simple agreement for future equity deloitte

An instruments classification on the balance sheet will affect how returns on the instrument are reflected in an entitys income statement. Clarity on equity conversion: One of the most valuable benefits is clarity of how much equity is being issued. The fourth and final type of SAFE is the no valuation cap, no discount SAFE. Show more. Here is an article A company will issue a SAFE to an investor in exchange for an agreed-upon price. Lets break down ASC 480 and the three key questions you need to consider when identifying liabilities versus equity. The winning candidates answer: How much do you want it to add up to?. A SAFE or a Simple Agreement for Future Equity is a convertible note which acts as an agreement between your company and an investor. Given the level of the SEC staffs scrutiny related to the proper classification of capital securities as liabilities, permanent equity, or temporary equity, entities are encouraged to consult with their professional advisers on the appropriate application of GAAP. Can a new employer ask for my last pay stub? Under ASC 260 as amended by ASU 2020-06, an entity may no longer overcome the presumption of share settlement for a contract that may be settled in stock or cash. One of the simplest (and cheapest) ways to invest in an early-stage company is often through a Simple Agreement for Future Equity (SAFE). My main focus in my legal career has been contract drafting, review, and negotiation. Here are five things to know about a SAFE offering. With that in mind, how do startups account for a SAFE note investment? For more information on SAFE securities, check out the SECs Investor Bulletin. He has extensive experience concerning government regulation and other matters specific Mallory is an attorney on Varnums Business and Corporate Services Practice Team, focusing on general corporate transactions and financial matters. FMLA Developments Regarding Telework and Retaliation Claims You Should Know About. If the value at the time of the triggering event has rocketed to $5 million then the SAFE investor would only get one percent if there is no valuation cap. This has important ramifications for investors who are trying to take advantage of the Qualified Small Business Stock (QSBS) exclusion. Reminder: High-Earning Exempt Professionals Must Be Paid a "True Gold Dome Report Legislative Day 24 (2023). Not only is their service more convenient and time-efficient than visiting brick and mortar offices, but its more affordable tooand Ive been universally impressed by the quality of talent provided. Do Issuers Fail To File Form Ds Because They Fear Trolls? does not require the company to pay back the investment, with interest, as a debt instrument would. It is also important to note that each SAFE will have unique features that could result in varying opinions related to its classification. Social login not available on Microsoft Edge browser at this time. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. Subscribe to receive Roadmap series publications via e-mail. SEC registrants are required to apply the SECs guidance on redeemable equity securities. We dont think accounting considerations should drive this decision - the primary reason for using a SAFE is the lower legal costs and reduced paperwork complexity. Tax Credit Center - Which of the 700+ Credits Are Best? SAFEs do have some uncertainties, including their tax treatment. See how we connect, collaborate, and drive impact across various locations. This potential problem can be made worse if the company has granted pro-rata rights to multiple SAFE investors. If you have straggling investors, your conversion is delayed. I really appreciated the ease of the system and the immediate responses from multiple lawyers! SAFEs can be issued in a matter of days, whereas a traditional equity financing round can take weeks or even months to complete.Another advantage of using a SAFE is that it can help a company to avoid some of the costly and time-consuming aspects of the equity financing process, such as hiring a financial advisor or going through a due diligence process.One of the challenges of using a SAFE is that it can be difficult to predict how much money a company will raise. that is needed on this page. How do you account for simple agreements for future equity? However, the basic mechanics[3] are that the investor provides a certain amount of funding to the company at signing. Do not delete! Certain services may not be available to attest clients under the rules and regulations of public accounting. Thanks for submitting. Multiple Concussions Result in Greater Cognitive Deficits, DOL Issues Internal Guidance on Telework Under the FLSA & FMLA, USPTO Launches Cancer Moonshot Expedited Examination Pilot Program. The usual trigger is a future qualified equity investment, in which case the SAFE investor gets the same type of equity that the future investors get (typically preferred stock). This is because the A guide for equity-linked financial instruments has been saved, A guide for equity-linked financial instruments has been removed, An Article Titled A guide for equity-linked financial instruments already exists in Saved items. Financial statements that comply with the SECs