Biz Plan
⏎ Back to Capital Plan
Seed FP&A Model, 24-Month Plan & Use-of-Funds
A comprehensive financial planning framework for PropChain's Seed round, translating capital strategy into actionable monthly forecasts with flexible scenario modeling.
Purpose & Scope
This document defines PropChain's Seed FP&A model for the 24 months following the Seed close. It serves as the narrative "owner's manual" for the Excel/Sheets workbook that translates the Capital Plan & Investor Terms into a monthly financial forecast.
The model separately tracks CurbScan/Terra Net scanning as an overlay, ensuring the base plan remains clearly visible. Stress-test scenarios can be toggled on or off, producing concise Year 1 vs Year 2 summaries, runway views, and burn scenarios.

Key Features
  • Monthly granularity over 24 months
  • Flexible scenario modeling
  • CurbScan overlay architecture
  • Stress-test capabilities
All numbers and mechanisms in this FP&A model are subordinate to the Capital Plan fact pattern and Appendix A modeling assumptions. Where historical documents differ, this model explicitly follows Appendix A and notes material variances.
Modeling Philosophy & Key Assumptions
Planning Horizon
24 months from Seed close with monthly reporting granularity
Reference raise: $1.4M SAFE at $15M post-money cap
Revenue Profile
Year 1: $0 revenue (infrastructure focus)
Year 2: $200k revenue midpoint within $150-250k ARR range
Cost Structure
24-month OpEx: ≈$1.22M excluding contingency
Average burn: ≈$50.8k/mo (Y1: $40.4k, Y2: $61.2k)
Revenue Scenarios by End of Month 24
$100K
Low Case
Conservative ARR scenario
$250K
Base Case
Target ARR midpoint
$400K+
High Case
Accelerated growth scenario
Annual Expense Profile
Year 1 Focus
Total OpEx: $485.3k
Monthly avg: $40.4k
Infrastructure, Terra Engine MVP, CurbScan pilots, and UX development dominate Year 1 spending with minimal sales and marketing investment.
Year 2 Ramp
Total OpEx: $734.7k
Monthly avg: $61.2k
Significant increase in S&M spend as revenue generation begins, with continued R&D investment and stable G&A costs.
Communication Burn Ranges
The FP&A workbook maintains a dual view for investor communication: exact modeling and simplified headline ranges for quick runway calculations.
1
Low Burn
≈$45k/mo
Conservative hiring, delayed GTM activation, minimal MLS expansion
2
Base Burn
≈$58k/mo
Steady-state with KPI-gated hiring and GTM spend (Y2 closer to $61k/mo)
3
High Burn
≈$80k/mo
Aggressive hiring, early cash activation, expanded MLS usage

Exact Model: Uses the $1.22M total with Y1/Y2 breakdown. Communication View: Uses 45k/58k/80k headline ranges for quick runway math and investor discussions.
Headcount Envelope & Equity-First Model
Total cash headcount and contractor spend over 24 months: $900k. Hiring is milestone-gated, not front-loaded, with equity-first compensation for key technical roles.
1
Months 1-3: Foundation
Founder/CEO baseline, FSMAD equity-first (optional cash activation), UI/UX part-time engagement begins
2
Months 4-9: Operations
Business Ops/PM hired, DS/MLE equity-first with conditional cash activation based on Terra Engine v1 KPIs
3
Months 10-13: Engineering Scale
2nd Engineer activated once prototypes and telemetry stabilize, Digital Marketing Lead warrant-only
4
Months 14-24: GTM Expansion
Sales/CS hire once pipeline/ARR thresholds met (10+ paying accounts or ≥25 seats), optional DML cash activation
All roles funded within the $900k envelope with cash activation tied to specific KPI gates defined in Appendix A, ensuring capital efficiency and alignment with business milestones.
