Under Series A 1,799,906 present shares @ $1.81 also notice this is only 11.45% of value.
If 11% is $1.81 I am assuming the other 79% would at least double the value hence $4.00.
Also note they have 11-50 full time employees were Mast only has 6 presently, and basically McCully gets paid as if he is an additional 6 ($300,000 yearly).