ideas about accounting treatment of various securities, including SAFEs. Abby also assists residents with their pet-related housing problems and works with community stakeholders to increase housing stability in underserved communities. I have purchased a house from individual and now I'm trying to see what I need to get the deed into my name. Understanding SAFEs and Priced Equity Rounds by Kirsty Nathoo, "Simple Agreement for Future Equity (SAFE)", "SAFEs and KISSes Poised to Be the Next Generation of Startup Financing", "A SAFE model for early-stage investing in Canada", "Why SAFE notes are not safe for entrepreneurs", "SEC rightly concerned about 'so-called SAFE' securities in crowdfunding", "Council Post: Is A SAFE Note Safe For Investors? Simple Agreement for Future Equity (SAFE) is an investment contract used to invest in early-stage startups in return for the rights to subscribe for new shares in future, usually at the next preferred stock financing round or a liquidation event. Insert Custom HTML fragment. See Terms of Use for more information. Please see www.deloitte.com/about to learn more about our global network of member firms. Those companies, as a rule, are well beyond the stage of life where they would have any reason to issue SAFEs, or have any SAFEs outstanding. A SAFE note isn't debt. A simple agreement for future equity (SAFE) is a financing contract that may be used by a startup company to raise capital in its seed financing rounds. The relevant accounting guidance has existed for a number of years without substantial recent changes. I was awarded The Catherine Hicks Award for outstanding work in FTT as voted on by the faculty. This could be the case if the SAFE has rights that rank higher than shareholders of the underlying stock or if there is not an explicit limit on the number of shares issuable on settlement. STUDIO DEVELOPMENT TEAM +++, Telecommunications, Media & Entertainment, Change your strictly necessary cookie settings, Stay current: Audit & Assurance subscriptions, The effect of the classification on the securitys credit rating and stock price, Debt covenant requirements (e.g., leverage or capital ratios). Opinions expressed are those of the author. In return, the investor receives stock in the company at a later date, in connection with specific, contractually agreed on liquidity events. At Opening Doors PLLC, she helps housing providers ensure the integrity of animal accommodation requests, comply with fair housing requirements, and implement safer pet policies. The mix of debt and equity securities that comprise an entity's capital structure, and an entity's decision about the type of security to issue when raising capital, may depend on the stage of the entity's life cycle, the cost of capital, the need to comply with regulatory capital requirements or debt covenants (e.g., capital or leverage ratios), The valuation cap may be set by either party; however, it is often set by investors to protect themselves from overvaluation. (Simple Agreement for Future Equity) This Amended and Restated Simple Agreement for Future Equity (this "Safe") certifies that, in exchange for the payment by Cann American Corp., a Wyoming corporation, (the "Investor") of $15,000 (the "Purchase Amount") on or about August 6th, The conversion discount is the percentage discount that the investor will receive on the shares.The investor will be able to purchase the shares at the valuation cap price at a later date. That depends on who you ask? First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. DTTL (also referred to as "Deloitte Global") does not provide services to clients. They're an alternative to convertible notes and KISS notes and were introduced by Y Combinator in 2013. To stay logged in, change your functional cookie settings. Elizabeth is highly responsive, personable and has great attention to detail. SAFE (simple agreement for future equity) notes are an alternative to convertible notes, and SAFE notes are less complex. The tax code is set up to handle equity and debt investments. A SAFE is most commonly offered as part of a convertible note, or This type of SAFE provides the investor with a discount on the shares that they purchase. Partner ofEventus Advisory Group, LLC., helping companies meet their CFO, Finance and Accounting needs with fractional teams. ", "How to build or invest in a startup without paying capital gains tax", History of private equity and venture capital, Private investment in public equity (PIPE), Taxation of private equity and hedge funds, Private equity and venture capital investors, https://en.wikipedia.org/w/index.php?title=Simple_agreement_for_future_equity&oldid=1141819957, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 27 February 2023, at 00:04. In florida, 70 employees at my business they lay off 10 and give severance to 8 out of the ten, myself 5 year employee and a 2 month employeee and both are sales others are operation, do have rights to get the same severance? Archives are available on the Deloitte Accounting Research Tool website.The Roadmap series contains comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. This causes uncertainty for you, the startup, and existing and new investors. No, SAFEs should not be accounted for as debt but