CurbScan/Terra Net Overlays
The base FP&A P&L is modeled without scanning OpEx. CurbScan overlays are added via a separate sheet and pushed into the forecast as optional scenarios, maintaining clear visibility into base operations.
Phase A Only
1 rig, 9 months
Total cost: $67.1k
Status: Comfortable at $1.4M
Phases A + B
2 rigs, 18 months
Total cost: $187.3k
Status: Tight at $1.4M, comfortable at $1.6M
Phases A + B + C
3 rigs, 24 months
Total cost: $307.5k
Status: Stress-test at $1.4M, tight at $1.6M
Overlay Economics
  • Per rig CapEx: $14,000
  • Per rig OpEx: $5,900/month
  • Total 3-phase program: 45 rig-months
  • Total OpEx: ≈$265.5k
  • Total CapEx: ≈$42k
  • Combined total: ≈$307.5k
Workbook Structure: Assumptions_Master
Single source of truth for high-level inputs that drive the entire model. All critical downstream sheets reference named ranges from this tab rather than hard-coding values.
Round Structure
  • Seed_Raise_Size: 1.0/1.2/1.4/1.6M
  • PostMoney_Valuation_Cap: $15M
  • Discount: 20%
  • MFN: TRUE
  • ProRata_Threshold: $100k
Runway & Burn
  • Low_Burn_Monthly: $45,000
  • Base_Burn_Headline: $58,000
  • High_Burn_Monthly: $80,000
Revenue Targets
  • Year1_Revenue_Total: $0
  • Year2_Revenue_Target_Mid: $200k
  • Year2_Revenue_Target_Min: $150k
  • Year2_Revenue_Target_Max: $250k
Expense Envelopes
  • R&D_24M_Total: $582,000
  • S&M_24M_Total: $180,000
  • G&A_24M_Total: $368,000
  • COGS_24M_Total: $90,000
GTM & Data Budgets
  • GTM_24M_Total: $90,000
  • Data_Cloud_Tooling: $90,000
  • MLS_ListHub_24M: $40,000
  • Cloud_Infra_24M: $40,000
  • Dev_Tools_24M: $10,000
Scanning Scenarios
  • CurbScan_Scenario: None/PhaseA/A+B/A+B+C
  • CurbScan_Start_Month: 4 or 6
Workbook Structure: Historical Actuals
The Hist_Actuals_2023_2025YTD sheet captures historical cash-basis P&L and reconciles to founder-funded spend, providing transparency into pre-Seed operations.
Key Structure
Columns include: Year, Month, Date, Revenue, COGS_Hosting, R&D_Engineering, R&D_Hardware, Product_Design, Sales_Marketing, G&A categories, Total_OpEx, Net_Income, and optional Cash_Balance.
Historical Totals
  • Total expenses (2023-2024): $47,055
  • R&D + Product/Design allocation: ≈92%
  • Ending cash: ≈$500
  • Short-term obligations: ≈$4,000

Reconciliation
All historical figures align with the starting balance sheet and demonstrate lean, founder-funded R&D-heavy operations consistent with Capital Plan assumptions.
Workbook Structure: Monthly Forecast
The FP&A_Forecast_Monthly sheet is the core 24-month P&L model, excluding contingency with optional scanning overlay. It provides monthly granularity across all revenue and expense categories.
01
Revenue Categories
Subscription_Standard, Subscription_Pro, API_Data_Contracts, Other_Revenue → Total_Revenue
02
COGS & Hosting
MLS_Aggregator_Costs, Cloud_Infra, Other_COGS → Total_COGS
03
R&D (incl. hardware)
Founder_Comp, DS_MLE, FSMAD, 2nd_Engineer, UI_UX, Hardware_Equipment → Total_R&D
04
Sales & Marketing
Marketing_Paid_Ads, Marketing_PR_Content, Partner_Enablement, Sales_CS, Digital_Mktg_Lead → Total_S&M
05
G&A
Legal_Compliance, Insurance, Admin_Software, Accounting_Tax, Other_GA → Total_GA
06
CurbScan Overlay
CurbScan_CapEx, CurbScan_OpEx (linked from CurbScan_Program sheet) → CurbScan_Total
Summary rows calculate: Total_OpEx = Total_COGS + Total_R&D + Total_S&M + Total_GA + CurbScan_OpEx; EBITDA = Total_Revenue – Total_OpEx; CapEx = Base_CapEx + CurbScan_CapEx; Net_Cash_Change = EBITDA – CapEx.
