Equity transactions: sequence and comparison

Methods and settings

The numbered sequence controls calculation

Start from a reconciled opening Cap Table. Add a transaction, select its type and method, then fill its relevant holders, class and amounts. Each active unapplied row uses the preceding closing ledger. Move earlier/later to change order; dates are descriptive and do not sort or schedule the ordinary transactions. Pool actions share this same sequence, even when edited in ESOP.

Resolve an earlier error first

Ready means the action can be calculated on its opening state. Needs setup identifies a missing or invalid input. A failing active step blocks later active steps and final closing values; fix that first step rather than interpreting later blanks as zero. Inactive rows are skipped. Applied rows retain historical effects and do not run again. Transaction comments can document the intended assumption.

Read the closing bridges

Compare before/after holder percentages and shares, the share-count bridge and the ownership bridge. A percentage-point change differs from relative dilution: falling from 50% to 40% is−10 pp and 20% relative dilution. Summary values reflect the selected transaction or overall closing context. Selecting a row or holder gives Inspector that specific context rather than attributing the whole sequence to one step.

Separate pricing from allocation equity

Add/subtract company cash adjusts opening Cap Table equity by company cash from issuance, buyback or exercise. Constant Cap Table equity keeps the allocation amount fixed. Ownership only omits value allocation. Funding-round pre/post-money values price that round; they do not automatically replace this allocation source. Holder values still assume equal economics. Company cash is an analysis output and does not change Model cash or upstream Value assumptions.

A closing analysis is not an applied ledger

Inputs and transaction prices are shared across scenarios; scenario switching changes linked valuation only. Keep experimenting until the complete active sequence is valid. Review and Apply closing deliberately replaces opening shares and locks applied steps. Analyze layers can vary eligible assumptions without performing that separate action.

When company cash must reach the statements

The transactions described here remain an ownership comparison; Apply closing updates the ownership ledger, not financial statements. For dated company buybacks or primary issuance linked to Cash, Financing Cash Flow, equity and DCF shares, use Listed Shares & Capital Returns. Do not enter the same financial cash event twice. A secondary holder transfer still creates no company proceeds.