Who owns what, and who gets paid.
The cap table is an Open Cap Table Format folder the company's code names. The company app reads each holder's share from it and models an exit, with every assumption listed.

One element names the folder.
The cap table stays in the Open Cap Table Format: stakeholders, stock classes, plans and transactions, each a JSON file of the standard. Shares issued, options granted and SAFEs signed in the app or by an agent are transactions written there.
The waterfall is a model of the stated terms. It pays each preferred class its preference by seniority, converts a class when converting pays more, and lists what it assumed: options counted as exercised, the unissued pool left out. A term the files do not state makes the waterfall unknown, with why. It is not legal, tax or financial advice.
<CapTable ocf={`${folder}captable/`} />Keep your cap table in an open format.
Issue shares, grant options or model a round from the company app.