Phil Nadel

Absolutely.

So what are those docs?

What are the docs that I would sign?

The AngelList platform is fantastic for handling all of those investor details, all the paperwork, all the documents.

And the structure of the deal can be a few different formats.

It's either equity or it's a convertible note in one variety or another.

There are several varieties of convertible notes.

So it's either a convertible note that converts into equity or it's a straight equity purchase.

And either way, you're going to get all the proper documentation, whether it's a stock purchase agreement or the note and note purchase agreement.

Not exactly.

All of our backers, and this is true for every AngelList syndicate, all backers are combined into one entity, one special purpose vehicle that AngelList creates.

And that entity, which is a limited partnership, will invest and be the entity on the cap table for the company.

So the LLC is managed by an independent third-party company called Assure Fund Management.

And they basically will consult with us on any kind of major decision.

So if it's a decision like, should we convert the note to equity at this stage?

They'll check with us, see what we're doing, get our recommendation.

But ultimately, it's their decision.

Absolutely.

I don't think there's a structure allows for an individual investor to sue the company because the individual is not the shareholder or notholder.

Yeah.