cap-table

name: cap-table description: "Models cap-table mechanics for founders modeling dilution before signing — SAFE/note conversion, priced rounds with BBWA / narrow-based / full-ratchet anti-dilution, option-pool top-ups, warrants (cash and net-share exercise of vested outstanding warrants, deterministic pre-round pump), Israeli ↔ Delaware flips (1:1 share-for-share), MFN chains, pay-to-play, dual-class structures with voting-power render, Israeli §102 / IIA cap-table interactions, multi-scenario chained or independent rounds, and counsel-handoff packets citing NVCA, YC SAFE primer, Cooley GO. Use when a founder shares a SAFE, convertible note, term sheet, option plan, warrant, Articles of Association, or Carta XLSX. NOT for waterfall modeling, cumulative dividends, RSUs, 83(b), 409A, SPAC, or warrant repricing — see scope notes." when_to_use: > Use ONLY when the user has cap-table content (a signed or draft SAFE / note, a term sheet, a Carta XLSX export, a freeform spreadsheet cap-table, or a structured description of holders + outstanding instruments) AND has asked to model conversion math, project dilution, run a priced round, or evaluate a Delaware flip. Do not auto-invoke on general fundraising questions ("how much should I raise?"), term-glossary questions ("what is a SAFE?"), or for financial-model review (use financial-model-review skill instead). user-invocable: true

Cap-Table Skill

Model cap-table mechanics for founders so they understand what their term sheets, SAFEs, and convertible notes actually do to their ownership — before they sign. Produce rule-pack-cited math for SAFE conversion, convertible-note conversion, priced-round dilution, option-pool top-ups, anti-dilution, and Israeli ↔ Delaware flips. Every counsel-review item links back to a primary source (YC SAFE primer, NVCA model docs, Israeli Companies Law / Income Tax Ordinance, etc.). Tone is founder-first: a candid coach who's read the documents you can't be expected to read.

Skill Metadata

• Author: lool-ventures
• Version: managed in founder-skills/.claude-plugin/plugin.json
• Compatibility: Python 3.10+ and uv for script execution.
• Rule pack: consumes cap-table-rules.json at script runtime.
• Exports (full pipeline, in cap-table-{slug}/):
  • inputs.json + scenarios.json → financial-model-review (cross-validates revenue/dilution scenarios)
  • cap_state.json → ic-sim (IC partners ask about dilution exposure)
  • counsel_packet.json → fundraise-readiness (overall readiness scorecard)
  • report.json → fundraise-readiness, future cross-document-consistency skill
• Exports (fast-assess mode, in cap-table-{slug}-fastassess/):
  • fast_assess_only.json — sentinel marking that fast-assess ran (no canonical artifacts). See references/sentinel-schema.md. Future cross-skill consumers MUST check for this sentinel before treating a missing canonical artifact as "cap-table never ran."
  • report_fast_assess.md — founder-facing markdown deliverable
• Imports:
  • market-sizing:sizing.json — sanity-check that the planned raise + cap is consistent with modeled SAM/SOM
  • financial-model-review:report.json — current revenue scale + runway, to gate scenario plausibility

Skill Execution Model (READ FIRST)

This skill runs inline in the main thread (not as a sub-agent). The main thread has full tool access including Bash, and is responsible for orchestrating the full pipeline: running producer scripts, persisting artifacts, and dispatching the cap-table sub-agent at specific moments.

Two dispatch contexts for the sub-agent:

• Context A — Per-step analytical dispatch (Mitigation 1): Used ONLY for document-extraction lanes. Cap-table math is fully deterministic and rule-driven, so Context A is reserved for tasks that genuinely need semantic extraction from natural-language documents:

  • INSTRUMENT_EXTRACTION — extract terms from a PDF/DOCX SAFE, note, term sheet, or option plan
  • SPREADSHEET_STRUCTURE_DETECTION — identify which cells encode founders / preferred / options / convertibles in a freeform spreadsheet that doesn't match the Carta schema

  The sub-agent returns structured JSON. The main thread pipes the JSON through the validation producer (extract_instrument.py / extract_cap_table.py), which enforces the anti-hallucination gate. The sub-agent does NOT write artifacts directly.

• Context B — Post-compose coaching dispatch (POST_COMPOSE_COACHING): After compose_report.py writes report.md + report.json, the sub-agent is dispatched with the structured coaching_payload inlined. It performs Grep idempotency, edits report.md at the per-run uuid marker to add ## Coaching Commentary, Grep-verifies all canonical artifacts share the same run_id, and returns a success/blocked payload.

Why this model: In Cowork, sub-agents have a restricted tool allowlist (no Bash). By keeping orchestration in the main thread and dispatching sub-agents only for analytical or post-compose tasks that use only Read/Edit/Glob/Grep, the pipeline works correctly in both Claude Code (CLI) and Cowork.

Tolerant JSON extraction protocol (Context A): After dispatching the sub-agent, capture its final assistant message. The sub-agent should return raw JSON, but may wrap it in ```json ... ``` fences or add a prose preamble. Extract JSON tolerantly:

1. If the message is wrapped in a ```json ... ``` (or plain ``` ... ```) fence, strip the fence first.
2. Try to parse the stripped text directly as JSON.
3. If that fails, walk through the text looking for the first { character and try json.JSONDecoder().raw_decode(text[i:]) — this is brace-aware and handles nested objects correctly (unlike regex, which truncates on the first }).
4. If extraction fails entirely, re-prompt the sub-agent with: "Your previous reply could not be parsed as JSON. Return ONLY the JSON object — no markdown fences, no prose preamble."

