https://david-stack.com/changes/New and updated pages on Stack Ledger.en-ushttps://david-stack.com/team/409a-valuation/https://david-stack.com/team/409a-valuation/Wed, 21 Oct 2026 00:00:00 GMTA 409A valuation sets the fair market value of a startup's common stock and the strike price of its options: the rule, the three steps, cost and timing.https://david-stack.com/metrics/arr-vs-mrr/https://david-stack.com/metrics/arr-vs-mrr/Wed, 21 Oct 2026 00:00:00 GMTMRR is recurring revenue per month and ARR is the annual figure, but ARR has two definitions. Formulas, a worked example, GAAP revenue and how filers define it.https://david-stack.com/board/board-reporting/https://david-stack.com/board/board-reporting/Wed, 21 Oct 2026 00:00:00 GMTWhat a startup board financial package contains: three statements, a short KPI set, burn and runway, budget-versus-actual variance and a narrative.https://david-stack.com/operations/burn-rate-and-runway/https://david-stack.com/operations/burn-rate-and-runway/Wed, 21 Oct 2026 00:00:00 GMTBurn rate is the cash a startup uses each month and runway is how many months it lasts: formulas, a worked example, benchmarks and the going-concern test.https://david-stack.com/metrics/cac-payback-period/https://david-stack.com/metrics/cac-payback-period/Wed, 21 Oct 2026 00:00:00 GMTCAC payback period is the months of gross profit a new customer needs to repay their acquisition cost: formula, worked example, benchmarks and filer recipes.https://david-stack.com/fundraising/convertible-notes/https://david-stack.com/fundraising/convertible-notes/Wed, 21 Oct 2026 00:00:00 GMTHow a startup convertible note works: interest, maturity, discount, valuation cap, what happens if the company fails, plus a worked example and SEC-filed terms.https://david-stack.com/fundraising/how-venture-rounds-work/https://david-stack.com/fundraising/how-venture-rounds-work/Wed, 21 Oct 2026 00:00:00 GMTHow a startup funding round works: who invests at each stage, SAFEs and convertible notes, the Series A paperwork, investor rights and the ways a company exits.https://david-stack.com/metrics/net-revenue-retention/https://david-stack.com/metrics/net-revenue-retention/Wed, 21 Oct 2026 00:00:00 GMTNet revenue retention measures how much recurring revenue a customer group still pays a year later: the formula, a worked example, GRR, ARR and benchmarks.https://david-stack.com/metrics/saas-churn-rate/https://david-stack.com/metrics/saas-churn-rate/Wed, 21 Oct 2026 00:00:00 GMTChurn rate is the share of customers or recurring revenue lost in a period: the formulas, a worked example, benchmarks and how public filers define it.https://david-stack.com/metrics/saas-revenue-recognition/https://david-stack.com/metrics/saas-revenue-recognition/Wed, 21 Oct 2026 00:00:00 GMTHow SaaS companies recognize revenue under ASC 606: the five steps, deferred revenue, upgrades, refunds, usage fees, commissions and worked examples.https://david-stack.com/fundraising/safe-notes/https://david-stack.com/fundraising/safe-notes/Wed, 21 Oct 2026 00:00:00 GMTA SAFE is a contract for shares later, not a loan: how the valuation cap sets ownership, when it converts, how it differs from a note, and the risks.https://david-stack.com/operations/scaling-startup-finance/https://david-stack.com/operations/scaling-startup-finance/Wed, 21 Oct 2026 00:00:00 GMTHow startup finance scales: five maturity stages, signals it is time to upgrade, controller and CFO roles, G&A benchmarks, CFO pay and the audit horizon.https://david-stack.com/operations/startup-annual-budget/https://david-stack.com/operations/startup-annual-budget/Wed, 21 Oct 2026 00:00:00 GMTHow to build a startup annual budget in six steps: revenue drivers, fixed and variable costs, headcount, cash, a SaaS spend benchmark and a worked example.https://david-stack.com/board/startup-board-of-directors/https://david-stack.com/board/startup-board-of-directors/Wed, 21 Oct 2026 00:00:00 GMTWhat a startup board of directors does, the duties its members owe, how many seats a startup board has at seed and Series A, and how a filing shows one grow.https://david-stack.com/team/startup-stock-options/https://david-stack.com/team/startup-stock-options/Wed, 21 Oct 2026 00:00:00 GMTHow ISOs and NSOs are taxed at grant, exercise and sale, the $100,000 rule, AMT, how 409A sets the strike price, Rule 701 limits and Form 3921 reporting.