CurbScan Program Overlay Driver
The CurbScan_Program sheet models the scanning program once, then feeds OpEx/CapEx into the monthly forecast based on the chosen scenario. This architecture maintains clear separation between base operations and scanning investments.
Scenario Implementation
Phase A Only
1 rig, Months 1-9
9 rig-months
Total: ≈$67.1k
Phases A + B
1→2 rigs, Months 1-18
27 rig-months
Total: ≈$187.3k
Phases A + B + C
1→2→3 rigs, Months 1-24
45 rig-months
Total: ≈$307.5k
The sheet uses IF or CHOOSE functions based on Assumptions_Master!CurbScan_Scenario to pull the appropriate 24-row block. If scenario = "None", all rows set to 0.
Year-Over-Year Summary
The FP&A_Summary_By_Year sheet provides quick investor review and reconciliation checks, summarizing Year 1 and Year 2 performance with and without scanning overlays.
24-Month Totals
  • Revenue: $200,000
  • Total OpEx (excl. contingency): $1,220,000
  • Net Income (pre-CurbScan): ($1,020,000)
Key Validations
  • Year 1 revenue = $0 ✓
  • Year 2 revenue ≈ $200k midpoint ✓
  • 24-month OpEx ≈ $1.22M ✓
Executive Dashboard
One-page view for founder and investor decision-making, providing real-time visibility into key metrics, runway scenarios, and cash position.
24
Base Runway
Months at $58k/mo burn
$1.4M
Target Raise
SAFE at $15M cap
$250K
Target ARR
End of runway base case
Dashboard Components
Runway Calculator
Current_Cash / Avg_Monthly_Burn with low/base/high scenarios using 45k/58k/80k benchmarks and actual forecasted burn
Scenario Selector
Raise size (1.0/1.2/1.4/1.6M), CurbScan mode (None/A/A+B/A+B+C), with total cost and scanned miles summary
Cash Position
Cumulative cash balance graph from Month 0 through Month 24 with scenario overlays
ARR Scenarios
End-of-runway ARR projections: Low ($100k), Base ($250k), High ($400k+)
Scenario Control & Burn Profiles
The Scenario_Control sheet provides a single place to flip between raise sizes, burn modes, and CurbScan scenarios. Each control sets named ranges referenced throughout the model.
1
Low Burn (~$45k/mo)
Conservative hiring with delayed Sales/CS and cash activation, conservative GTM spend with later tranches, lower MLS/data usage while maintaining ≥S2 "Moderate Grow"
2
Base Burn (~$58k/mo)
Matches Appendix A Y1/Y2 totals with KPI-gated GTM and hires, Year 2 burn ≈$61.2k/mo as revenue ramps marginally
3
High Burn (~$80k/mo)
Earlier cash activation for DS/MLE, FSMAD, Digital Marketing Lead, more aggressive ad spend and pilot incentives, expanded MLS/data usage and faster Terra Net ramp
Each scenario maintains the same 24-month totals but adjusts timing and gating. Implementation uses switchable weighting patterns across S&M and headcount rows, not by changing total envelopes beyond Capital Plan ranges.
CurbScan Impact on Reserve
At the target $1.4M raise, the base plan allocates $1.22M to operations and $180k to contingency reserve. CurbScan phases progressively consume this reserve, requiring careful tradeoff analysis.