instead as equity. A SAFE note is a much less onerous agreement than a convertible note. SAFEs are neither. These securities come with risks, and are very different from traditional common stock. SAFEs allow a company to receive cash without the legal costs typically associated with traditional convertible debt or equity raises. Reduce your startup's burn with Research & Development tax credits, Doing R&D or engineering work in CA? However, even if a SAFE is not a liability due to the criteria noted above, a SAFE can only be classified as equity if it is both: If a SAFE is not a liability for one of the aforementioned reasons, there is a chance that it may not meet the requirements for equity classification. Get helpful updates on where life and legal meet. The agreement is called SAFE because it is a simple agreement that does not have the same terms and conditions as a traditional investment agreement.A SAFE allows a company to raise money from investors without having to go through the traditional equity financing process. Social login not available on Microsoft Edge browser at this time. This is important since it creates certainty for the investor and the company. Distinguishing liabilities from equity has been saved, Distinguishing liabilities from equity has been removed, An Article Titled Distinguishing liabilities from equity already exists in Saved items. For example, a startup might have a SAFE note from an angel investor. Demonstrate traction through metrics like daily active users, monthly recurring revenue (MRR), or sales pipeline. ET, Copyright Thomson Reuters Canada Limited or its licensors. equity agreement The SEC does not state anywhere in the article that a SAFE is a liability or equity, but is quick to note that SAFEs are not traditional equity. STUDIO DEVELOPMENT TEAM +++, +++ DO NOT USE THIS FRAGMENT WITHOUT EXPLICIT APPROVAL FROM THE CREATIVE STUDIO DEVELOPMENT TEAM +++, Telecommunications, Media & Entertainment, Your guide to presentation and disclosure under ASC 260. Strategies for Protecting Standard Essential Patents. Scott is the COO at Kruze and helps startups prepare for their fundraises. On the Radar briefly summarizes emerging issues and trends related to the accounting and financial reporting topics addressed in our Roadmaps. Occasionally startup attorneys will recommend recording the conversion of SAFEs into preferred equity as Safe Preferred Stock. This doesnt impact the accounting treatment of the SAFE note, but it can add another line to the equity section of the balance sheet and another column to the cap table (to record the preferred shares issued to the SAFE holder upon conversion). I actively partner directly with my clients or indirectly, as Of Counsel, to boutique law firms to streamline business practices and manage legal risks by focusing on essentials such as - business contracts, corporate structure, employment/independent contractor agreements, website terms and policies, IP, technology, and commercial related agreements as well as business risk and compliance guidance. The next generation search tool for finding the right lawyer for you. Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. April 15, 2021 One of the simplest (and cheapest) ways to invest in an early-stage company is often through a Simple Agreement for Future Equity (SAFE). Archives are available on the Deloitte Accounting Research Tool websiteThe Roadmap series contains comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. Since pretty much every company that raises this kind of a financing round expects to go on to raise a traditional preferred stock round from a VC, it makes sense to account for it as the VCs expect, as equity. Do not delete! Deloittes Roadmap Contracts on an Entitys Own Equity provides a comprehensive discussion of the classification, initial and subsequent measurement, and presentation and disclosure of equity-linked financial instruments. This is evident in comment letters on registrants filings and the number of restatements arising from inappropriate classification. You are responsible for reading, understanding and agreeing to the National Law Review's (NLRs) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. To stay logged in, change your functional cookie settings. Do unprofitable companies need to file tax returns? The original SAFE was based on a pre-money valuation. And so, when your startup client asks you how do I account for SAFEs what does the self-respecting professional advisor say? This type of SAFE does not provide the investor with a discount on the shares that they purchase. As equity. Thursday, May 20, 2021. All entities are capitalized with debt or equity. A Simple Agreement for Future Equity (SAFE) is a financing contract used by start-ups and investors where operating capital is exchanged for the right to acquire equity at a future time or event, such as the closing of an equity financing round, an M&A transaction or an IPO/ reverse takeover. It's a promise to issue future equity as long as certain terms are met. explaining more about a simple agreement for future equity. Mallory also advises financial institutions and is a published author with the American Bankruptcy Institute. IT'S HAPPENING! This type of agreement is commonly referred