See founder-skills/references/skill-execution-model.md for the full inline-skill execution model (3 dispatch contexts, Mitigation 1+2, producer contract, Cowork quirks, per-symptom triage).

Input Formats — Four Lanes

Each lane produces normalized instruments.json and/or cap_state.json plus an extraction_audit.json trail. The main thread picks the lane from the founder's input type.

• Lane 1 — Single instrument (PDF / DOCX). Typical: 5–15 page SAFE, term sheet, convertible note, option plan, or Articles of Association. Main thread reads via the Read tool (native PDF support, up to 20 pages per call; longer docs use pages parameter). For SAFEs/notes/term-sheets/option-plans: dispatch Context A INSTRUMENT_EXTRACTION; pipe returned JSON through extract_instrument.py. For AoAs: dispatch Context A ARTICLES_OF_ASSOCIATION_EXTRACTION; pipe returned JSON through extract_aoa.py which validates + merges preferred-series terms into inputs.json.preferred_series[]. User confirmation via AskUserQuestion before math runs.
• Lane 2 — Carta XLSX export. Typical: multi-sheet XLSX (Securities, Convertibles, Stakeholders). extract_cap_table.py --mode=carta reads the sheet-name fingerprint and maps known columns → canonical schema. User confirms ambiguous mappings. See references/carta-pulley-mapping.md for the column-mapping table. Pulley is not yet supported end-to-end (--mode=pulley is a stub that returns a structured blocker pointing to --mode=freeform); restore when a real Pulley XLSX is available to verify against.
• Lane 3 — Freeform spreadsheet (founder's Excel). Arbitrary structure. extract_cap_table.py --mode=freeform extracts cells + sheet structure. Dispatches Context A SPREADSHEET_STRUCTURE_DETECTION to identify cell semantics. Validation gate enforces per-field confidence before commit.
• Lane 4 — Structured JSON paste / conversational. Founder pastes pre-built JSON or describes their cap-table in chat. Direct heredoc into inputs.json / instruments.json; still flows through extract_cap_table.py --mode=validate for schema enforcement.

Available Scripts

All scripts live at ${CLAUDE_PLUGIN_ROOT}/skills/cap-table/scripts/:

• extract_instrument.py — Validates Lane-1 sub-agent output against the per-instrument schema; anti-hallucination gate (per-field confidence; "did you find this verbatim in the document"). Accepts: safe, convertible_note, convertible_loan_agreement (Israeli CLA), convertible_security (YC pre-SAFE form), term_sheet, option_plan, warrant, non_instrument.
• extract_aoa.py — Validates Lane-1 sub-agent output for Articles of Association (separate sub-context ARTICLES_OF_ASSOCIATION_EXTRACTION). Per-preferred-series field gates; detects 4 Israeli AoA counsel-review items (israeli_aoa.* rule pack domain): drag-along < 75%, §102 plan absent, liquidation preference > 1x, full-ratchet anti-dilution. With --inputs flag, merges validated preferred_series block into inputs.json.preferred_series[] with extraction provenance stamp.
• extract_cap_table.py — Lane-2/3/4 cap-table extraction; modes: carta, pulley, freeform, validate. Emits cap_state.json + instruments.json + extraction_audit.json.
• cap_state.py — Reads inputs.json + instruments.json; computes as-converted totals; writes cap_state.json. Validates per the §11 schema. Note: the YC Company Capitalization denominator scoping (Gotcha #1) is enforced here — as_converted_totals.* is the pre-financing snapshot.
• rule_audit.py — Two-phase: --phase=pre_math writes the gating block (per-rule, per-instance status + scope + overlays) BEFORE math runs; --phase=post_math composes watchlist + counsel-review items AFTER math. Math producers consume the gating block.
• run_scenario.py — Solver / orchestrator (NOT a fixed chain). Builds a dependency graph; classifies independent vs coupled computations; algebraic resolution first, fixed-point iteration as fallback for non-linear systems (discount-only SAFEs). Convergence threshold + max iterations are parameterized.
• safe_conversion.py — SAFE conversion math (cap-only, cap-plus-discount, discount-only, uncapped-MFN). Binds rule-pack inputs per the §5.1 binding table (see design doc).
• note_conversion.py — Convertible-note conversion math (cap, discount, both, repay, extend, counsel-review, override branches). Binds rule-pack inputs per the §5.2 binding table.
• priced_round.py — Priced-round math (pre-money, new-money, pool top-up, anti-dilution). Coupled with SAFE/note conversion via the solver.
• option_pool.py — Option-pool top-up math (rule pack option_pool.pre_money_topup). Uses target_basis denominator.
• anti_dilution.py — BBWA / full-ratchet anti-dilution (Gotcha #2 enforced here).
• flip_scenario.py — Israeli ↔ Delaware flip mechanics (v0.1: share-for-share 1:1 only — see Gotcha #7).
• counsel_packet.py — Extracts counsel-review items from rule_audit.json into a standalone counsel-handoff packet.
• compose_report.py — Assembles all artifacts into report.md + report.json (with embedded coaching_payload block). Cross-artifact validation; emits per-uuid coaching insertion marker.
• visualize.py — Generates report.html (self-contained, vendored Chart.js + inline SVG).
• explore.py — Generates explorer.html (polished interactive scenario tool; demo/video-friendly).
• _dispatch_json.py — Tolerant JSON extraction for Context A returns.

