The cap table

One cap table for tokenized and untokenized positions, with AI-assisted import

The cap table is the cyberCORPs app's unified register of who owns what in your company. Its strapline says it plainly: one table, onchain and offchain. Positions you have tokenized as cyberCERTs, positions that exist only as ledger records, and beneficial holdings derived from cyberSCRIP balances all appear in the same view, with the same math.

You reach it from the capTable item in the app sidebar, from the "Manage your capTable" card on the mainFrame dashboard, or from the Tokenization Hub's "Cap Table" button.

The cap table is in beta. The feature is complete and validated end-to-end, but the app tells you the safe posture itself: export your cap table regularly and keep a local copy. Exports include every position, including cancelled, terminated, and tokenized history, so a saved .xlsx or .csv is a full backup.

Who can open it

The full cap table is founder-only, on reads as well as writes. You must be connected with a wallet that is an owner of the cyberCORP and complete the free Authenticate signature. Holders don't see this screen; they get their own scoped view, covered in For holders: your securities.

Holder identities on certificates are encrypted when that choice was made at issuance (it is optional; see the certificate page). For encrypted names, the app decrypts server-side during assembly, and a name it cannot decrypt renders as a scrambled placeholder rather than leaking ciphertext. A name issued in plaintext, and signing-officer names in general, live in the certificate's public metadata regardless.

How to read the table

Every position carries a source badge. The badge answers two independent questions — where the record lives (onchain or in the app) and whether the units are tokenized — and nothing more. Which record is the company's legally definitive securities ledger is set by the company's own bylaws and board action, not by token status or by where the data is stored:

• ⛓ tokenized — the position's units exist as an onchain cyberCERT; the cap-table row mirrors that cert.
• 📄 offchain — the position is recorded and edited in the app, as a cap-table record of untokenized holdings. Recording a row documents an issuance rather than effecting one: the corporate authorization behind it (a board consent, for instance) must still exist. The badge links to the first attached document.
• ≈ tokenized (scrips) — a beneficial claim derived from a cyberSCRIP balance. Scrips are fungible tokens, and holding them is an economic position without being registered stock.
• ⛓ escrowed onchain — an equity award whose scrip sits in a MetaVesT vesting escrow; the chain enforces the schedule. See Token grants and onchain vesting.

For a company whose governing documents designate the onchain system as its official register (see Constitutive vs. pointer tokenization), the cyberCERTs are that register — but that is the bylaws' doing, and the app never infers it from a badge.

Because scrip exists, the table supports two ownership lenses. The Registered lens shows record owners (the view that matters for stockholder lists and corporate law). The Beneficial lens follows the economics: scripified shares move from the certificate owner to the scrip holders. The toggle only appears once your company has issued scrip.

The Securities cap table tab itself shows summary cards (issued & outstanding, semi-diluted, fully diluted, stakeholders, total raised, onchain certificates, offchain entries, duplicates), a capitalization donut by class, and section tables for Equity, Convertibles, Token instruments, and History (void, terminated, tokenized, exercised, converted, kept for audit). You can group rows by stakeholder or by class/series, pick the basis for the % column (issued & outstanding, semi-diluted, or fully diluted), and search for a holder. Each section closes with per-class subtotal rows and an emphasized Total row that follow whatever lens, basis, and filter you have active; in the stakeholder grouping, a Class/series filter narrows the whole view to the classes you pick (a pinned class line and its cert printer count as one class; row percentages keep the company-wide denominator).

Above the table, up to four review banners surface things that need a decision: duplicate offchain entries, unregistered plan-reserve scrip, cert double counts, and class reconciliation (unlinked cert printers and duplicate class lines). Each opens its own review dialog; all four are covered below.

An Integrity checks panel at the bottom recomputes the table's invariants live: fully-diluted shares accounted for, SAFE ownership under 100%, every position attached to a stakeholder, scrip pools conserving units, plan reserves backed by their certificates, and more. A failing check is a prompt to investigate before relying on the numbers.

Stakeholders

A stakeholder is a person or entity on your register: a name, an optional email and mailing address, a relationship (founder, investor, employee, and so on), and any number of linked wallets.

Wallets are the merge key between the two halves of the table. When a cyberCERT's holder wallet matches a stakeholder's linked wallet, the cert appears under that stakeholder; when it matches nothing, the row shows an unmatched wallet badge and a one-click path to save the holder as a new stakeholder. The Link Wallets panel does this in bulk. A wallet can belong to only one stakeholder.

Inviting a stakeholder to the holder portal

The Invitations panel generates a private onboarding link per stakeholder. The app never emails it; you copy the link and send it through a channel you already trust. The invitee connects a wallet, signs in with SIWE, and that wallet is attached to their stakeholder record, opening their My holdings portal. Links expire after 14 days, and regenerating one revokes the previous link.

The nested Holder portal disclosures setting controls what invited holders see beyond their own positions and certificates: whether they can open documents attached to their positions, and whether per-unit and exercise prices are shown. Both are off until you enable them.