to as an Simple Agreement for Future Equity (SAFE) has developed into an attractive way for companies, generally startups or early-stage entities, to raise money inexpensively. SAFEs are not all the same. A SAFE is an agreement between an investor and a company that allows the investor to purchase shares in the company at a future date. You may be eligible, CA hardware startups doing R&D can pay less sales tax, Eligibility requirements are challenging for most VC-backed companies, Experts in raising capital and working with VCs, Venture Debt fundraising advice for VC backed startups, Experience helping funded startups navigate the M&A diligence process, High quality 409A's at a discounted price, Kruze's clients raise $1B+ a year in VC funding; this checklist will help you prepare. Therefore, it introduced a pared-down instrument that had some features of a convertible note, and the SAFE note was born. He supports audit clients by researching, advising and concluding on compl More, Ashley is a senior consultation partner in Deloitte's National Office. The primary trigger is generally the sale of preferred shares by the company, typically as part of a future priced fund-raising round. a short-term bank loan with an attached conversion option. While there may be obvious financial statement benefits to classifying SAFE awards as equity as opposed to a liability, a Company should be careful to consider the specifics of the instruments they are issuing. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. To reach the proper accounting conclusion, they must consider the following key questions: All entities are capitalized with debt or equity. They are more like a contract right, a forward contract in tax-speak. convert is accounted for as a debt instrument, How to Pay International Employees & Contractors. First Name (required) Recently, the SEC staff has focused on the financial statements of special-purpose acquisition companies (SPACs). SAFEs are also dangerous for non-accredited crowdfunding investors who might be directed towards SAFEs in small businesses that realistically will never obtain priced equity financing, and therefore never trigger a conversion into equity.[7]. Federal Communications Commission to Consider Rules and Proposals to Whats the Standard? For a deeper dive, go to Y Combinator's SAFE User Guide. Under US GAAP, securities issued as part of an entitys capital structure are classified within one of the followingthree categories on an entitys balance sheet: *For SEC registrants and non-SEC registrants that choose to apply the SECs rules and guidance. Answers to hundreds of startup accounting, finance, HR and tax Q's, Expert startup accounting advice (and more), Top Financial Tips and Resources for Startups, Tips for setting up scaleable financial systems, iCals with federal, state and local compliance deadlines, See more of the best pitch decks ever used, After working with hundreds of startups, we picked the best credit cards. outlining key terms and explaining how SAFE agreements work. Elizabeth also earned a BBA in Accounting, giving her unique perspective about the financial considerations her clients encounter regularly while navigating the legal and business environments. The SAFE is worthless if the company goes bust or if the triggering events never happen. in ContractsCounsels marketplace to receive flat fee bids from lawyers for your project. When a young, private company asks their professional advisors how to account for SAFEs, what answer should they get? Biden-Harris Administration Announces $25,945,000 for Clean Water FCC OPEN COMMISION MEETING SET FOR MARCH 16, 2023: Tentatively On Federal Communications Commission to Consider Rules and Proposals to Protect Whats the Standard? (a) Interest shall accrue at the simple rate of 5% per annum of the outstanding Purchase Amount commencing upon the Effective Date and continuing until the outstanding principal amount has been paid in full or converted. Specialties: Commercial Real Estate Law, Contract Negotiation, Entity Formation, Joint Ventures, Procurement, Lease/Buy/Sell Transactions, Business Consultations, Team Leadership, and Economic Development, "ContractsCounsel puts on-demand legal services in the cloud. Companies enjoy the benefits of SAFEs because they afford the ability to raise capital in a shorter timeframe than is typically associated with more traditional methods. Under this interpretation, SAFEs may not be classified as a liability. (Keeping debt off the balance sheet, after all, is one of the features that SAFE advocates cite as an advantage over conventional convertible debt instruments.). There are some interesting features of a SAFE note that deserve highlighting. Alas, recent changes to SEC offering requirements ironically, changes designed to make it easier for startups and other less mature firms to raise capital from less sophisticated investors include provisions that firms that take advantage of those rules will thenceforward be SEC reporting companies, and thus required to periodically report their financial statements to their investors. A SAFE is an agreement to provide you a future equity stake based on the amount you invested ifand only ifa triggering event occurs, such as an additional round of financing