And book equity per share, or the book value per share of 6.00.

So each share should be worth, let's see, 3 billion divided by 500 million, it should be 6 of book equity of book equity equity per share.

So this is 3.02 per share book value per share.

Well, we have 20 million of equity, divided by two million shares which gets us 10 of equity per share.

So price per share.

Exactly 6.00 per share.

And let's say Company B made 5 per share. 5 EPS, Earnings Per Share.

So there is an NAV per share, the NAV per share over here is 200,

And you have earnings per share.

That's 0.35 per share of EPS.

Sold them at 1.50 per share.

And 3.00 per share times half a billion shares, that's a 1.5 billion dollar market value of its equity.

They could've gotten them for 1 per share before, now they are worth 20 per share.

So what is the value per share?

So what is the value per share?

Second round we got 7.50 per share.

And now we're getting 10 per share.

So essentially they're paying 0.40 per share.

And so that means that if you take its 3 billion of equity, divide by 500 million shares, that means that there is 6.00 of book equity per share.

If you own a share of the company, you own a share of this equity.

Divided by 10,000 shares is 2.10 per share.

Price per share of Company B is 20.

This is Earnings Per Share, not total earnings.

Company A made 1 per share. 1 of EPS.

And B is expected to make 4 per share.

That would have been the market value per share.

15 million divided by 2 is 7.50 per share.

We'll buy 2 billion shares at 1.50 per share.

The price per share, the market price per share, is 3.50, so you could also say it's trading at a discount to book.

This guy, 18,900 divided by 10,000 is 1.89 per share.

And we'll talk about earnings per share in this case.

So let's see, the book value per share is what?

In this case, they're saying 10 per share times 500,000 shares.

And he essentially valued our old shares at 7.50 per share.

Remember the first round, the angel gave us 5 per share?

Because we know that the book value per share is 5.

So if I took this, 1 per share times 10 million shares.

And that tells you that the book value per share is 4.

So the book value of the new shares is 20 per share.

So 2 billion, 1.50 per share, that is equal to 3 billion.

They're worth 1 million divided by one million shares, or 1 per share.

Then it became 10 million for two million shares, still 5 per share.

Similarly we issued 300,000 shares at 1000 per share on the mezzanine tranche.

Or we sell them for 5 per share to get the 5 million.

Maybe Company A, each share I can buy it for, so the price per share of Company A is 10.