Also available from ${CLAUDE_PLUGIN_ROOT}/scripts/ (shared):

• founder_context.py — Per-company context management (init/read/merge/validate)
• find_artifact.py — Resolves artifact paths by skill name, artifact filename, optional company slug

Run with: python3 ${CLAUDE_PLUGIN_ROOT}/skills/cap-table/scripts/<script>.py --pretty [args]

Available References

Read as needed from ${CLAUDE_PLUGIN_ROOT}/skills/cap-table/references/:

• cap-table-reference.md — Domain primer: SAFE mechanics, note mechanics, anti-dilution formulas, §102/3(i)/85A/104H/103K, IIA royalty mechanics, BBWA formula, counsel-review semantics. Read before implementing any math producer.
• cap-table-rules.json (v0.2.8+) — The executable reference layer; 44 rules across 9 domains with formulas, inputs, outputs, source citations, date_window semantics, behavior_target (script_formula / validation_rule / warning_rule / counsel_review_flag / benchmark / source_note). Every math producer loads this at start.
• cap-table-rules.schema.json — JSON Schema for the rule pack (Draft 2020-12). The schema description on counsel_review is the authoritative definition of "reliance boundary, not confidence score" (see Gotcha #9).
• schemas/ — JSON Schemas (Draft 2020-12) for every artifact: inputs.schema.json, instruments.schema.json, cap_state.schema.json, scenarios.schema.json, rule_audit.schema.json, counsel_packet.schema.json. Each producer script validates against the matching schema.
• carta-pulley-mapping.md — Per-vendor column-mapping table for Lane 2 extraction.

Artifact Pipeline

Every cap-table engagement deposits structured JSON artifacts into a working directory. The final step assembles them into a report and validates consistency. This is not optional.

Rules:

• Deposit each artifact before proceeding to the next step.
• Math producers consume rule_audit.json.gating[R][I] for rule-applicability decisions — NOT the rule pack directly. The two-phase split is what makes this work.
• For producer-script artifacts, the agent supplies JSON on stdin where applicable; the script schema-validates against references/schemas/<artifact>.schema.json. Never write artifacts directly via Write or Edit — always pipe through the producer script so metadata.run_id is injected and schemas are enforced.
• compose_report.py enforces that all required artifacts share the same run_id and emits STALE_ARTIFACT warnings on mismatch.

Keep the founder informed with brief, plain-language updates at each step. Never mention file names, scripts, or JSON. After each major step (extraction, scenarios, counsel), share a one-sentence finding before moving on.

Workflow

Step 0: Path Setup

SCRIPTS="${CLAUDE_PLUGIN_ROOT}/skills/cap-table/scripts"
REFS="${CLAUDE_PLUGIN_ROOT}/skills/cap-table/references"
SHARED_SCRIPTS="${CLAUDE_PLUGIN_ROOT}/scripts"
ARTIFACTS_ROOT="${ARTIFACTS_ROOT:-$(pwd)/artifacts}"
mkdir -p "$ARTIFACTS_ROOT"

# Per-run identifier — used by every producer's --run-id. Stays constant
# across the whole engagement (compose enforces parity).
RUN_ID="${RUN_ID:-$(date -u +%Y%m%dT%H%M%SZ)}"

If CLAUDE_PLUGIN_ROOT is empty OR the path it resolves to does not exist in your environment (in Claude Cowork it substitutes to a host-side path that is not present inside the session VM — test with ls), fall back: Glob for **/skills/cap-table/scripts/cap_state.py, strip to get SCRIPTS, derive REFS and SHARED_SCRIPTS. In Claude Cowork this is always the case — don't retry the substituted path; go straight to the Glob fallback. If Glob returns multiple matches, prefer the one under a plugin mount (.remote-plugins/ or the plugins cache) over any workspace copy. If Glob returns nothing, locate it with Bash: find / -path '*/skills/cap-table/scripts/cap_state.py' 2>/dev/null | head -5.

After Step 1 (when the company slug is known), derive REVIEW_DIR. Two modes:

• Full pipeline (default — when the founder shared a document, asked for the full review, counsel packet, or interactive explorer, OR when there's no existing full review for this slug): REVIEW_DIR="$ARTIFACTS_ROOT/cap-table-$SLUG".
• Fast-assess mode (Phase O — short directional answer to a conversational question, no document attached, no explicit "full review" request): REVIEW_DIR="$ARTIFACTS_ROOT/cap-table-$SLUG-fastassess". Run quick_assess.py (Step 5-fast) instead of Steps 2–11. Total wall-clock under 60 seconds.

Slug discipline: Use the slug returned by founder_context.py VERBATIM in directory names — never invent ad-hoc suffixes (e.g. appending -seed, -round, or any other qualifier). Downstream find_artifact.py lookups resolve by that slug; a mismatched directory is invisible to the cross-skill layer.

# Choose ONE based on the routing decision above.
REVIEW_DIR="${REVIEW_DIR:-$ARTIFACTS_ROOT/cap-table-$SLUG}"          # full pipeline
# REVIEW_DIR="${REVIEW_DIR:-$ARTIFACTS_ROOT/cap-table-$SLUG-fastassess}"  # fast-assess
mkdir -p "$REVIEW_DIR"
mkdir -p "$REVIEW_DIR/.staging"   # for ad-hoc sub-agent JSON staging

Routing heuristics. Default to fast-assess for first-touch when the founder has not attached a document AND has not asked for "the full review", "counsel packet", "report", "explorer", or "deep dive". Otherwise default to full pipeline. If an existing cap-table-$SLUG/report.json is present (full review already on disk), ask via AskUserQuestion whether the founder wants to use the existing full review or start a fresh fast-assess.