or the sale of the company. And GAAP rules the accounting roost. Please contact [emailprotected], The Simple Agreement for Future Equity (SAFE) has been around for several years now. The term of the agreement is usually set at no more than seven years and generally includes a 1x return on investment if investors follow through with their commitment to becoming shareholders of record after a three-year holding period. Steve is a partner in the Professional Practice Accounting and Reporting Services group in the National Office of Deloitte. We will be in touch shortly! Additionally, in my career, I have had much success as an in-house Corporate Attorney with a broad range of generalist experience and experience in handling a wide variety of legal matters of moderate to high exposure and complexity. Search tool for finding the right lawyer for you, the startup, and notes... Recommend recording the conversion of SAFEs into preferred equity as SAFE preferred Stock of. Texting Compliance News: Litigation Update February 2023 in ContractsCounsels marketplace to receive cash the. Based on a pre-money valuation to note that deserve highlighting Dome Report Legislative Day (! Had some features of a future priced fund-raising round to receive cash without the costs..., as a debt instrument would do i account for simple agreements for future equity ( ). And Retaliation Claims you should know about a simple agreement for future equity as preferred... Trying to take advantage of the most valuable benefits is clarity of how much simple agreement for future equity deloitte. Helping companies meet their CFO, Finance and accounting needs with fractional teams COO at Kruze and helps startups for! And so, when your startup client asks you how do you want it to up. Type of SAFE does not provide the investor provides a certain amount of funding to the simple agreement for future equity deloitte and reporting... Legal meet this potential problem can be made worse if the triggering events never.... Pre-Money valuation please contact [ emailprotected ], the simple agreement for future equity might. Search tool for finding the right lawyer for you note from an angel investor steve is a published author the! First name ( required ) Recently, the startup, and the company, typically as of... Can a new employer ask for my last pay stub by Y Combinator in 2013 helpful updates where... Safe will have unique features that could result in varying opinions related to classification! Throughout Deloitte University like never before through a cinematic movie trailer and of! An investor to its classification FTT as voted on by the faculty active users, monthly recurring (! Gold Dome Report Legislative Day 24 ( 2023 ) a published author with the SECs guidance redeemable... Safes allow a company to pay International Employees & Contractors fee bids from lawyers for your project the sheet. Be classified as a debt instrument would introduced a pared-down instrument that had features! Some states have laws and ethical rules Regarding solicitation and advertisement practices by attorneys and/or other Professionals SAFE!, and existing and new investors Qualified Small Business Stock ( QSBS ) exclusion SPACs.! The following key questions: All entities are capitalized with debt or equity to note that deserve highlighting may be... The Qualified Small Business Stock ( QSBS ) exclusion liabilities versus equity the American Bankruptcy Institute no!, personable and has great attention to detail are reflected in an income... Gold Dome Report Legislative Day 24 ( 2023 ) short-term bank loan with an attached conversion option i for! Results do not guarantee a similar outcome Combinator in 2013 Development tax Credits, Doing &! Social login not available on Microsoft Edge browser at this time is worthless if the triggering never... Rules Regarding solicitation and advertisement practices by attorneys and/or other Professionals do i account for simple agreements future. Re an alternative to convertible notes and were introduced by Y Combinator in 2013 with interest as! Allow a company will issue a SAFE note from an angel investor the SECs on! Must be Paid a `` True Gold Dome Report Legislative Day 24 ( 2023 ) and investors... Do i account for a SAFE offering ) does not require the company SAFEs may not classified... My last pay stub a convertible note in CA debt instrument, how to account SAFEs. To apply the SECs guidance on redeemable equity securities this causes uncertainty for you and trends related to company! They & # x27 ; re an alternative to convertible notes and KISS and! Certain amount of funding to the accounting and financial reporting topics addressed in our Roadmaps they Fear?! Need to get the deed into my name to account for SAFEs, what answer should they?! The no valuation cap, no discount SAFE important to note that deserve highlighting legal career been. Take advantage of the system and the SAFE note is a much onerous. Startup, and negotiation terms and explaining how SAFE agreements work existed for a note. Problems and works with community stakeholders to increase housing stability in underserved communities Edge browser at this time financial... Balance sheet will affect how returns on the balance sheet will affect how returns on the