eleven / ocho Public

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1	{
2	"_readme": "Pinned vectors for the funding waterfall (docs/funding.md § The waterfall). Amounts are integer cents. These are the spec, not snapshots: if tools/waterfall.mjs disagrees, fix the implementation (or version the algorithm), never the vector. Run: node test/waterfall.test.mjs",
3	"vectors": [
4	{
5	"name": "doc worked example — €40k revenue quarter over Series 1",
6	"ledger": {
7	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
8	"notes": [
9	{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 },
10	{ "id": "S1-002", "series": "S1", "principal": 10000000, "remainingCap": 20000000 }
11	],
12	"quarters": [
13	{ "id": "2028-Q2", "floorMet": true },
14	{ "id": "2028-Q3", "floorMet": true }
15	]
16	},
17	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
18	"expected": {
19	"distributable": 800000,
20	"distributed": true,
21	"investorPool": 480000,
22	"teamPool": 200000,
23	"commonsPool": 120000,
24	"payments": [
25	{ "note": "S1-001", "amount": 320000 },
26	{ "note": "S1-002", "amount": 160000 }
27	],
28	"retained": 0,
29	"residue": 0,
30	"extinguished": [],
31	"notes": [
32	{ "id": "S1-001", "remainingCap": 39680000 },
33	{ "id": "S1-002", "remainingCap": 19840000 }
34	]
35	}
36	},
37	{
38	"name": "negative surplus distributes nothing",
39	"ledger": {
40	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
41	"notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
42	"quarters": [
43	{ "id": "2028-Q2", "floorMet": true },
44	{ "id": "2028-Q3", "floorMet": true }
45	]
46	},
47	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 1000000, "costs": 2800000, "reserveTopUp": 0, "floorMet": false },
48	"expected": {
49	"distributable": -1800000,
50	"distributed": false,
51	"investorPool": 0,
52	"teamPool": 0,
53	"commonsPool": 0,
54	"payments": [],
55	"retained": 0,
56	"residue": 0,
57	"extinguished": [],
58	"notes": [{ "id": "S1-001", "remainingCap": 40000000 }]
59	}
60	},
61	{
62	"name": "zero surplus distributes nothing",
63	"ledger": {
64	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
65	"notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
66	"quarters": [
67	{ "id": "2028-Q2", "floorMet": true },
68	{ "id": "2028-Q3", "floorMet": true }
69	]
70	},
71	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 2800000, "costs": 2800000, "reserveTopUp": 0, "floorMet": true },
72	"expected": {
73	"distributable": 0,
74	"distributed": false,
75	"payments": [],
76	"retained": 0,
77	"residue": 0
78	}
79	},
80	{
81	"name": "rounding cents land with the commons",
82	"ledger": {
83	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
84	"notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
85	"quarters": [
86	{ "id": "2028-Q2", "floorMet": true },
87	{ "id": "2028-Q3", "floorMet": true }
88	]
89	},
90	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 10001, "costs": 0, "reserveTopUp": 0, "floorMet": true },
91	"expected": {
92	"distributable": 10001,
93	"distributed": true,
94	"investorPool": 6000,
95	"teamPool": 2500,
96	"commonsPool": 1501,
97	"payments": [{ "note": "S1-001", "amount": 6000 }],
98	"retained": 0,
99	"residue": 0
100	}
101	},
102	{
103	"name": "remainder cents are deterministic — largest remainder, then note id",
104	"ledger": {
105	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
106	"notes": [
107	{ "id": "n-a", "series": "S1", "principal": 500, "remainingCap": 1000 },
108	{ "id": "n-b", "series": "S1", "principal": 500, "remainingCap": 1000 },
109	{ "id": "n-c", "series": "S1", "principal": 500, "remainingCap": 1000 }
110	],
111	"quarters": [
112	{ "id": "2028-Q2", "floorMet": true },
113	{ "id": "2028-Q3", "floorMet": true }
114	]
115	},
116	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 167, "costs": 0, "reserveTopUp": 0, "floorMet": true },
117	"expected": {
118	"distributable": 167,
119	"distributed": true,
120	"investorPool": 100,
121	"teamPool": 41,
122	"commonsPool": 26,
123	"payments": [
124	{ "note": "n-a", "amount": 34 },
125	{ "note": "n-b", "amount": 33 },
126	{ "note": "n-c", "amount": 33 }
127	],
128	"retained": 0,
129	"residue": 0,
130	"notes": [
131	{ "id": "n-a", "remainingCap": 966 },
132	{ "id": "n-b", "remainingCap": 967 },
