{ "$schema": "http://json-schema.org/draft-07/schema#", "$id": "https://safr.vc/schema/quarterly-update/v0.06.json", "title": "SAFR Reporting Standard: Quarterly Update", "description": "Canonical quarterly payload for the SAFR Reporting Standard, schema version 0.06 (major version 0). One coherent schema: attestation is a conditional layer within it, not a separate document. When meta.attestation_grade is 2, the attestation object is required; at grade 1 it is absent. Field-level x-tier marks distribution: 'visible' fields flow to the Visibility tier (invitational, need-to-know; never a public listing); 'holder' fields flow to the Holder tier only. The raw ledger never leaves the venture; only this schema-shaped output does, by the venture's standing grant. Calculations are defined in the SAFR Reporting Standard spec; x-canonical-constants below mirrors the controlling numbers for machine use.", "type": "object", "required": ["meta", "balance", "development", "revenue_streams", "cashflow_ttm", "computed", "quarter"], "properties": { "meta": { "type": "object", "x-tier": "visible", "required": ["schema_version", "venture_id", "fiscal_quarter_end", "issued_at", "attestation_grade", "currency"], "properties": { "schema_version": { "type": "string", "const": "0.06" }, "major_version": { "type": "integer", "const": 0 }, "venture_id": { "type": "string" }, "legal_name": { "type": "string", "x-tier": "visible" }, "fiscal_quarter_end": { "type": "string", "format": "date", "description": "The fiscal quarter-end this update covers (Mar 31, Jun 30, Sep 30, or Dec 31). The reference data period is the trailing twelve months ending on this date." }, "issued_at": { "type": "string", "format": "date-time", "description": "Issuance timestamp; must fall within 45 days after fiscal_quarter_end." }, "attestation_grade": { "type": "integer", "enum": [1, 2], "description": "1 = self-attested conforming feed; 2 = independent third-party attestation of the Ledger Base computation. Grade 2 is required for all graduations." }, "currency": { "type": "string", "default": "USD" }, "reporting_lapse_cured": { "type": "boolean", "default": false, "description": "True if this update cures or follows a Reporting Lapse; details in quarter.commentary." } } }, "balance": { "type": "object", "x-tier": "holder", "description": "Balance inputs at fiscal_quarter_end. Aggregates only; no counterparty identities.", "required": ["cash", "accounts_receivable", "inventory", "equipment_net", "total_liabilities"], "properties": { "cash": { "type": "number", "minimum": 0 }, "accounts_receivable": { "type": "number", "minimum": 0 }, "inventory": { "type": "number", "minimum": 0 }, "equipment_net": { "type": "number", "minimum": 0, "description": "Equipment at depreciated cost." }, "other_tangible": { "type": "number", "minimum": 0, "default": 0 }, "total_liabilities": { "type": "number", "minimum": 0 } } }, "development": { "type": "object", "x-tier": "holder", "required": ["monthly_qualified_dev_spend"], "properties": { "monthly_qualified_dev_spend": { "type": "array", "description": "Qualifying product development spend at cost, per Reporting Standard category rules, given as a per-month series sufficient to compute the vintaged Qualified Development Asset. Each month of spend amortizes straight-line over its own 36 months, so the asset equals the sum over entries of amount times max(0, 1 - month_offset/36). At least the trailing 36 months must be supplied; spend with a month_offset of 36 or more contributes nothing.", "minItems": 36, "items": { "type": "object", "required": ["month_offset", "amount"], "properties": { "month_offset": { "type": "integer", "minimum": 0, "description": "Months before the reference period end; 0 is the most recent month. The amortization weight for this month is max(0, 1 - month_offset/36)." }, "amount": { "type": "number", "minimum": 0, "description": "Qualifying development spend recorded in that month, at cost." } } } } } }, "revenue_streams": { "type": "array", "x-tier": "visible", "description": "Revenue valued stream by stream for Forward Revenue Value, each stream by exactly one method fixed by a mechanical test. Quality mix is Visible; no customer identities ever. A stream takes the present-value method if, and only if, it is a signed contract whose term at signing is at least contract_term_threshold_months (12); otherwise it takes a quality multiple on its trailing-twelve-month