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Note that the $120k funding is broken into $20k cash and the option for an additional $100k convertible debt note.

Is there a valuation cap on the convertible note?

I think that's the standard for Techstars these days: http://www.techstars.com/program/faqs/

Looks like its $18k cash and $100k convertible.

Convertible or priced (we did a convertible note). The 100k is optional. It was for us at least.

Can you please explain what convertible debt note means?