{
  "schema": "cain42.review.commercial_vs_technical.v1",
  "rule": "Commercial valuation is excluded from the technical grading score.",
  "items": {
    "appraised_valuation": {
      "status": "NOT_ESTABLISHED",
      "detail": "No independent appraisal exists. Appraiser, independence, date, scope, method, assumptions and report are all absent."
    },
    "internal_scenario": {
      "status": "INTERNAL_SCENARIO_NOT_AN_INDEPENDENT_APPRAISAL",
      "detail": "Internal analytical estimates only (e.g. ~$3M strategic-acquirer estimate); explicitly not an appraisal."
    },
    "company_value": {
      "status": "INTERNAL_SCENARIO",
      "detail": "Self-published analytical estimate."
    },
    "ip_value": {
      "status": "INTERNAL_SCENARIO",
      "detail": "Breadth counts and analytical ranges; no patent filed."
    },
    "founder_net_worth": {
      "status": "NOT_ESTABLISHED",
      "detail": "No basis; not computed here."
    },
    "customer_revenue": {
      "status": "FOUNDER_ATTESTED_UNVERIFIED",
      "detail": "Founder attestation of 2 customers / $97; no processor record or customer reference published. Not ARR."
    }
  },
  "prohibition": "Valuation, patents, customer count and revenue are not evidence that any security mechanism works."
}