | + $1.2M SAFE 4 = $13.4M all-in |
||
All Shareholders
| # | Shareholder | Common | PRS1 (Seed) | PRS2 (Ext 2) | PRS3 (Ext 3) | Warrants |
|---|
SAFE 1 — SAFE1 Notes
First financing round. YC Pre-Money SAFE.
Investors
16 holdersDocument Checklist
SAFE 2 — SAFE2 / BS Series
Second financing round. 28 investors.
Investors
28 holdersDocument Checklist
Seed Round — Feb 2022 through May 2024
BC-led Seed Round with three subsequent extensions. All four closes are tracked under PRS1 in Carta. SAFE 1, 2, and 3 all converted to equity at the initial close (Feb 27, 2022), creating PRS3, PRS2, and PRS1 sub-series respectively.
SAFE Financings — Pre-Round SAFEs (42 investors)
Series Seed-1 — Full Investor Ledger (70 investors)
PRS2 — SAFE 2 (BS Series) Conversions at Seed Close
24 investors · $2,350,000 debt canceled → equity · Feb 27, 2022 · $0 new cashPRS3 — SAFE 1 Notes Conversions at Seed Close
13 investors · $670,000 debt canceled → equity · Feb 27, 2022 · $0 new cashDocument Checklist
Seed Extensions + Warrants (2023–2024)
These are the actual seed extension closes. PRS1 preferred warrants issued Aug 2023 – Apr 2024 alongside additional funding tranches. Exercise price $0.0001 (essentially free).
Warrant Holders
23 holders · 971,155 sharesDocument Checklist
Convertible Promissory Note — Blumberg Capital V, L.P.
$150,000 bridge note · Sep 12, 2025 · CN-01 in Carta · Converts to PRS1 at Seed price · Matures Sep 12, 2026
Key Terms — Full Breakdown
From signed document + Carta · Use for BC discussion| Term | Detail | Discuss with BC |
|---|---|---|
| ⏰ Maturity | September 12, 2026 — ~4 months away Extendable by written agreement of both parties |
Convert, extend, or repay? Need BC's answer before Sep 12. |
| Interest | 8.0% per annum · Simple interest · Actual/365 Accrues from Sep 12, 2025 Today (~234 days): ~$7,693 accrued (Carta confirmed) At maturity (365 days): $12,000 · Total due: $162,000 Paid at maturity OR converts with principal |
Grows ~$1,000/month. If converting at maturity: $162K ÷ $0.838476 = ~193,200 PRS1 shares. |
| Optional Conversion | BC can elect to convert at any time → 2 business days to execute (Principal + accrued interest) ÷ $0.838476 = PRS1 shares |
Has BC indicated intent to convert vs. get repaid? |
| Mandatory Conversion | AUTO-CONVERTS if: AWS SCA signed AND $3M received (3 milestones of $1M each) before maturity Milestone 1: SCA execution · Milestone 2: Phase 1 Tech · Milestone 3: First Customer |
Have all 3 AWS milestones been hit? If yes — note may have auto-converted. Confirm with Mintz. |
| Conversion Price | $0.838476/share — Series Seed-1 price (Feb 2022) Very favorable for BC vs. SAFE 4 at $18M cap |
BC converting at Seed pricing. No renegotiation clause in the note. |
| Prepayment | Company can prepay anytime — no penalty, no premium | Option if BC doesn't want to convert and milestones not hit. |
| ✅ Warrant (PW-24) | 178,985 Common Stock shares @ $0.0001 (essentially free) Issue: Sep 12, 2025 · Expiry: Sep 12, 2035 DocuSign: C2A7F420 · Registration rights under Aug 2023 IRA · Entered in Carta as PW-24 |
Separate from note conversion. Has BC exercised? Confirm it's on the Aug 2023 IRA schedule. |
| ⚠ Rule 701 in Carta | Federal exemption entered as Rule 701 in Carta Rule 701 = employee compensation plans. For VC investment: should be Section 4(a)(2) |
Fix in Carta → CN-01 → Edit → change exemption to Section 4(a)(2). Confirm with Daniel at Mintz. |
| Board Approval | Date entered in Carta: Sep 12, 2025 Not referenced in the signed note — verify written consent exists with Daniel Follansbee (Mintz) |
Obtain/confirm board written consent signed Sep 12, 2025 or earlier. |
| Carta Entry | Security ID: CN-01 · Block: BC Convertible Note Stakeholder: Blumberg Capital V, L.P. (steve@blumbergcapital.com) Entered May 4, 2026 |
✅ Complete |
Document Checklist
SAFE 4 — Current Round
YC Pre-Money SAFE. Active — 2026.
Committed Investors
Full Pipeline
Document Checklist
Options & RSUs — GATHR Plan
GATHR Virtual Studios Inc. 2020 Employee, Director and Consultant Equity Incentive Plan. 6,765,438 active options outstanding as of May 2, 2026 — confirmed matches Carta cap table. The 13.8M figure shown elsewhere includes superseded (amended) and forfeited historical grants.