63%
Reserve Remaining
Phase A only: $113k reserve remains comfortable
0%
Reserve Depleted
Phases A+B: Reserve becomes –$7k, requires minor trims
-71%
Reserve Deficit
Phases A+B+C: Reserve becomes –$127k, stress-test scenario
Scenario Analysis
The dashboard clearly shows when reserve goes negative and labels those as stress-test scenarios rather than base plan, ensuring investor transparency.
Runway & Cash Position
PropChain's runway analysis provides both mechanical calculations from the forecast and simplified matrices for transparent investor communication.
Starting Position
  • Pre-raise cash: ≈$500
  • Short-term obligations: ≈$4,000
  • Seed proceeds at $1.4M: $1,400,000
  • Pay down obligations: ~$4,000
  • Pro forma cash: ≈$1,396,000
Runway Matrix (Communication View)
The Exec_Dashboard calculates both a mechanical runway using net cash burn from the forecast and this simplified matrix for transparent investor communication.
How Investors Should Read the Model
01
Assumptions Tab
Check that key inputs match the term sheet: cap, discount, raise size, CurbScan scenario selection
02
Historical Actuals
Confirm historical R&D-heavy spend (92%) and total founder-funded amount ($47k)
03
Monthly Forecast
Inspect hiring timing, GTM gating, and the absence/presence of scanning overlay
04
CurbScan Program
Validate rig-month counts, economics per rig, and that totals match Appendix A
05
Year Summary
Verify Year 1 = $0 revenue, Year 2 = ~$200k midpoint, and 24-month OpEx ≈$1.22M pre-overlay
06
Dashboard
Use runway, ARR, and scenario toggles for quick sanity checks and decision-making
Red Flags & Items to Watch
Appendix A Deviations
24-month OpEx must remain ≈$1.22M in base, non-CurbScan case. Year 1 Revenue must remain at $0; Year 2 must center around $200k within $150-250k range.
Scanning Costs in Base Plan
C2 structure assumes CurbScan is an overlay. If scanning OpEx or CapEx appears in base R&D or COGS lines without the overlay driver, the plan diverges from framework.
Reserve Misuse
The $180k contingency should be off-P&L in base case. If base-case projections draw heavily on reserve or treat it as guaranteed spend, update narrative to reflect higher-burn scenario.
Runway Inconsistency
If forecasted cash balance suggests runway shorter than the runway matrix at same burn rate/raise size, reconcile difference (likely due to CapEx timing or scanning overlay).
GTM Spend Not KPI-Gated
Model should implement or annotate KPI gates (ARR thresholds, pilot milestones, SQL/paid seat counts) rather than treating $90k GTM budget as flat monthly burn.
Headcount Front-Loading
Plan that activates multiple GTM/engineering hires before KPI triggers will push burn toward or beyond ~$80k/mo high-burn scenario; differences must be deliberately justified.
Capital Plan Mismatch
If any derived numbers (runway, burn, scanning coverage) differ from Capital Plan or Appendix A, either adjust model to comply or explicitly annotate as "what-if" scenario.
Use-of-Funds: Executive Summary
At the target raise of $1.4M, PropChain allocates funding across seven categories with spend sequenced and milestone-gated to maintain ≈22-24 months base-case runway.
Scanning overlays (Phase A/B/C) are explicitly mapped to the reserve, as the core plan is pre-scanning. All figures fully align with Capital Plan & Investor Terms Overview, Appendix A, FP&A workbook, CurbScan Program framework, and roadmap.
Use-of-Funds: Headcount & Contractors
$900,000 over 24 months (64% of round) supports seed-stage execution with equity-first model and gated cash activation.