Step 1: Read or Create Founder Context

python3 "$SHARED_SCRIPTS/founder_context.py" read --artifacts-root "$ARTIFACTS_ROOT" --pretty

Exit 0 (found): Use the company slug and pre-filled fields. Proceed to Step 2.

W_SECTOR_TYPE_UNKNOWN is benign for cap-table engagements. If founder_context.py emits a W_SECTOR_TYPE_UNKNOWN warning (triggered by free-text sectors such as "technology"), proceed — sector_type is not read by any cap-table rule or script, so this warning has no effect on cap-table math or counsel-review gating. Do not re-prompt the founder just to resolve it.

Exit 1 (not found): This is normal for a first run — do not treat it as an error. Use AskUserQuestion (NOT plain chat) to ask for company name, stage, sector, and geography. Provide at least 2 options. Then create:

python3 "$SHARED_SCRIPTS/founder_context.py" init \
  --company-name "Acme Corp" --stage seed --sector "B2B SaaS" \
  --geography "US" --artifacts-root "$ARTIFACTS_ROOT" \
  --run-id "$RUN_ID"

Exit 2 (multiple): Present the list, ask which company, re-read with --slug.

Step 2: Confirm Engagement Mode + Jurisdiction → inputs.json

Ask the founder via AskUserQuestion (NOT plain chat):

1. Mode: "Is this a flip-focused engagement (Israeli → Delaware), or a standard cap-table modeling engagement?" Options: standard | flip_focused.
2. Jurisdiction structure: Options: delaware | israeli | delaware_with_israeli_sub | mid_flip.
3. IIA grant history (Israel-context only): "Has the Israeli entity received any IIA / OCS grants?" Options: yes | no | not_sure.

Then build inputs.json via heredoc. The skeleton below is the minimal shape (no founders, no pool, no preferred) — useful only for flip-focused engagements that read existing artifacts. For any engagement where someone owns shares, also include founders[] and option_pool blocks. See references/inputs-skeleton.md for the full common-case shape, the validator-strictness gotcha (unknown keys are silently dropped), and the plan_type / OIP-OCP-CCP field meanings.

cat <<INPUTS_EOF > "$REVIEW_DIR/inputs.json"
{
  "company_name": "Acme Corp",
  "analysis_date": "$(date -u +%Y-%m-%d)",
  "mode": "standard",
  "jurisdiction": {
    "structure": "delaware",
    "incorporated_date": "2024-06-01",
    "iia_grants_history": {"has_grants": false, "grant_details": []}
  },
  "event_dates": {
    "restructuring_effective_date": null,
    "restructuring_approval_date": null,
    "filing_date": null,
    "tax_position_date": null,
    "flip_closing_date": null,
    "benchmark_reference_date": null
  },
  "founders": [
    {"name": "Founder A", "founder_id": "founder_a", "common_shares": 10000000}
  ],
  "option_pool": {
    "plan_type": "iso",
    "authorized": 1500000,
    "issued": 0,
    "unallocated": 1500000
  },
  "engagement_questions": [],
  "metadata": {"run_id": "$RUN_ID", "schema_version": "v0.5.0-inputs"}
}
INPUTS_EOF

founders[] and option_pool are required for any engagement with shares. The schema marks them optional, but cap_state.py produces an empty pre-financing snapshot if either is missing — with no warning. Read references/inputs-skeleton.md if your scenario has preferred series, common_batches, or non-standard option-plan jurisdictions.

metadata.schema_version is required on inputs.json ("v0.5.0-inputs"), instruments.json ("v0.5.0-instruments"), and cap_state.json ("v0.5.0-cap-state"). Producer scripts inject the value when they write; founder-supplied heredoc inputs must include it explicitly or extract_cap_table.py --mode=validate rejects with E_SCHEMA_VERSION_MISMATCH. Common field-name gotchas: preferred_series[].shares (not shares_outstanding); preferred_series[].series_name (not series_label); preferred_series[].liquidation_preference_type (not participation); founders[].common_shares (not shares). preferred_series[] lives in inputs.json, NOT instruments.json — the instruments schema has no preferred_series key; an unknown top-level key in instruments.json is silently dropped rather than rejected, so there is no schema error to catch the mistake.

option_pool.plan_type enum: iso | nso | section_102_cg | section_102_oi | section_3i | mixed. The Israeli §102 capital-gains track is section_102_cg — there is no "israeli_102" or "102_cg" value; those fail validation. See references/inputs-skeleton.md for the jurisdiction-to-plan_type mapping table.

Omit unknown optional fields rather than writing null, EXCEPT fields the skeleton explicitly shows as null — those are schema-nullable (["string","null"] or ["number","null"]) and keeping them as null is correct. Most other schema fields are typed non-nullable (e.g., jurisdiction.incorporated_date is string, not string | null); writing null for those fails validation. Fields shown in the Step 2 skeleton with values are either required or strongly recommended. jurisdiction.incorporated_date matters for §102/QSBS date math — ask the founder rather than omitting if the engagement touches those.

Validate immediately:

python3 "$SCRIPTS/extract_cap_table.py" --mode=validate --dir "$REVIEW_DIR"

Step 3: Ingest Instruments → instruments.json

Route by input format. Each lane has a dedicated dispatch + validation protocol — read the matching lane reference before executing.

Lane 1 invocation pattern — after capturing the sub-agent's JSON reply into a shell variable or staging file, pipe it through extract_instrument.py like this:

cat <<'EXTRACT_EOF' | python3 "$SCRIPTS/extract_instrument.py" \
  --instruments "$REVIEW_DIR/instruments.json" \
  --source-doc "$SOURCE_DOC_PATH" \
  --run-id "$RUN_ID" --pretty
<JSON extracted from sub-agent reply>
EXTRACT_EOF

extract_instrument.py reads the sub-agent JSON from stdin and updates --instruments in place — there is no -o flag. If the id already exists in the target array you'll get E_DUPLICATE_INSTRUMENT_ID; re-run with --replace to overwrite the existing entry instead.

