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tier-1 · finance concept · 2026-08-07
EC
Gate progress
The four milestone-gated tranches, instrumented — what must be true before each release of capital
Why gates and not a metrics wall. Revenue is $0 and committed capital is $0. A dashboard of those numbers is a wall of zeros — true, and useless. The gates are already the company's high-level goals: they are what releases capital and what a board watches move. This screen instruments them.
Round target
$1,641,000
CAD · SAFE · rolling close
relay-board · commitments · as of 2026-08-07
Round floor
$1,000,000
= cumulative through T3
derived · tranche model · computed
Committed
$0
0 signed · ledger overdue
manual · commitments ledger · as of 2026-07-12 · 26d
First milestone
$164,100
10% of target — a target, not a position
derived · 0.10 × target · computed
live — read from the platform manual — human input, in cadence stale — input overdue not instrumented — no source not computable — undefined, not zero
T1 · next
Protect
$120,000
cumulative $120,000
Commitments signed? Protection filed? Insurance bound?
Commitments signed
0
manual · relay-board ledger · 2026-07-12 · 26d overdue
Provisional filed
Not filed
manual · legal · 2026-08-07
Insurance bound
no input recorded
manual · ops · never
gate open
T2
Sustain
$200,000
cumulative $320,000
First paid conversions off early access?
Provisional filed
Not filed
same definition as T1 — referenced, not re-entered
EAP → paid conversions
0
live · billing · 2 min ago
Paying orgs
0
live · billing · 2 min ago
not reached
T3 · floor
Team
$680,000
cumulative $1,000,000 — the round floor
Retention and revenue proven before anyone is hired?
Net revenue retention > 100%
not computable — no paid cohort
live · billing · denominator is 0
Repeat unprompted use
not instrumented
no source — definition undecided
Seats across active orgs
63
live · orgs · 2 min ago
not reached
T4 · target
Scale
$641,000
cumulative $1,641,000 — the target
Do activation and retention hold at volume?
Activation rate
38%
live · onboarding funnel · 2 min ago
Retention at 30d
not instrumented
no source
Pipeline
no input recorded
manual · GTM · never
not reached
Two states this screen refuses to collapse

Zero is not the same as unmeasured. 0 commitments is a fact. Repeat unprompted use has no source at all. A dashboard that paints both as 0 tells the board a gate is failing when nobody has even defined how it would pass.

Undefined is not the same as zero. Net revenue retention with no paid cohort is a division by zero, not 0%. Rendering it as 0% would say "we retain nothing", when the truth is "there is nothing yet to retain".

What the gates are — and are not

Tranche gates are a planning instrument. The SAFE is a rolling close with no contractual tranche conditions — nothing on this screen creates an investor obligation or a drawdown right.

Legal is deliberately front-loaded into T1: protection cannot wait on the team build. Founder runway is the second call on capital, never the first. No engineering salary is committed before T3.

Roadmap
One source, two renders — the board sees dates, an investor render never does
Board view. Dates are wanted here — the board is fiduciary and needs the real plan, slippage included. Everything below comes from one roadmap source; this render applies no filter.
Roadmap items 6 of 6 rows
ItemTarget dateGate — what it unlocksStatus
Why the investor render drops dates

The standing rule for investor-visible surfaces is no roadmap promises or dates. Investors diligence missed dates in the next round; a slipped quarter that was never promised costs nothing, and one that was costs the raise.

The estate already speaks the alternative fluently — Bands, gates, T1–T4. What unlocks what, never when.

Filtered, not forked

These are two renders of one source, not two roadmaps. Maintaining a second, investor-safe roadmap by hand is how the two drift — and the one that drifts is always the one nobody edits daily.

A row removed by the disclosure filter is counted, never silently dropped. An operator handing out a pack has to know the render is filtered and by how much.