1
Founder/CEO
$240,000 | Months 1-24
Baseline stipend + health + minimal travel
2
FSMAD (Engineer)
$130,000 | Months 1-24 (gated)
Equity-first. Cash activation requires build velocity KPIs
3
DS/MLE
$120,000 | Months 1-24 (gated)
Equity-first. Cash activation only after Terra Engine v1 KPIs
4
UI/UX
$60,000 | Months 1-18
Supports Alpha/Beta/GTM releases
5
Business Ops / PM
$110,000 | Months 4-24
Ops, KPI tracking, compliance, MLS processes
6
2nd Engineer
$100,000 | Months 10-24 (gated)
Activated once prototypes + telemetry + ingestion stabilize
7
Sales/CS Hire
$80,000 | Months 14-24 (KPI-gated)
Activation: 10+ paying accounts or ≥25 paying seats
8
Digital Marketing Lead
$60,000 | Months 6-24
Initially warrant-only; partial cash from reserve

ETL Data Engineer: Warrant-only, activated for Terra Net & CurbScan ETL as needed
Use-of-Funds: Data, Cloud & Tooling
$90,000 over 24 months (6% of round) supports data infrastructure, cloud operations, and development tooling.
MLS Aggregators
$40,000
ListHub S2 "Moderate" tier
$1,670/mo baseline covering NJ/NY + extended states
Cloud / Infrastructure
$40,000
NAS→Azure Hybrid
AKS, Data Lake, NAS integration, inference workloads
Development Tools
$10,000
Figma, GitHub, logging, analytics
Dev productivity & governance
Use-of-Funds: Hardware & GTM
Hardware & Equipment
$30,000 (2% of round)
Supports CurbScan Phase A, rig calibration, and replacement sensors.
  • Rig Enclosure & Mount: $11,000 (Months 1-3, first production rig capstone)
  • Sensors, Calibrations, SSDs: $9,000 (Months 1-6, replacement & redundancy)
  • Spares, Tools, Networking: $10,000 (Months 1-6, networking, jetson spares, safety gear)
GTM, Marketing & Partnerships
$90,000 (6% of round)
Spend is strictly KPI-gated.
  • Paid Digital Ads: $50,000 (3 tranches: $15k, $20k, $15k, Months 6-24)
  • PR / Content / Video: $20,000 (Months 4-24, product launch, pilot stories)
  • Partner Enablement: $20,000 (Months 6-18, MLS pilots + brokerage adoption)
Use-of-Funds: Legal, Operations & Reserve
Legal, Compliance, Insurance, Admin
$70,000 (5% of round)
  • MLS Compliance & Review: $15,000
  • Corporate Legal / SAFE Docs: $15,000
  • Insurance (GL, Cyber, E&O): $30,000
  • Admin / Filings / Accountant: $10,000
Ops, Office, Travel, Misc
$40,000 (3% of round)
  • Travel (local + pilot setup): $16,000
  • Software Office Stack: $12,000
  • Misc Ops: $12,000
Contingency / Operating Reserve
$180,000 (13% of round)
Held back unless required for:
  • KPI-gated cash activation (DML, DS/MLE, FSMAD)
  • Scanning program overruns
  • Data or legal surprises
  • Accelerated hiring in Year 2
Scanning Program Impact Analysis
The base plan ($1.22M spend) plus reserve ($180k) at $1.4M raise provides flexibility for scanning expansion, with clear tradeoffs at each phase.
Baseline (No Scanning)
$1.22M spend
$180k reserve remains
Comfortable runway
Phase A (1 Rig)
+$67.1k total cost
$113k reserve remains
Yes, feasible at $1.4M
Phases A + B (2 Rigs)
+$187.3k total cost
–$7k reserve (deficit)
Tight at $1.4M
Phases A + B + C (3 Rigs)
+$307.5k total cost
–$127k reserve (deficit)
Stress-test scenario
Investors should understand the intentional discipline: Base plan funds Phase A comfortably; B/C require reserve deployment + minor reallocations.
Raise-Size Scenario Comparison
Use-of-funds allocation scales with raise size, maintaining proportional investment across categories while expanding contingency reserves.
