This sounds like an exciting project, and I have some questions about it.

I'm not an expert in the jargon, so I may have overlooked some things. Please let me know if I'm missing something.

You're trying to raise $27.5 million for a 30% stake, that puts the valuation at $91.67 million. There have been no previous rounds of funding and the company owns no assets, correct?

I'm certainly not an expert in valuation, but that seems extraordinarily expensive - an investor would be taking a 70% haircut the moment they invested. Can you provide any additional insight into the valuation/ownership structure?