{
  "skill_name": "cap-table",
  "evals": [
    {
      "id": 1,
      "prompt": "Two founders, 4.5M shares each. 250k options granted, 750k unissued in the pool. SAFEs: $500k post-money at $8M cap; $125k post-money at $6M cap with 20% discount; $100k pre-money SAFE at $5M cap, 20% discount. Plus a $50k note at 6% from 2025-06-01, $5M cap, 20% discount. Term sheet: $16M pre, $4M lead + $1M follow-on, 10% pool post-money, closing 2026-12-15. What do we each own after?",
      "assertions": [
        "States each founder owns about 28.3 % after the round, down from 45 % today",
        "Shows each SAFE and the note converting at its cap, with prices of about 0.7095, 0.5322, 0.4613 and 0.4613",
        "Counts the note's interest: about $54,619 converts, not $50,000",
        "Says the pool top-up (about 840,000 shares) comes out of the pre-money and gives its cost in money (about $1.1M, an effective pre-money near $14.9M)",
        "The after-round table sums to 100 %",
        "Does not mention a script, a JSON file or the skill's name in the reply",
        "Does not invent a liquidation preference, vesting term or investor not in the prompt"
      ]
    },
    {
      "id": 2,
      "held_out": "2026-11-06",
      "prompt": "Raising a $4M seed at $16M pre. Investors want a 10% unallocated option pool after close. Right now me and my cofounder have 4,000,000 shares each, the option pool is 1,000,000 with 600,000 granted, and there's one post-money SAFE: $1M at a $10M cap. How much will I own after the round?",
      "assertions": [
        "The $1M post-money SAFE converts at its cap: $10M ÷ 10,000,000 shares (the capitalization before the new money, including the SAFE itself) gives $1.00 per share and about 1,000,000 shares (±1%), which is 10% before the round",
        "The seed price is about $1.458 per share (±$0.01), calculated on a pre-money fully diluted count of about 10.97M shares that includes the converted SAFE and the pool top-up",
        "The option pool grows by about 971,000 new options (±1%), so that 1,371,429 unallocated options are 10% after the round. It says the top-up comes out of the pre-money and so dilutes the founders, the SAFE holder and existing option holders, not the new investor",
        "The seed investor gets about 2.74M shares (±1%), which is 20% of the company. The post-money valuation is $20M on about 13.71M fully diluted shares, and the after-round table adds up to 100%",
        "The founder owns about 29.2% (±0.3 points) fully diluted after the round (the two founders together about 58.3%). It compares this with 40% before the round counting the SAFE as converted (or 44.4% leaving the SAFE out)",
        "It shows the cap table before and after the round, one row per holder: each founder, granted options, unallocated pool, the SAFE and the seed investor",
        "It does not invent investors, discounts, interest, vesting terms or other securities that are not in the prompt"
      ]
    },
    {
      "id": 3,
      "held_out": "2026-11-06",
      "prompt": "We're Tamarack Health in Toronto. Our Series A term sheet says CA$5M at a CA$20M pre-money, and the lead wants a 12% unallocated option pool after the round, counted in the pre-money. Closing is set for 15 March 2027. Current cap table: Priya Venn (me) 5,000,000 common, Owen Laska 3,000,000 common; the option plan has 1,500,000 reserved with 900,000 granted. What converts: (a) a CA$500,000 post-money SAFE from March 2023 with a CA$8M valuation cap and no discount; (b) a CA$1,000,000 YC SAFE from June 2024 with a CA$12M cap and no discount (I honestly can't remember if it's the pre- or post-money version); (c) a CA$300,000 convertible note issued 15 March 2025 at 6% simple interest, with a 15% discount and a CA$30M cap, converting in this round with accrued interest. Owen thinks we each keep what we have now minus the investor's 20%, which would put me at about 42%. What will I actually own? And what if the lead drops to CA$16M pre?",
      "assertions": [
        "It says the June 2024 SAFE's type is unknown, treats it as post-money (the YC post-money SAFE has been the standard form since 2018) and asks Priya to check the document. On that basis it converts at the cap: about CA$1.05–1.08 per share and about 927,000–952,000 shares",
        "The March 2023 SAFE converts at its CA$8M cap: about CA$0.70–0.72 per share and about 695,000–714,000 shares",
        "The note converts CA$336,000 (CA$300,000 principal plus exactly two years of 6% simple interest, CA$36,000). It says the 15% discount beats the CA$30M cap, so the note converts at 85% of the Series A price, about CA$1.336 (±1%), into about 250,000–252,000 shares, and that the cap did not apply",
        "At CA$20M pre: the Series A price is about CA$1.57–1.58 per share and the pool top-up is about 1.30–1.31M new options, counted in the pre-money. The investor gets about 3.17–3.18M shares (20%), the post-money valuation is CA$25M on about 15.8–15.9M fully diluted shares, and the table adds up to 100%",
        "Priya owns about 31.5% (±0.5 points) fully diluted after the round. It tells her Owen's 42% is wrong because it leaves out the two SAFEs, the note and the pool top-up, all of which come out of the pre-money before the investor's 20%",
        "At CA$16M pre: the Series A price is about CA$1.24 (±1%), the investor owns about 23.8%, and Priya about 29.5% (±0.5 points). Both SAFEs still convert at their caps, and the note still converts at the discount (about CA$1.05)",
        "It does not invent shareholders, warrants, preferred-stock terms, legal advice on Canadian securities rules or securities that are not in the prompt"
      ]
    }
  ]
}