133	{ "id": "n-c", "remainingCap": 967 }
134	]
135	}
136	},
137	{
138	"name": "unseasoned series is excluded from the pro-rata",
139	"ledger": {
140	"series": [
141	{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 },
142	{ "id": "S2", "closedAt": "2028-06-30", "capMultiple": 2, "seasoningMonths": 24 }
143	],
144	"notes": [
145	{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 },
146	{ "id": "S2-001", "series": "S2", "principal": 10000000, "remainingCap": 20000000 }
147	],
148	"quarters": [
149	{ "id": "2028-Q2", "floorMet": true },
150	{ "id": "2028-Q3", "floorMet": true }
151	]
152	},
153	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
154	"expected": {
155	"distributed": true,
156	"investorPool": 480000,
157	"payments": [{ "note": "S1-001", "amount": 480000 }],
158	"retained": 0,
159	"notes": [
160	{ "id": "S1-001", "remainingCap": 39520000 },
161	{ "id": "S2-001", "remainingCap": 20000000 }
162	]
163	}
164	},
165	{
166	"name": "no seasoned notes — investor pool retained, team and commons still flow",
167	"ledger": {
168	"series": [{ "id": "S2", "closedAt": "2028-06-30", "capMultiple": 2, "seasoningMonths": 24 }],
169	"notes": [{ "id": "S2-001", "series": "S2", "principal": 10000000, "remainingCap": 20000000 }],
170	"quarters": [
171	{ "id": "2028-Q2", "floorMet": true },
172	{ "id": "2028-Q3", "floorMet": true }
173	]
174	},
175	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
176	"expected": {
177	"distributed": true,
178	"investorPool": 480000,
179	"teamPool": 200000,
180	"commonsPool": 120000,
181	"payments": [],
182	"retained": 480000,
183	"notes": [{ "id": "S2-001", "remainingCap": 20000000 }]
184	}
185	},
186	{
187	"name": "a broken floor streak gates seasoning even when the calendar has passed",
188	"ledger": {
189	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
190	"notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
191	"quarters": [
192	{ "id": "2028-Q2", "floorMet": true },
193	{ "id": "2028-Q3", "floorMet": false }
194	]
195	},
196	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
197	"expected": {
198	"distributed": true,
199	"investorPool": 480000,
200	"payments": [],
201	"retained": 480000
202	}
203	},
204	{
205	"name": "pool beyond every cap — notes fill, extinguish, and the excess is residue",
206	"ledger": {
207	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
208	"notes": [
209	{ "id": "S1-001", "series": "S1", "principal": 100000, "remainingCap": 200000 },
210	{ "id": "S1-002", "series": "S1", "principal": 50000, "remainingCap": 100000 }
211	],
212	"quarters": [
213	{ "id": "2028-Q2", "floorMet": true },
214	{ "id": "2028-Q3", "floorMet": true }
215	]
216	},
217	"quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
218	"expected": {
219	"distributed": true,
220	"investorPool": 480000,
221	"payments": [
222	{ "note": "S1-001", "amount": 200000 },
223	{ "note": "S1-002", "amount": 100000 }
224	],
225	"retained": 0,
226	"residue": 180000,
227	"extinguished": ["S1-001", "S1-002"],
228	"notes": [
229	{ "id": "S1-001", "remainingCap": 0 },
230	{ "id": "S1-002", "remainingCap": 0 }
231	]
232	}
233	},
234	{
235	"name": "seasoning boundary — one day short of 24 months is unseasoned",
236	"ledger": {
237	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
238	"notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
239	"quarters": [
240	{ "id": "2028-Q1", "floorMet": true },
241	{ "id": "2028-Q2", "floorMet": true }
242	]
243	},
244	"quarter": { "id": "2028-Q3", "asOf": "2028-09-29", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
245	"expected": {
246	"distributed": true,
247	"payments": [],
248	"retained": 480000
249	}
250	},
251	{
252	"name": "seasoning boundary — exactly 24 months is seasoned",
253	"ledger": {
254	"series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
255	"notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
256	"quarters": [
257	{ "id": "2028-Q1", "floorMet": true },
258	{ "id": "2028-Q2", "floorMet": true }
259	]
260	},
261	"quarter": { "id": "2028-Q3", "asOf": "2028-09-30", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
262	"expected": {
263	"distributed": true,
264	"payments": [{ "note": "S1-001", "amount": 480000 }],
265	"retained": 0
266	}
267	}
268	]
269	}
270