Not an angel but... the valuation of your actual company is 1) your actual results ==> 0 because it's an MVP ? 2) your potential results ==> tbd... but low because you're pre-traction 3) your investments ==> low because it's an MVP...

Without more specifics (like your previsional results and your market and how your're positionned and...), I would say that your business is not worth a lot. Let's say $10k.

If I give you $120k, it means that I would own 92% of your company... that wouldn't have any sense as I'm "just" an investor, not the business owner.

Actually, as an angel, I wouldn't take more than 20% of your equity... but I would give you maybe 5-10% of the money because of risks. So I would only give you $120k if your company is worth at least $1.2M (and ask for 20% of the equity, so $240k)

But I'm not an angel...