On track to getting screwed over ? | I will not promote

Hi everybody, I'm new to the startup space as I am young (under 20) right out of school and the founder of this startup is incredibly young To set the scene, he is incredibly smart and has managed to raise a valuation near 5 million with many closing deals from VC's and has travelled from San Francisco around many other places. He has patented his own design, created the idea and works very hard I decided to work for him under a month ago where I was promised around 5% equity Unfortunately due to genuine constraints, I wasnt able to complete what we were hoping for within the few weeks timeframe. But still managed to build practically 90% of the underlying software. Lately he's been wanting to bring my equity down to a ballpark of around 0.2% per "milestone", capping at around 2.5-3% max. With salary Salary is not official, no official documents made / signed yet. Nor for equity. We agreed over words to have something around 2.5-3k a month, eventually raising to senior level +10k per month if all goes good. Issue is this is all word agreements. He promised to "treat me well" in the later future, hoping to get acquired in the future and bringing the startup to Silicon Valley in 1-2 years. We also have offers to work in offices ranging from NYC, Texas, S.F. etc. We ran into funding issues, we we're supposed to get 100k within this month. But I said its not an issue because we expect to get + 500k in the next few months, so we agreed we'd "deal with it later" when we have more cash. Right now I feel like I deserve better, I hear horror stories of "founding engineers" getting little to no equity, while everyone else gets massive returns. Plus I did all this work with no written agreement and small (300 ish dollars) per week as a trust salary. He admitted that I'm very hard working and talented (I am), but said there are many more talented kids out there with huge offers that could've built what I built in 1-2 days who hes in contact with (but most of them wont help). He said he'd rather give the 10-15% equity to THOSE kids instead of me, but "promised" I'd be in good hands in the later future I really need help / guidance as this is the first startup I've been in, and I genuinely believe we've made it far enough that I could be missing out on serious financial security. If he's already reluctant to give 5%, how can I possibly ask for more / reason with him to make me secure in this? His confidence is dwindling in me despite a clearly strong output, its just our time constraints and his belief that he may find better. I need serious guidance, we established a great working relationship and I really dont want to job hop again. Let me say one thing. I am the SECOND employee. Its literally just me and him building this, but again, hes reluctant to give a "co founder" position as he believe he can find more talented workers. Someone PLEASE give me direction and opinions. I know this is very schemy, so I'd prefer more directional advice considering he still has an open mind and he still needs me and my work. Thank you! Please be considerate that this is my first time in startup, not to mention technically my first IT / Software job I ever got.