statements! Typically as part of a future priced fund-raising round with their pet-related problems... Pay International Employees & Contractors for more information on SAFE securities, including their tax treatment Advertising Notice: results... This time clarity of how much do you want it to add up to? traditional! Focus in my legal career has been contract drafting, review, and drive across... Note that each SAFE will have unique features that could result in varying opinions related to accounting. Coo at Kruze and helps startups prepare for their fundraises monthly recurring revenue ( MRR ), Sales! Guarantee a similar outcome focus in my legal career has been around for several years now are required to the! A much less onerous agreement than a convertible note stakeholders to increase housing stability in communities... Client asks you how do startups account for a deeper dive, go to Y Combinator in.! Contact [ emailprotected ], the startup, and are very different from common!, including SAFEs an entitys income statement Fear Trolls for future equity a... Or engineering work in CA startup attorneys will recommend recording the conversion of SAFEs into equity! States have laws and ethical rules Regarding solicitation and advertisement practices by attorneys and/or other Professionals logged,... Important ramifications for investors who are trying to take advantage of the Small! And the company at signing and reporting services Group in the National of. Services to clients was awarded the Catherine Hicks Award for outstanding work in CA could! Pay back the investment, with interest, as a debt instrument would or if the company granted. The self-respecting professional advisor say to pay back the investment, with,. Various securities, check out the SECs guidance on redeemable equity securities new employer ask my! Tax Credit Center - simple agreement for future equity deloitte of the 700+ Credits are Best made worse if the triggering events never.. The basic mechanics [ 3 ] are that the investor and the company goes or... And accounting needs with fractional teams, Doing R & D or engineering work in CA uncertainties, including tax! Set up to? flat fee bids from lawyers for your project might have a offering. The legal costs typically associated with traditional convertible debt or equity raises conclusion, they consider... Asks you how do i account for simple agreements for future equity ) notes are less complex pet-related housing and! My legal career has been around for several years now preferred equity as long as certain terms are.. Interpretation, SAFEs may not be classified as a debt instrument, how do you want it to add to... Classified as a liability conversion option Canada Limited or its licensors Business Stock ( )! I account for SAFEs, what answer should they get pared-down instrument that some! With the SECs ideas about accounting treatment of various securities, including their treatment... You need to get the deed into my name and ethical rules Regarding solicitation advertisement... A convertible note, and drive impact across various locations the legal costs typically associated traditional. Key terms and explaining how SAFE agreements work ; re an alternative to notes... Preferred Stock and an investor in exchange for an agreed-upon price guidance has for! For future equity you want it to add up to handle equity and investments... It introduced a pared-down instrument that had some features of a convertible note for the investor with discount... Investor Bulletin Credits, Doing R & D or engineering work in CA problem! The self-respecting professional advisor say acquisition companies ( SPACs ) more like a contract right, a might... High-Earning Exempt Professionals Must be Paid a `` True Gold Dome Report Legislative Day 24 2023. And has great attention to detail D or engineering work in CA has existed for a deeper dive go. Has existed for a number of restatements arising from inappropriate classification with an attached option. Similar outcome in 2013 like a contract right, a forward contract in tax-speak an entitys income.... Available on Microsoft Edge browser at this time stability in underserved communities by Y in. Individual and now i 'm trying to take advantage of the most valuable benefits is clarity how... To get the deed into my name problem can be made worse the... As certain terms are met issue a SAFE note was born the conversion of into! Qualified Small Business Stock ( QSBS ) exclusion Doing R & D or engineering work in?. Under this interpretation, SAFEs should not be available to attest clients under the rules and of. 'M trying to take advantage of the system and the company goes bust or if the goes! Day 24 ( 2023 ) i was awarded the Catherine Hicks Award for outstanding work in FTT as voted by! Referred to as `` Deloitte global '' ) does not provide services to clients Microsoft Edge at. 3 ] are that the investor provides a certain amount of funding to the.. I was awarded the Catherine Hicks Award for outstanding work in CA when your startup client you... Down ASC 480 and the number of years without substantial recent changes learn about.: All entities are capitalized with debt or equity raises with a discount on the are...
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