revenue.", "items": { "type": "object", "required": ["quality", "is_signed_contract", "term_at_signing_months", "annual_contracted_amount", "ttm_amount"], "properties": { "quality": { "type": "string", "enum": ["recurring", "repeat", "one_time"], "description": "Quality tag for the multiple method: recurring 2.0, repeat 1.0, one_time 0.25. Not used when the present-value method applies." }, "is_signed_contract": { "type": "boolean", "description": "True if the stream is under a signed contract. A signed contract whose term_at_signing_months is at least contract_term_threshold_months (12) takes the present-value method." }, "term_at_signing_months": { "type": "integer", "minimum": 0, "description": "Contract term in months as of signing. Compared once against contract_term_threshold_months (12) to fix the method; the method does not change quarter to quarter." }, "annual_contracted_amount": { "type": "number", "minimum": 0, "description": "Annual contracted amount C for the present-value method. The stream's value equals C times (1 minus 1.10 to the power of negative n), divided by 0.10, with n the remaining contract term in years; it glides to zero as the remaining term runs off. Zero when the multiple method applies." }, "ttm_amount": { "type": "number", "minimum": 0, "description": "Trailing-twelve-month revenue for the multiple method, valued at the stream's quality multiple. Zero when the present-value method applies." } } } }, "cashflow_ttm": { "type": "object", "x-tier": "holder", "required": ["free_cash_flow", "operating_expenses_monthly_avg"], "properties": { "free_cash_flow": { "type": "number", "description": "Trailing-twelve-month free cash flow; may be negative." }, "operating_expenses_monthly_avg": { "type": "number", "minimum": 0, "description": "Trailing average monthly operating expenses; drives the 6-month working-capital floor." } } }, "computed": { "type": "object", "x-tier": "visible", "description": "Outputs of the canonical formulas, recomputable by any party from Holder-tier inputs. The analyst is the formula.", "required": ["ledger_base", "expected_capacity", "working_capital_floor"], "properties": { "ledger_base": { "type": "object", "required": ["total"], "properties": { "tangible_net_assets": { "type": "number" }, "qualified_development_asset": { "type": "number", "minimum": 0 }, "forward_revenue_value": { "type": "number", "minimum": 0 }, "total": { "type": "number" } } }, "ledger_base_per_fd_share": { "type": "number", "minimum": 0, "x-tier": "holder", "description": "Conversion price input: Ledger Base divided by fully diluted shares." }, "fully_diluted_shares": { "type": "integer", "minimum": 0, "x-tier": "holder" }, "expected_capacity": { "type": "number", "minimum": 0, "description": "min(0.25 x max(0, TTM FCF), max(0, cash minus working_capital_floor)), floored at zero." }, "working_capital_floor": { "type": "number", "minimum": 0, "description": "6 x operating_expenses_monthly_avg." } } }, "quarter": { "type": "object", "x-tier": "visible", "required": ["declared_budget"], "properties": { "declared_budget": { "type": "number", "minimum": 0, "description": "The venture's decision for this quarter's settlement. Zero is valid and is not default." }, "variance_note": { "type": ["string", "null"], "description": "Required when declared_budget < expected_capacity; states why capital is being retained." }, "queue": { "type": "object", "properties": { "requests_outstanding_amount": { "type": "number", "minimum": 0 }, "paid_this_quarter": { "type": "number", "minimum": 0 }, "amount_retired": { "type": "number", "minimum": 0 }, "insider_positions_present": { "type": "boolean", "description": "Insider-held positions participate pro rata and are flagged." } } }, "buyout_notice": { "type": ["object", "null"], "properties": { "noticed_amount": { "type": "number", "minimum": 0 }, "convert_instead_amount": { "type": "number", "minimum": 0 } } }, "conversions": { "type": "object", "properties": { "amount_converted": { "type": "number", "minimum": 0 }, "shares_or_units_issued": { "type": "number", "minimum": 0 } } }, "headcount_band": { "type": "string", "enum": ["1-5", "6-10", "11-25", "26-50", "51-100", "100+"] }, "commentary": { "type": "string", "maxLength": 2000, "description": "Brief management commentary. No PII, no customer or counterparty identities, no partner names, no pipeline detail." } } }, "holder_lines": { "type": "object", "x-tier": "holder", "description": "Holder-tier exclusive lines.", "required": ["owners_and_leaders_total_ttm"], "properties": { "owners_and_leaders_total_ttm": { "type": "number", "minimum": 0, "description": "A single total of trailing-twelve-month compensation paid to