Roadmap Alignment & Commentary
Budget sequencing aligns precisely with PropChain's Alpha → Beta → GTM → Pre-Series A timeline, ensuring capital efficiency and milestone-driven execution.
Alpha Phase
Infrastructure foundation, Terra Engine MVP, initial CurbScan pilots
Minimal GTM spend, core team activation
Beta Phase
UX refinement, pilot expansion, data pipeline stabilization
Business Ops/PM hired, UI/UX engagement peaks
GTM Phase
Revenue generation begins, paid ads activated, partner enablement
Sales/CS hire, 2nd Engineer, DML cash activation
Pre-Series A
ARR targets met, scanning data validated, Series A metrics achieved
Full team operational, contingency deployed strategically
Key Alignment Points
  • Hiring is staggered (not front-loaded) to stay within low/base burn scenarios
  • GTM spend is gated on clear KPI metrics (pilots, WAU, SQLs, ARR > $150k)
  • Contingency maintained to handle data overages or scanning expansions
  • Infrastructure budget aligns with NAS-first, Azure-when-needed strategy
Red Flags for Investor Transparency
1
Scanning Phases B and C
Cannot fit into $1.4M without drawing down reserve. Phases B+C require reserve deployment or higher raise ($1.6M comfortable).
2
MLS Data Overages
Any spend exceeding the $40k MLS envelope must come from reserve or require trims elsewhere in the budget.
3
Aggressive GTM Hiring
GTM hiring without KPIs could compress runway below 18 months. All GTM spend must remain strictly gated on performance metrics.
4
SAFE Terms Deviation
Any deviation from YC SAFE terms (cap, discount, MFN, pro-rata) would invalidate governance assumptions and require model revision.
Bank & Credit Card Reconciliation Package
This package provides a complete, transparent view of PropChain's historical spend, demonstrating lean, founder-funded R&D-heavy operations aligned with Capital Plan and Appendix A.
Purpose & Scope
The reconciliation framework enables investors to confirm:
  • No hidden liabilities
  • No unexplained spend
  • Correct matching of all ledger entries
  • Accurate tie-out to FP&A starting balances
Package Components
  1. Narrative summary of historical cash position
  1. Bank Statement Package (BSP) template 2023-YTD 2025
  1. Credit Card Statement Package (CCSP) template
  1. Reconciliation Workbook Structure
  1. Variance Explanation Log
  1. Red Flag Checklist
Historical Cash Position Summary
PropChain operated on a founder-funded, cash-basis accounting system with complete transparency and no external financing prior to Seed round.
$47K
Total Founder-Funded Spend
2023-2024 period
92%
R&D Allocation
R&D + Product/Design focus
$500
Pre-Seed Cash
Balance at Seed close
$4K
Short-Term Obligations
Hardware/networking payables
Key Facts
  • No revenue recognized during 2023-2024 period
  • No prior SAFEs, notes, equity instruments, or external investors exist
  • All spending classified as operational/R&D purchases
  • Proper dual entries (expense and cash offset) throughout ledger
  • Absence of non-business or personal spend
  • No financing transactions in historical period
These statements are fully consistent with the Capital Plan and Appendix A, providing a clean foundation for Seed round deployment.
Ledger Extract & Transaction Examples
Representative entries from the PropChain_Financials_TY-2023-2024_FPA_Combined ledger confirm historical activity and demonstrate proper accounting practices.
Example Transactions from 2023 Ledger
Ledger Validation
Proper dual entries
All transactions show expense and cash offset, demonstrating proper accounting practices
Purely operational/R&D purchases
Consistent with historical spend narrative and 92% R&D allocation
No non-business spend
Absence of personal or non-operational transactions throughout ledger
No financing transactions
No SAFEs, loans, reimbursements, or external financing in historical period
All figures are derived directly from the authoritative ledger, providing investors with complete transparency and audit-ready documentation.