Dispatch independence rule (CRITICAL): the sub-agent dispatch prompt for INSTRUMENT_EXTRACTION contains the document text and the GENERIC extraction rules only. NEVER include per-document hints, expected values, or pre-decided classifications in the dispatch prompt (e.g. "this doc's form is cap_plus_discount", "use issuance_date 2024-01-15") — the sub-agent's reading must be independent. The verification stack (evidence_verifier.py → invariant_checker.py → cross_checker.py) exists to catch divergence; a led witness cannot diverge. Generic normalization rules (e.g. '"Discount Rate is 80%" means multiplier 0.80') are field semantics, not per-document answers — those belong in the dispatch prompt.

Verification stack (Lane 1 and any other lane that piped through extract_instrument.py): forward evidence_verifier.py → invariant_checker.py → cross_checker.py → optional backward_verifier.py. All default-on; see the Lane 1 reference for the receipt schema, attention_needed_fields semantics, and when to run backward verification.

Lane 4 instruments.json SAFE skeleton (use when authoring by heredoc or conversational reconstruction):

{
  "safes": [
    {
      "id": "safe_1",
      "investor_name": "Investor Name",
      "purchase_amount": 500000,
      "post_money_valuation_cap": 5000000,
      "discount_multiplier": null,
      "form": "yc_postmoney_cap",
      "issuance_date": "2025-06-01",
      "extraction_confidence": "high"
    }
  ],
  "convertible_notes": [],
  "warrants": [],
  "option_grants": [],
  "metadata": {"run_id": "<RUN_ID>", "schema_version": "v0.5.0-instruments"}
}

Field-name traps: it's purchase_amount (not principal — that's convertible notes), post_money_valuation_cap (not valuation_cap), form (not safe_type/instrument_type), id (not safe_id). The form enum values are: yc_postmoney_cap, yc_postmoney_discount, yc_uncapped_mfn, cap_plus_discount, yc_premoney_cap_only, pre_money_cap_and_discount_legacy, other. For a cap-AND-discount SAFE use form: "cap_plus_discount" with BOTH post_money_valuation_cap and discount_multiplier non-null.

Field-name boundary — id vs safe_id: When authoring or validating instruments.json, each SAFE object uses the field name id (e.g. "id": "safe_seed_1"). The field safe_id appears ONLY in cap_state.json output objects, where cap_state.py renames it for that artifact. Never write safe_id into instruments.json; the schema will reject it as an unknown key, and cap_state.py will raise E_SAFE_MISSING_FIELD.

After Step 3 completes, instruments.json is committed and the run proceeds to Step 4.

Step 4: Compute Cap State → cap_state.json

python3 "$SCRIPTS/cap_state.py" \
  --inputs "$REVIEW_DIR/inputs.json" \
  --instruments "$REVIEW_DIR/instruments.json" \
  --run-id "$RUN_ID" \
  -o "$REVIEW_DIR/cap_state.json" --pretty

The script computes the pre-financing as_converted_totals (Gotcha #1 enforced structurally) and validates against references/schemas/cap_state.schema.json.

Step 4.5: Pre-Math Rule Audit → rule_audit.json (gating block)

python3 "$SCRIPTS/rule_audit.py" --phase=pre_math \
  --inputs "$REVIEW_DIR/inputs.json" \
  --instruments "$REVIEW_DIR/instruments.json" \
  --cap-state "$REVIEW_DIR/cap_state.json" \
  --run-id "$RUN_ID" \
  -o "$REVIEW_DIR/rule_audit.json" --pretty

Math producers in Step 5 consume rule_audit.json.gating[R][I] — they do NOT re-evaluate rule applicability. This is the only place status is computed.

Step 5-fast (FAST-ASSESS MODE ONLY): Run quick_assess.py and exit

When the routing decision in Step 0 picked fast-assess, skip Steps 2–11 entirely. Run:

python3 "$SCRIPTS/quick_assess.py" \
  --inputs "$REVIEW_DIR/inputs.json" \
  --safes "$REVIEW_DIR/safes.json" \
  --pre-money 20000000 --new-money 5000000 \
  --review-dir "$REVIEW_DIR" \
  --run-id "$RUN_ID" \
  --founder-prompt "<the founder's raw prompt>" \
  --pretty

--safes takes a BARE JSON ARRAY of SAFE objects (not the instruments.json envelope). Write a file that starts with [ — an array of SAFE instrument objects — not {"safes": [...]}.

Never assume a pool top-up. Pass --target-pool-percent X --target-basis post_money ONLY when the founder stated a pool target (or confirmed one when you asked). Otherwise run WITHOUT those flags — the report then carries an explicit "No pool top-up modeled" note, and you offer the 10% what-if as a follow-up re-run. A silently assumed pool target materially changes the founder's headline ownership; it is the founder's negotiation variable, not yours.

