When presenting to angel investors, it is important to understand the terms commonly used when evaluating an investment:

Definition of national association of securities dealers (NASD)

National Association of Securities Dealers or NASD is the largest securities-industry self-regulatory organization in the United States. The NASD develops rules and regulations, conducts regulatory reviews of members' business activities, disciplines violators, and designs, operates, and regulates securities markets and services for the benefit and protection of investors.