owners and leaders (related parties and control persons) in aggregate. Aggregate only; never an individual breakdown. The one channel that can move value out of Expected Capacity unseen, kept visible." } } }, "attestation": { "type": "object", "description": "Required only when meta.attestation_grade is 2 (enforced by the conditional rule below). The same Quarterly Update with an independent assurance wrapper; this is why the Standard is one schema, not two.", "x-tier": "holder", "properties": { "attestor": { "type": "string", "description": "Identity of the independent third party attesting the Ledger Base computation." }, "attestation_date": { "type": "string", "format": "date" }, "procedures": { "type": "string", "description": "Reference to the agreed-upon procedures or equivalent standard applied." }, "attestation_artifact_hash": { "type": "string", "description": "Content hash of the signed attestation artifact, for provenance." } }, "required": ["attestor", "attestation_date", "procedures", "attestation_artifact_hash"] } }, "allOf": [ { "if": { "properties": { "meta": { "properties": { "attestation_grade": { "const": 2 } } } }, "required": ["meta"] }, "then": { "required": ["attestation"] }, "else": { "not": { "required": ["attestation"] } } } ], "x-canonical-constants": { "description": "The controlling numbers, mirrored here for machine use. The SAFR Reporting Standard spec is authoritative.", "multiple_schedule": [ { "month": 0, "multiple": 1.00 }, { "month": 36, "multiple": 1.50 }, { "month": 60, "multiple": 2.00 }, { "month": 90, "multiple": 2.50 } ], "multiple_interpolation": "linear between anchors; never exceeds 2.50; never decreases", "revenue_quality_multiples": { "recurring": 2.0, "repeat": 1.0, "one_time": 0.25 }, "qda_amortization_months": 36, "qda_amortization_basis": "per vintage: each month of qualifying development spend amortizes straight-line over its own 36 months; the asset is the sum over the trailing 36 months of each month's spend times max(0, 1 - age_in_months/36)", "pv_discount_rate": 0.10, "contract_term_threshold_months": 12, "expected_capacity_rate": 0.25, "working_capital_floor_months": 6, "conversion_fraction_per_quarter": 0.125, "max_conversion_ownership": 0.25, "qualified_financing_fundability_multiple": 1.0, "qualified_financing_aggregation_window_quarters": 4, "qualified_financing_antipadding_exclusion_months": 6, "qualified_financing_discount": 0.20, "graduation_lookback_quarters": 4, "graduation_eligibility_quarters": 4, "graduation_equal_access_quarters": 2, "report_deadline_days_after_quarter_close": 45, "election_days_before_quarter_close": 10, "settlement_business_days_after_update": 10, "insider_equity_threshold": 0.10, "major_version_materiality_threshold_pct": 3.0 }, "x-versioning": { "scheme": "semantic, MAJOR.MINOR within the pinned major version", "minor": "Refinements, calibration, added revenue-quality tags, and data-mapping improvements ship as minor versions and apply automatically to outstanding instruments.", "major": "A new major version is any change that would alter a previously issued position's computed Ledger Base or Expected Capacity for any quarter by more than major_version_materiality_threshold_pct (3.0%). A new major version applies to an outstanding instrument only with the Holder's and the Company's consent.", "pinning": "Each executed SAFR pins the major version and records the content hash of the Reporting Standard spec in effect at issuance." }, "x-conformance": { "calibration": "Initial conformance is set by a human Certified Business Analyst who calibrates each venture's data mapping to this Standard.", "automation": "SmartTrustee then applies the same weights to the same data, conforming to this Standard, so the automated computation matches the calibrated baseline.", "maturation": "The conformance method is expected to refine with volume; refinements ship as minor versions." }, "x-exclusions": [ "personally_identifiable_information", "customer_identities", "counterparty_identities", "partner_names", "pipeline_detail", "raw_ledger_records" ], "x-vocabulary": { "visibility": "The term 'public' is not used. Visibility is invitational, need-to-know transparency by the venture's standing grant; Venture Visibility is an invitation, not a listing.", "quarterly_cycle": "The instrument runs on fiscal quarters ending Mar 31, Jun 30, Sep 30, Dec 31. Holders elect at least 10 days before the quarter closes; the venture issues its Quarterly Update within 45 days after; settlement follows within 10 business days after the Update." } }