Inputs are built from the founder's conversational description via AskUserQuestion (Lane 4 only — fast-assess does NOT invoke Lane-1/2/3 extractors). Do not skip the question gate, and do not split it: batch everything still missing into ONE AskUserQuestion call before running — typically jurisdiction structure (if not obvious), IIA/OCS grant history (Israeli companies), and pool-target intent. If the founder's message already supplied everything, ask nothing and run. When you present the result, state in one line any flag choices that encode an assumption (e.g. "modeled with no pool top-up" / "modeled with the 10% post-money pool you mentioned"). The script writes:

• ${REVIEW_DIR}/fast_assess_only.json — sentinel for downstream consumers
• ${REVIEW_DIR}/report_fast_assess.md — 1-page founder-facing markdown

Read report_fast_assess.md and present its numbers verbatim to the founder — never re-derive or reconstruct the ownership table in chat. If you computed preliminary estimates while gathering inputs, discard them in favour of the script output. The script is the authoritative source; hand-reconstructed math will diverge from the fixed-point solver result. This includes the dilution explanation — use the share counts from the report; never re-derive top-up or conversion shares by hand. For what-if follow-ups (e.g. "what if we top up the pool to 10%?"), re-run quick_assess.py with the changed flag and present the new report — never estimate the answer by hand.

Total wall-clock: under 60 seconds. Then jump to Step 12: Deliver Artifacts with the fast-assess deliverable. Offer the founder a follow-up: "I gave you the directional answer — want the full review with counsel packet and interactive explorer?"

Step 5: Determine Scenarios + Run Math → scenarios.json

Ask the founder via AskUserQuestion which scenarios to model (1–4 in v0.1). Common patterns:

• Standalone SAFE conversion (cap-implied math; no priced round): {type: "safe_conversion", parameters: {}}
• Series A priced round: {type: "priced_round", parameters: {pre_money, new_money, target_pool_percent, target_basis}}
• Convertible note conversion at financing: {type: "note_conversion", parameters: {transaction_event_date, priced_round_new_money, qualified_financing_price}}
• Israeli ↔ Delaware flip (only when mode=flip_focused or explicitly requested): {type: "flip", parameters: {iia_grants_in_history, section_102_grants_outstanding}}

Write the scenario-request list to a temp file:

cat <<SCENARIOS_EOF > "$REVIEW_DIR/scenario_requests.json"
[
  {"scenario_id": "base", "label": "Base case", "type": "safe_conversion", "parameters": {}},
  {"scenario_id": "series_a", "label": "Series A at \$20M pre / \$5M raise",
   "type": "priced_round",
   "parameters": {"pre_money": 20000000, "new_money": 5000000,
                  "target_pool_percent": 0.10, "target_basis": "pre_money"}}
]
SCENARIOS_EOF

Then run all scenarios:

python3 "$SCRIPTS/run_scenario.py" \
  --inputs "$REVIEW_DIR/inputs.json" \
  --instruments "$REVIEW_DIR/instruments.json" \
  --cap-state "$REVIEW_DIR/cap_state.json" \
  --scenarios-input "$REVIEW_DIR/scenario_requests.json" \
  --run-id "$RUN_ID" \
  -o "$REVIEW_DIR/scenarios.json" --pretty

run_scenario.py dispatches to the right math producer per scenario type and consumes the gating block from Step 4.5. After this completes, share a one-sentence finding per scenario with the founder (e.g., "Series A drops your stake from 87% to 64%; the 10% pool top-up costs you ~3pp").

scenarios.json ownership shape: per-holder ownership percentages live in scenarios.json → scenarios[n].computed_outputs.aggregate_ownership_by_class (an object keyed by class, e.g. {"founders": 0.64, "preferred": 0.26, "option_pool": 0.10}). Per-holder share counts and full ownership tables are rendered in report.md's tables by compose_report.py. There is no post_financing_table.rows field in scenarios.json — do not look for one there.

Step 6: Post-Math Rule Audit → rule_audit.json (watchlist + counsel items)

python3 "$SCRIPTS/rule_audit.py" --phase=post_math \
  --inputs "$REVIEW_DIR/inputs.json" \
  --scenarios "$REVIEW_DIR/scenarios.json" \
  --run-id "$RUN_ID" \
  -o "$REVIEW_DIR/rule_audit.json" --pretty

The gating block from Step 4.5 is preserved verbatim; this phase adds watchlist + counsel items. --inputs and --scenarios are required for runtime-event counsel-rule gating — the anti_dilution.stale_ccp_detected, anti_dilution.cp2_floor_applied, anti_dilution.pay_to_play_provision_detected, and four anti_dilution.solver_* rules each fire only when their underlying runtime event actually occurred (solver warning emitted, AoA P2P pattern detected, etc.). Without the flags, those rules default to suppressed — safe (no false positives) but produces false negatives instead. Always pass both.

Step 7: Counsel Packet → counsel_packet.json + counsel_packet.md

python3 "$SCRIPTS/counsel_packet.py" \
  --rule-audit "$REVIEW_DIR/rule_audit.json" \
  --inputs "$REVIEW_DIR/inputs.json" \
  --scenarios "$REVIEW_DIR/scenarios.json" \
  --run-id "$RUN_ID" \
  -o "$REVIEW_DIR/counsel_packet.json" \
  --write-md "$REVIEW_DIR/counsel_packet.md" --pretty

Step 8: Compose Report → report.md + report.json

python3 "$SCRIPTS/compose_report.py" \
  --dir "$REVIEW_DIR" --run-id "$RUN_ID" \
  -o "$REVIEW_DIR/report.json" \
  --write-md "$REVIEW_DIR/report.md" --pretty

compose_report.py validates run_id parity (emits STALE_ARTIFACT warning on mismatch) and writes the per-run uuid insertion_marker Context B will use in Step 11.

Post-write verification: compose_report.py exits non-zero (code 2) if the output files don't exist or are empty. If compose exits non-zero, stop and report the exact stderr — do not proceed to Step 9.