Recording positions

+ Add Position records an untokenized position on the offchain cap table. No transaction is involved; the record write is the record. The form covers the full range of instruments:

• the class (with inline creation of new classes and series — though creating a class whose name matches an existing line of the same class/series is refused, pointing you at the existing line or a rename via Class terms) and, for equity awards, an award type (stock option, RSU, or restricted stock) sitting on its underlying class — a Common option is Award type "Stock option" on class "Common Stock";
• a plan pool the award draws from, with inline creation of a new plan and its reserve;
• units, investment amount, price per unit, valuation, round label;
• vesting (start, end, cliff in months, termination date, vested override) and, for paid awards, the strike or repurchase price, the post-termination window, and the option's term expiration;
• SAFE-specific terms (post-money or pre-money cap basis, discount) and token-instrument terms (claim, amount, unlock schedule);
• a federal exemption tag (Rule 701 entries feed the disclosure monitor), transfer-restriction chips, a paper certificate reference, notes, and attached PDFs. Uploads are stored privately: corp owners can always open them, and the position's holder can too once you enable the position-documents disclosure in the holder portal settings.

Save as draft stages a position that counts toward nothing until you issue it from the Securities status queues.

Getting rid of a position is deliberately three different verbs. Void and Terminate record real corporate events and stay in History for audit. Delete is only for erroneous entries that never reflected a real holding; it removes the record entirely and can't be undone.

A Review duplicates dialog surfaces groups of offchain positions that share a holder, class, and unit count — usually the residue of a re-import — and lets you compare them field by field before deleting the accidental copy or dismissing the group as distinct.

Importing a cap table

The Import panel accepts .csv and .xlsx sheets (blank templates are downloadable from the toolbar) and OCF — the Open Cap Table Format, either a single .json bundle or the .zip a platform like Carta or Pulley exports. Every row gets an explicit action before anything is written: create a new offchain record, update an existing position in place (rows exported from this app carry a position_id), link to an existing onchain cert instead of duplicating it, or skip. Class names are matched after canonicalization — "Common Stock - Acme, Inc." merges into your "Common Stock" line instead of creating a duplicate — and when an import would create new class lines beside existing ones of the same class/series, the preview warns you before you commit (right for a genuine new sub-series, wrong if the sheet just spells a class differently). Blocking validation errors stop the import; the error worklist groups them by issue so you fix the sheet rather than hunt row by row.

AI-assisted import (GAIBE)

Below the file input sits GAIBE, the AI import. It takes whatever form your cap table is currently in — any spreadsheet, a Carta or Pulley export, a PDF, a screenshot, even pasted prose — and converts it into the import format. Practical limits: uploads to about 3 MB, pasted text to 400k characters, legacy .xls not supported (re-save as .xlsx), and 25 documents per officer per day.

The conversion is conservative by design. GAIBE never invents data: a field it isn't sure about is left blank and flagged, numbers are carried digit-for-digit, and summary rows and ownership-percentage columns are skipped (the app recomputes those). Every source column is listed in a column mapping report, including the ones that mapped to nothing, and every extracted field is printed under its preview row for you to check against the source.

Nothing is imported until you review that preview and commit; converted rows land in exactly the same validation and per-row action flow as a hand-built sheet. The AI replaces the hand-transcription step, never the review.

Starting over

Reset Ledger (the dialog is titled Clear offchain cap-table records?) clears the removable offchain positions, stakeholders, classes, and plans so you can re-import from scratch. Kept: tokenized positions, which mirror onchain certs, and positions tied to a live MetaVesT escrow; the audit journal is preserved so dated stockholder lists still work. It requires typing RESET to confirm, and it can't be undone, so export first. Two formation caveats: the reset is unavailable while the table holds formation-managed positions with issued history, and clearing formation-managed drafts consumes them permanently — the one-time formation setup cannot be re-staged.

Tokenizing a position

Tokenize → on an offchain position mints an onchain certificate for it and links the ledger entry to the cert; the row mirrors the cert from then on (and where the company's governing documents designate the onchain system as its official register, the cert is the registered entry). The dialog pre-fills the certificate form from the ledger (investor, units, amounts, terms), lets you pick the recipient wallet if the holder has several, and warns you which ledger details do not carry onchain (vesting schedule, exercise price, discount, notes, and similar record-keeping fields).

Minting is one onchain transaction, preceded by a board-consent check when the position is covered by one (see the boardRoom). If the transaction mines but the link-back fails, the dialog offers a repair path — retry the link, or enter the cert number by hand — so you never mint a duplicate.

Beside Tokenize →, every eligible row also offers Link existing cert — the mint-free path. It links a certificate that already exists on the class's cert printer (the onchain contract that mints a class's tokenized certificates) to this position: you enter the cert number, the app verifies it — the cert must be live, unclaimed by any other position, held by a wallet belonging to this stakeholder, and carry exactly the position's registered units — and the position flips to tokenized, mirroring that cert, the same end state as Tokenize with nothing new minted. Use it to relink an orphaned cert after unlinking it from the wrong position, or when importing a table whose certs already exist onchain. If the cert's holder wallet wasn't yet linked to the stakeholder, completing the link records it.

