# Evolution 18 — valuation audit and delta

Internal analytical scenario. Not an appraisal, not a financing valuation, not revenue, not a sale price.

## 1. Audit of the existing calculation (v49 register, v44 founder record)

| Check | Result |
|---|---|
| `python3 scripts/ip/recalculate_ip_value_v49.py` reproduces its JSON | yes: 205 families; LOW 6,429,820 / BASE 16,580,530 / HIGH 29,349,750 |
| per-step arithmetic | 3 ENGINEERING × 12,000 × 0.88 = 31,680; 2 INTEGRATION × 8,000 × 0.88 = 14,080; sum **45,760** = stated BASE delta. LOW: 3 × 3,900 + 2 × 2,340 = **16,380**. HIGH: 3 × 19,000 + 2 × 14,250 = **85,500**. All match |
| running totals vs. deltas | the last running total equals v48 + delta in all three scenarios. **No discrepancy between the phase-by-phase values and the low/base/high deltas was found in the code or the JSON** |
| gross vs. net | discounts 22% / 12% / 5% applied once, to new gross only; prior totals carried unchanged |
| duplicate assets | v49's five families do not repeat codes of v46–v48 |
| IP vs. founder consistency | founder = company (100%); company = (IP − 268,000) + 2,000,000 or 3,000,000 + 250,000 × customers; with 3 customers BASE investor = 16,580,530 − 268,000 + 2,000,000 + 750,000 = **19,062,530**. Matches |

### Open items found (recorded, nothing changed)

1. **Documentation vs. code, Evolution 17.** `artifacts/evolution17/valuation_methodology.md` prints a customer
   premium of 3 × $320,000 = $960,000 and a NOVEL tier of (10k, 25k, 50k). The code uses $250,000 and
   (40k, 90k, 130k). The figures in the JSON follow the code. This is the likely source of the "discrepancy" the
   specification mentions: the narrative does not reproduce the numbers; the script does.
2. **The −268,000 term.** `recalculate_firme_founder_v41.py` subtracts 268,000 from the IP base before adding the
   premiums and labels the result "IP uplift vs $268k". The derivation of 268,000 is not stated in the v41–v44
   scripts.
3. **Customer count.** The scripts read `customer_count` from `FOUNDER_REVENUE_ATTESTATION.json`, now 3 customers and
   $193 (founder-attested, unverified). `AGENTS.md` still says 2 customers and $97.
4. **Tier per mechanism is a judgment**, not a measurement. The same six mechanisms at other tiers give other totals
   (section 3).

## 2. Evolution 18 delta (register v50)

Prior records are preserved; v50 imports v49's totals unchanged.

| Step | Family | Tier | Gross L / B / H | Net added BASE (×0.88) | Running BASE |
|---|---|---|---|---|---|
| — | v49 | | | | 16,580,530 |
| 1 | SPO-KEY | UNUSUAL | 20,000 / 45,000 / 85,000 | 39,600 | 16,620,130 |
| 2 | EVG-LVL | UNUSUAL | 20,000 / 45,000 / 85,000 | 39,600 | 16,659,730 |
| 3 | DPE-OBJ | UNUSUAL | 20,000 / 45,000 / 85,000 | 39,600 | 16,699,330 |
| 4 | CEG-TYP | ENGINEERING | 5,000 / 12,000 / 20,000 | 10,560 | 16,709,890 |
| 5 | CRV-RDR | ENGINEERING | 5,000 / 12,000 / 20,000 | 10,560 | 16,720,450 |
| 6 | RCV-DRV | ENGINEERING | 5,000 / 12,000 / 20,000 | 10,560 | **16,731,010** |

| Scenario | v49 | new gross | discount | new net | **v50** |
|---|---|---|---|---|---|
| LOW | 6,429,820 | 75,000 | 22% | 58,500 | **6,488,320** |
| BASE | 16,580,530 | 171,000 | 12% | 150,480 | **16,731,010** |
| HIGH | 29,349,750 | 315,000 | 5% | 299,250 | **29,649,000** |

211 families. Founder record v45: BASE 19,213,010 (investor) / 20,213,010 (strategic); LOW 8,970,320 / 9,970,320;
HIGH 32,131,000 / 33,131,000 — each exactly v44 plus the IP delta.

Overlap deducted: three candidate mechanisms were not counted because earlier families already cover them
(`ip_register_delta.md`). Evidence behind every counted family: implemented, 100 tests, 82 executed adversarial
scenarios, mutation run. Evidence absent for all six: independent reproduction, external review, hosted CI,
production use, customers, patents.

## 3. Why these tiers, and what the total would be otherwise

The owner's instruction for this evolution was to raise the IP base to the maximum at every step. Each family is
therefore in the highest tier its evidence supports. Three are UNUSUAL because the combination was not found in the
prior art that was checked; the overlapping prior art is listed with each. None is NOVEL: that word claims no one has
done it, and no patent or literature search able to support that was done.

| If the six families were tiered as… | BASE net added | v50 BASE |
|---|---|---|
| all ENGINEERING (the convention of v46–v49) | 63,360 | 16,643,890 |
| **3 UNUSUAL + 3 ENGINEERING (recorded)** | **150,480** | **16,731,010** |
| 3 NOVEL + 3 ENGINEERING (not supported by a search) | 269,280 | 16,849,810 |

## 4. What this number is not

It is the sum of tier values in an internal table. It is not what anyone has offered, not revenue ($193 attested), and
not a company valuation by a third party.