Step 9: Generate report.html

python3 "$SCRIPTS/visualize.py" --dir "$REVIEW_DIR" -o "$REVIEW_DIR/report.html"

Step 10: Generate explorer.html

python3 "$SCRIPTS/explore.py" --dir "$REVIEW_DIR" -o "$REVIEW_DIR/explorer.html"

Step 11: Post-Compose Coaching Commentary (Context B dispatch — POST_COMPOSE_COACHING)

Dispatch the cap-table sub-agent in Context B. Dispatch via the Task tool after compose_report.py has successfully written both report.json and report.md.

Mitigation 2 protocol: the main thread reads the structured coaching_payload from report.json and inlines it into the dispatch prompt. The sub-agent does NOT Read full report.md — it consumes coaching_payload directly.

COACHING_PAYLOAD="$(python3 -c '
import json, sys
data = json.load(open(sys.argv[1]))
print(json.dumps(data["coaching_payload"], indent=2))
' "$REVIEW_DIR/report.json")"

Dispatch prompt template:

CONTEXT: POST_COMPOSE_COACHING

You are dispatched to add coaching commentary to a cap-table report.

The compose_report.py script has finished. The structured `coaching_payload`
from report.json is:

<paste $COACHING_PAYLOAD JSON here verbatim>

Follow your agent body's Context B procedure (POST_COMPOSE_COACHING):

1. grep_idempotency_check — Grep "## Coaching Commentary" (output_mode:count)
   and Grep the EXACT coaching_payload.insertion_marker (output_mode:count)
   on coaching_payload.report_path. Apply the 6-state decision matrix.
2. Compose commentary from the inlined coaching_payload (scenario_digest,
   ownership_range_across_scenarios, top_dilution_drivers,
   counsel_review_summary, date_sensitive_summary, flip_specifics).
   Do NOT Read the full report.md.
3. edit_via_marker — single Edit on coaching_payload.report_path:
     old_string = coaching_payload.insertion_marker  (EXACT uuid string)
     new_string = "## Coaching Commentary\n\n<your commentary>"
4. self_verify_artifacts_via_grep_run_id — Grep run_id from each producer
   artifact (inputs, instruments, cap_state, scenarios, rule_audit,
   counsel_packet). All 6 must match. Re-Grep the marker (must be 0)
   and the "## Coaching Commentary" header (must be 1) on report.md.
5. Return the success payload (per agent body Context B step 5).

Stop after returning JSON. Do not narrate.

After the sub-agent returns: apply the tolerant JSON extraction protocol to obtain the success/blocked payload. If status == "blocked", stop and report the reason. If status == "complete", present report_path to the founder.

Inline alternative (permitted but discouraged). The Context B procedure above can also be executed by the main thread directly: read coaching_payload from report.json, compose commentary, run the same Grep idempotency check, and use Edit on the insertion_marker. This is functionally equivalent for outputs but bypasses the fresh-sub-agent isolation that protects Context A's verifier loop from Context B reasoning. Prefer the dispatched path. The privacy boundary (no investor names, no document text in coaching commentary) is enforced at compose time by _assert_coaching_payload_privacy_clean() in compose_report.py — that check runs regardless of dispatch path, so the privacy invariant holds even when inline is used.

Step 12: Deliver Artifacts

Copy human-readable deliverables to workspace root with company-slug prefix:

SLUG_TITLE="$(echo $SLUG | sed 's/-/_/g' | awk '{for(i=1;i<=NF;i++) $i=toupper(substr($i,1,1)) substr($i,2)} 1')"
cp "$REVIEW_DIR/report.md"     "${SLUG_TITLE}_Cap_Table.md"
cp "$REVIEW_DIR/report.html"   "${SLUG_TITLE}_Cap_Table.html"
cp "$REVIEW_DIR/explorer.html" "${SLUG_TITLE}_Cap_Table_Explorer.html"
cp "$REVIEW_DIR/counsel_packet.md" "${SLUG_TITLE}_Counsel_Packet.md"

rm -rf "$REVIEW_DIR/.staging" 2>/dev/null || true
# In Cowork, the outputs sandbox may deny file deletion — that's fine; leave
# staging files in place. The || true above ensures the step never fails.

Fixing a bad artifact (Cowork-safe): to correct a wrong artifact, overwrite it in place by re-running the producer script that writes it (e.g., re-run cap_state.py / extract_instrument.py --replace / compose_report.py). Do NOT delete-and-recreate; deletion may be denied in Cowork. Writing (overwriting) is always permitted.

In flip-focused mode, the flip-impact narrative is rendered as a dedicated section inside report.md by the standard compose pipeline — no separate file.

The structured-artifact set (inputs.json, instruments.json, cap_state.json, scenarios.json, rule_audit.json, counsel_packet.json, report.json) stays inside $REVIEW_DIR for cross-skill consumption and archival.

Gotchas

These are the cap-table-specific correctness traps. Each is a real source of math or legal-conclusion error in shipped cap-table tools. Read before implementing the corresponding script.

1. YC Company Capitalization denominator excludes new-money + new-pool

safe.post_money_cap_conversion needs company_capitalization as its denominator. The shipped rule (safe.company_capitalization_yc_post_money) defines it as pre_financing_common_equivalents + promised_options + unissued_option_pool + converting_securities — specifically excluding new-money financing shares and most post-financing pool increases. The rule pack flags any model that includes either as a hard warning.

Always bind from cap_state.as_converted_totals.* (the pre-financing snapshot) — never re-derive from a post-money figure. See design doc §5.1 binding table.

