The agreement is really basic, spelling out what share of the profits each person will get. Of course, at that time, all of us understood that our ownership will be diluted based on any future investment that we might receive.

Looking back, we were incredibly naive and unsure about how these agreements are typically drafted although I have a much better understanding now.

No. We are not incorporated. We are not really a startup still. So far, we are just a bunch of guys working in a basement and trying to get a working demo ready.