Let me clarify the terms.

In the event that Round 1 does not fully close, all Round 1 investors will receive a refund on their total investment.

In the event that Round 2 does not fully close, all Round 2 investors will receive a full refund on their investment.  However, Round 1 investors will not receive a refund since this capital will have been used to pay our vendors for services rendered, hence the deeper discount from Round 2.

In the event that Round 3 does not fully close, no refund will be offered to any investors, as we will be a viable business.  We are currently working with large clients on product deals that do not involve raising money on Havelock, as well as funded by preorder from our website and bridge loan financing.  Havelock serves as a supplement funding source for non-US investors for our core strategy of pre-selling to large industrial customers.

Also, Founder shares cannot be traded or receive any dividend payments until all previous investors are paid back in full, starting with Round 1, 2, etc.  These terms incentivize us to generate enough profits to fully pay back our investors before we receive any profit distributions.  We are fully committed to building a long-term viable business and hence have structured the terms in such a way for us to do so.

Sorry for the confusion and hope this clarifies things.

-Paul