2. BBWA anti-dilution divisor uses CP1, not Original Issue Price

The Broad-Based Weighted Average formula: CP2 = CP1 × (A + B) / (A + C) where B = consideration_received / CP1 (the current conversion price), not consideration / original_issue_price. Cooley GO and NVCA Model Cert §4.4.4 both use CP1; using OIP under-protects investors and mis-models down rounds.

3. discount_multiplier is the multiplier, not the percent

0.80 means "convert at 80% of the priced-round price" (a 20% discount). 20 would mean "convert at 2,000% of the priced-round price." The field is named _multiplier (not _rate or _percent) to make this unambiguous; the rule safe.discount_rate_semantics enforces the semantic. Document extraction must convert any percent value to the multiplier form before writing to instruments.json.

4. MFN cherry-pick chains can be circular

When SAFE A's mfn_provision.elected_against_safe_id points to SAFE B, the founder is asking to inherit B's terms. If B is also yc_uncapped_mfn pointing back at A (or at another uncapped-MFN SAFE in a chain), there's no anchor price and the system has no real-valued solution. run_scenario.py detects this with a circular-reference guard and raises E_SAFE_REQUIRES_CONVERSION_EVENT for both with a "circular MFN reference" note. Don't try to resolve by picking one — fail loudly.

5. maturity_conversion_price_override ONLY applies to convert_at_cap

The override exists specifically to unblock the case where a note has maturity_default_treatment = convert_at_cap but valuation_cap is null (e.g., document-defined non-cap conversion). Pairing the override with repay / extend / counsel_review is a contract violation (E_NOTE_OVERRIDE_BRANCH_MISMATCH) — those treatments don't produce a conversion price, so an override price has nothing to override.

6. §102 trustee deposit date is NOT the same as grant_date

Section 102(b) capital-gains route requires that options be held in trust for 24 months from the trustee deposit date, which is typically a few days to weeks AFTER the grant date. Confusing the two silently breaks every §102 holding-period assertion. The instruments.option_grants[] schema carries grant_date AND section_102_trustee_deposit_date as separate fields for this reason.

7. The Israeli → Delaware flip is share-for-share ONLY in v0.1

Real flips often involve share exchange ratios other than 1:1, partial roll-forward of SAFEs/CLAs, and adjustment for option-plan continuity. v0.1 models only the 1:1 share-for-share case; anything else exits with "flip ratio modeling deferred to v0.2 — counsel-review required." SAFE/CLA conversion + pricing run as a SEPARATE priced-round scenario before or after the flip, not as part of the flip math. Don't try to collapse them.

8. QSBS post-OBBBA start date is 2025-07-05, not 2025-07-04

Public Law 119-21 §70431 applies to stock acquired after July 4, 2025 (the enactment date). With the rule pack's inclusive >= start semantics, the first in-window day is 2025-07-05. The off-by-one is the difference between "QSBS gain exclusion applies" and "doesn't" for stock issued on July 4 itself. Verify before applying to any issuance date in early July 2025.

9. counsel_review: true is a reliance boundary, NOT a confidence score

A rule can be confidence: high AND counsel_review: true simultaneously. counsel_review tells the script what it may conclude (flag / ask / handoff — never legal conclusion / tax classification / eligibility determination); confidence tells the script how strong the underlying sourcing is. Don't downgrade a well-sourced rule to medium just because it's flagged for counsel review. The schema description on cap-table-rules.schema.json and the "Counsel Review Semantics" section of cap-table-reference.md are the authoritative definitions.

10. Standalone cap SAFEs produce cap-implied output ONLY — not a post-financing table

A yc_postmoney_cap or cap_plus_discount SAFE standalone (no priced round) CAN produce cap_implied_ownership, safe_price, and cap-implied shares — these are deterministic from the cap and company_capitalization alone. It CANNOT produce a post-financing ownership table or Founder Impact Lens, because those describe dilution from new money + pool top-up that hasn't happened. Scenarios in this state get completeness = structural_only with cap_implied_only sub-flag. Render "Cap-implied ownership (pre-financing)" — never fabricate post-financing rows.

11. Carta and Pulley export column conventions differ

Both ship multi-sheet XLSX exports, but the sheet names, column ordering, and convertible-instrument representations are NOT interchangeable. references/carta-pulley-mapping.md carries the per-vendor column-mapping table; Lane 2 detects the vendor from the sheet-name fingerprint and routes accordingly. If the fingerprint doesn't match, fall back to Lane 3 (freeform). Don't assume "it looks like Carta" — verify the fingerprint.

Main-Thread Return

This skill runs inline in the main thread (not as a sub-agent). The final outcome the main thread delivers to the founder is:

• The path to {Company}_Cap_Table.md in the workspace root — the primary narrative deliverable.
• The path to {Company}_Cap_Table_Explorer.html — the polished interactive scenario tool.
• The path to {Company}_Counsel_Packet.md — the counsel-handoff packet.
• The structured success payload from the Context B sub-agent (Step 11): {status, review_dir, report_path, scenarios_modeled, counsel_review_count, completeness_breakdown}.

Do NOT inline report_markdown in the assistant message. The founder reads the file via the path. (Same rationale as deck-review #13: avoids ~25 KB round-trip through the parent context.) 5. COACHING_SKILLS registry wiring — add "cap-table" to tests/test_compose_invariants.py::COACHING_SKILLS; add entries to compose_invocations.py (_COMPOSE_FLAGS, _RUN_ID_MUTATION_TARGET); populate fixtures at founder-skills/tests/fixtures/cap-table/. Without this, the cross-skill coaching_payload contract is not mechanically enforced for cap-table.