Personally I would expect to get a salary much closer to market-rate than "lodging and food plus some" from a company with $1m funding - especially if I was to

Personally I would expect to get a salary much closer to market-rate than "lodging and food plus some" from a company with $1m funding - especially if I was to be the lead developer and first employee. I would then consider 1-2% equity to be a not-unexpected bonus/incentive above-and-beyond. Difficult to be sure without knowing the full circumstances, but it sounds like a poor deal from what you've said.