Our self-funding is running out within 2 months and we are probably a month to 4 months away from revenue. We hope we won't need financing, but we have to be prepared.
I've already spoken with a friend who is a qualified investor and who wanted to invest last year, however we deferred due to the distraction.
I would of course just prefer to take a loan out backed by a signed contract that we expect soon, but that is not a done deal.
The venture is two people - me and a partner. he works on this full time and I work on it part-time. We need to cover his living expenses for a few months.
That is the background. What we are looking for is a simple, fair convertible debt agreement for this investor. We are comfortable having him join us.
We don't expect to raise more investment money. There is a chance (though not the goal) that a competitor or customer will want to buy us/our IP later)
We are happy to either pay back the loan or to convert the debt.
Can anyone recommend any resources?