The Ledger
Expenses
What has been spent, by category, against the capital raised.
No expenses have been published yet. This ledger will be filled as the raise closes and capital is deployed.
What this ledger is
Each line is a real expense entered by the operator and published deliberately. Rows are added as capital is deployed; an empty section means nothing has been published in that category yet, not that nothing will be.
[[VERIFY: State the publication policy counsel approves — which categories are published, at what interval, what is withheld and why, and how a figure here reconciles to the escrow account.]]