Onboarding track
Whether the onboarding sequence is respecting each principal's lens — and what it costs the gate signals when it isn't
This is one lens on an existing screen, not a second register. The register, compliance view, grant/revoke audit and the legal-gate argument all live on the canonical Investor track screen (console.html#investor-track, spec SPEC.investor-track.md). This screen adds only the column that surface doesn't carry: onboarding enrollment, and what it does to the numbers the board reads. Pack identity, agreement state and last-access are shown here as context — they are owned there.
Onboarding must respect the track. The product onboarding sequence is single-track today: everyone who activates is enrolled in the six-step First Relay curriculum. An investor who signs in to read a pack is not learning to claim a Code — enrolling them starts an educational email cadence and a nudge clock aimed at a gesture they will never make. Two rows below show what that looks like when it happens. The cost that matters is not the noise — activation rate is a T4 gate signal, so every investor sitting unactivated in the denominator pushes it down.
Investor principals
5
4 investor-only · 1 dual-role
Track violations
1
enrolled in the product sequence
Signature drift
1
access held on a superseded version
Executed copies
on request
never rendered in a list view
Register — pack ↔ principal pack IDs are opaque · never a name, initials, or firm
PackTrackOnboarding enrollmentNDAEAPALast access
TM2SS1 investor not enrolled
correct — track suppresses the sequence
v2
signed 2026-07-30
2026-08-05
K4R9QD investor enrolled · step 2
sequence is teaching them to send a Relay
v2
signed 2026-08-01
2026-08-06
7XM2LP investor not enrolled v1
superseded by v2 on 2026-07-22
2026-08-04
QB8N4Z investor product enrolled · step 4
correct — dual-role, they are a real user too
v2
signed 2026-07-25
v3
signed 2026-07-25
2026-08-07
RD5W1C investor not enrolled v2
signed 2026-08-03
never
What suppression costs the gate signals

A suppressed principal leaves the activation and retention denominators — but by the same law as a withheld roadmap row, an excluded principal is counted, never silently dropped.

The onboarding overview reports suppressed_by_track as its own number alongside enrolled and completed. A denominator that quietly shrank is indistinguishable from a funnel that quietly improved, and this whole surface exists because a number you can't source is a number nobody can trust.

Revocation, residency and retention are owned by the Investor track screen and SPEC.investor-track.md §7–§9 — not restated here.

Track is a shape, not a wall

Tracks are not exclusive. QB8N4Z is an investor and a working user — suppressing their onboarding because one attribute is set would break a real product experience to satisfy a tidy model.

The rule that holds: enrollment follows what a principal is here to do, not the strongest label attached to them. Investor-only suppresses; investor-plus-product does not.

Minimize what this screen renders. Signature status and version, never the executed document inline — the copy is fetched only on explicit request, and that fetch is itself an audited event.

Sources & freshness
Every figure on the board surfaces resolves here — one source, rendered, stamped, and visibly stale when it isn't
Blocking — the canonical source does not exist yet. The T1–T4 tranche model this concept renders lives on an unmerged working branch, not on the main line, and the published finance page still shows the pre-correction allocation. There is nothing for a build to read from. Settling the source is the first task, ahead of any view.
Figure registry11 figures · 3 need attention
FigureSourceMechanismCadenceAs ofState
Round target · floorcommitments — round termsgeneratedon change2026-08-07fresh
Tranche amounts T1–T4commitments — tranche modelgeneratedon change2026-08-07unmerged
First milestonederived — 0.10 × targetcomputedlivefresh
Commitments signed · $commitments — ledgermanualweekly2026-07-12stale · 26d
Provisional filedlegal — filing statusmanualweekly2026-08-07fresh
Insurance boundops — policy registermanualmonthlyneverno input
EAP → paid conversionsplatform — billingliveon read2 min agofresh
Net revenue retentionplatform — billingliveon read2 min agonot computable
Repeat unprompted use— none —not instrumented
Activation rateplatform — onboarding funnelliveon read2 min agofresh
Roadmap itemsroadmap — item listgeneratedon change2026-08-06fresh
The four laws

1 · One canonical source. One machine-readable record per figure. Not a number typed into a page.

2 · Rendered, not transcribed. Every surface derives from that record at build or request time, so two surfaces are physically incapable of disagreeing.

3 · Provenance on every figure. Source and as-of, visible. A number with no timestamp is a number nobody can trust.

4 · Stale is visible. A manual input past its cadence says so, rather than showing an old value as current.

Why this is the requirement, not the polish

This estate has the scar tissue: one round figure wrong in six places at once, an allocation table summing to 107.2%, a documented feature flag that was never built, and a preview config that quietly diverged from production.

Every one of those was a hand-maintained number that drifted. A board dashboard is the worst possible surface to learn the lesson on again — a wrong number in front of the board is worse than no dashboard.

RELAY CONSOLE · BOARD DASHBOARD · CONCEPT · 2026-08-07 NOT WIRED · MONEY FIGURES ARE THE REAL CURRENT STATE, PLATFORM SIGNALS ARE SAMPLE