The reverse exists too: a tokenized row's one action is Unlink cert, a journaled correction for a mistaken link. The position returns to the cap table as an active offchain record and the cert itself is untouched — it stays live onchain — so until you resolve it the table shows both records and flags the pair in the cert double-count review. Resolve it promptly: relink the cert to the correct position with Link existing cert, or void the cert onchain.

Two kinds of position tokenize differently:

• Equity awards (options, RSUs, vesting restricted stock) don't become certs. Escrow award (MetaVesT) → routes them to the grants flow, where the scrip escrows onchain and the chain enforces the schedule. See Token grants and onchain vesting.
• Stock plan reserves appear as their own rows. Tokenize plan mints one jumbo certificate to the company itself for the plan's full reserve; you then scripify out of that cert to fund grants. Once the reserve is fully scripified, the Scripify action retires into a passive "fully scripified" chip.

If no cert printer exists yet for the position's class, the action becomes Create cert printer → and routes you through the standard create-class flow first. If several printers match the class and the line isn't linked to one, the action becomes Choose cert printer →, asking which cert printer mints this class's certs.

Keeping classes and certs reconciled

Three review worklists keep the two halves of the table honest. Each surfaces as a banner above the table when it has findings:

• Reconcile classes — a tokenized legal series is one offchain class line linked to its cert printer; linked, the pair renders as one class everywhere (breakdown, donut, filters, subtotals). The dialog lists series lines not yet linked to a matching printer (until the link is set, the line and its certs count as two classes) and groups of class lines that look like one class recorded twice — same class/series, matching name — offering a journaled merge into a survivor whose terms win. Class display labels derive from the class/series, so renaming a line's stored legal name (via Class terms) is safe.
• Review cert double counts — pairs where a counting onchain cert sits beside a counting live offchain entry for the same holder, class, and size (the state an unlink or a declined import link leaves behind). The dialog compares each pair field by field and tells you the remedy per shape — usually Link existing cert on the entry, or Unlink cert on a mis-linked position; it never assumes the cert is the mistake. Pairs that are genuinely separate holdings can be dismissed. The dialog only surfaces; every fix happens on the rows themselves.
• Review unregistered scrip — plan-reserve scrip sitting in wallets beyond what grant withdrawals explain. Flagged positions carry an ⚠ unregistered chip, and the review can stage a draft position prefilled from the onchain evidence — never an active row.

Positions seeded by formation

For a company formed through the app, the cap table starts with the formation journey's output: a requested Common Stock class awaiting review, and a Proposed initial ownership section holding the draft positions from your private setup plan — badged Proposed · not issued and excluded from every issued, outstanding, diluted, and stakeholder total until each is recorded. A Start your cap table card on the mainFrame dashboard points here until real positions exist.

Securities status

Securities status (linked from the cap-table header, with a live draft count) is the officer's worklist over the issuance loop, four queues derived live from the ledger and the chain:

1. Drafts — staged positions; issue (as active or as "promised"), edit, or delete them here. Formation-managed drafts work differently: their action chain is Review cash terms, Review exemption, Review board approval (in that order), then Record issuance — no edit, and once recorded the entry can't return to draft or be deleted; later corrections use the ordinary Edit / Void / Terminate verbs. Only plain Common Stock qualifies for direct recording; anything with restricted, award, plan, convertible, or token terms stays a non-counting draft for a custom workflow.
2. Awaiting signature — proposed onchain, the recipient hasn't signed. Copy the cyberSign signing link and send it yourself; there is no email rail by design.
3. Awaiting acceptance — signed, escrow not yet finalized.
4. Awaiting settlement — escrowed with something left to settle: vested units to sweep or post-termination cleanup.

Exports

The toolbar exports the full table as .csv, .xlsx, or an OCF bundle, at any time, including history. Records-and-compliance tooling — the DGCL §219 stockholder list, 409A/FMV records, Rule 701 and Form 3921 monitors, 83(b) tracking, and the round-modeling and exit-waterfall calculators — is covered in Cap-table records, modeling and compliance.

Under the hood. Tokenized rows are cyberCERTs minted through the IssuanceManager; scrip-derived rows read CyberScrip balances; award escrows are MetaVesT allocations. Quantities are exact decimal strings end to end (onchain values are 18-decimal fixed point), which is why forms reject a 19th decimal place: a silently rounded value would let the escrow and the ledger drift apart. Why one security has a registered and a fungible form is The dual-token model.

Good to know

• Offchain writes are free; tokenizing costs gas. Recording, editing, importing, and inviting involve no transaction. Minting certs and escrowing awards do.
• Every offchain change is journaled. An append-only audit trail backs as-of reconstruction, which is what makes dated stockholder lists possible.
• Export regularly while the feature is in beta. The app's own advice, and good practice regardless.