LiquidManzana - Technology Due Diligence

📄 Section 1: Document Uploads (CRITICAL Priority)

Upload the requested documents below. Files are sent to our secure server immediately. If a document does not exist, select 'Not available' and add a comment.

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Organizational Chart

Include headcount by function and geographic distribution (US, El Salvador, UAE)

Uploading below Not available Partial/draft version

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PDF, PNG, DOCX (max 10MB)

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Financial Summary (3 years)

Revenue, EBITDA, customer count, growth metrics

Uploading below Not available Partial (less than 3 years)

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PDF, XLSX (max 10MB)

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System Architecture Diagram CRITICAL

Include blockchain layer, marketplace, TPRS platform, custody layer

Uploading below Not available High-level only Detailed

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PDF, PNG, DOCX, Visio (max 10MB)

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Security & Compliance Documentation CRITICAL

SOC 2 report, penetration test results, security program overview

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PDF (max 10MB)

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Product Roadmap

12-month plan covering both DAT marketplace and TPRS platform

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PDF, DOCX, Slides (max 10MB)

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Leadership Team Bios

CEO, CTO, Head of Legal/Compliance, Head of Product, Head of BD

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El Salvador Digital Asset License CRITICAL

License document, issuing authority, and scope of coverage

Uploading below Not available License not yet granted

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PDF (max 10MB)

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Trust Entity Audit Report

Independent audit of custodial trust entities holding real property

Uploading below Not available Audit not yet conducted

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PDF (max 10MB)

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Smart Contract Audit Report CRITICAL

Third-party audit of DAT and TPRS smart contracts

Uploading below Not available Audit not yet conducted Audit in progress

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10.

US Securities Legal Opinion (Howey Test) HIGH

Formal legal opinion on whether DATs constitute securities under US law

Uploading below Not available In progress with counsel Internal analysis only

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11.

Tokenomics / Token Design Document

DAT structure, staking mechanics, token economics, supply model

Uploading below Not available In development

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👥 Section 2: Leadership & Organization (HIGH Priority)

Topics: Leadership Depth, Retention & Attrition. Team structure, succession planning, and retention indicators across US, El Salvador, and UAE.

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12.

What is the total headcount by function?

Break down by engineering, legal/compliance, business development, operations, and support.

Under 15 employees 15-25 employees 26-50 employees 50+ employees

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13.

How is the team distributed across jurisdictions?

We need to understand the US, El Salvador, and UAE distribution.

Primarily one location (>80% in one country) Balanced across 2 locations Distributed across 3+ with clear ownership per location Fully remote with no geographic clustering

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14.

How would you describe leadership succession planning?

Identify any single points of failure in leadership.

Formal plan for all C-level roles Plan for CEO and CTO only Informal understanding of who steps in No succession planning

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15.

What is your voluntary attrition rate over the past 12 months?

Under 10% 10-15% 16-25% Over 25% Company less than 12 months old

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16.

Are there individuals whose departure would significantly impact operations?

Consider technical, legal, regulatory, and business development dependencies.

No critical single points of failure 1 key person dependency 2-3 key person dependencies More than 3 key person dependencies

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17.

What are your first 3 hires post-investment?

Engineering / technical roles Legal / compliance roles Sales / BD roles Operations / support roles

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⚙️ Section 3: Technology & Architecture (CRITICAL Priority)

Topics: Scalability Design, Technical Debt, Deployment Automation, Data Platform. Platform architecture, blockchain infrastructure, and engineering practices for the DAT marketplace and TPRS engine.

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18.

What blockchain protocol(s) does the platform use?

Select all that apply

Ethereum (L1) Ethereum L2 (Polygon, Arbitrum, Optimism) Solana Avalanche Proprietary / private chain Other

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19.

What token standard do DATs use?

ERC-20 ERC-721 (NFT) ERC-1155 (Multi-token) SPL Token (Solana) Custom / proprietary standard Not yet finalized

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20.

Describe the high-level system architecture.

Monolithic web app with blockchain integration Microservices with blockchain layer Fully on-chain dApp Hybrid: centralized backend + on-chain settlement Architecture not yet formalized

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21.

Have your smart contracts been audited by a third party?

Name the audit firm if applicable.

Yes, within past 6 months Yes, over 6 months ago Audit in progress No audit yet No smart contracts in production

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22.

How do you handle smart contract upgradeability?

Immutable contracts (no upgrades) Proxy pattern (upgradeable) Modular with separate logic/storage Beacon proxy (batch upgrades) Not yet determined

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23.

How do you handle private key management and custody?

Critical for financial services. Specify the custodian or provider.

HSMs with multi-sig MPC wallet solution Multi-sig without HSM Single-key with software wallet Third-party custodian Not yet implemented

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24.

What is your estimated technical debt level?

Minimal (<10% of engineering effort) Moderate (10-20%) Significant (20-30%) Critical (>30%) Too early to assess

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25.

What is your deployment frequency?

Describe your CI/CD pipeline and tools.

Multiple times per day Daily Weekly Bi-weekly or less Manual / ad-hoc

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26.

What cloud infrastructure do you use?

Select all that apply

AWS Google Cloud Azure Self-hosted Blockchain-native only Decentralized hosting (IPFS, Arweave)

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27.

How do you handle KYC/AML for marketplace users?

Full program with licensed provider (Jumio, Onfido, Chainalysis) Basic KYC through manual review KYC planned but not implemented No KYC/AML program

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🔒 Section 4: Security & Compliance (CRITICAL Priority)

Topics: Security Program, Security Testing, MFA Adoption, SOC 2 Compliance. FinServ overlay requires minimum Security score of 4.0 and Compliance score of 4.0.

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28.

Do you have a formal security program?

Yes, with dedicated security lead/CISO Yes, managed by engineering team Informal security practices No formal security program

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29.

What security testing do you perform?

Select all that apply

SAST DAST Penetration testing (external) Smart contract security testing Dependency scanning Bug bounty program None

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30.

What is your MFA adoption rate across team and systems?

100% enforced 95-99% coverage 80-95% coverage Below 80% MFA not implemented

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31.

What is your SOC 2 compliance status?

FinServ overlay requires minimum Compliance score of 4.0.

Type II certified Type I certified Audit in progress Planning to start No SOC 2 plans

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32.

What is your data privacy compliance posture?

Select all that apply

GDPR compliant CCPA compliant El Salvador data protection UAE data protection Privacy policy published DPO appointed None

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⚖️ Section 5: Regulatory & Trust Structure (HIGH Priority)

Topics: SOC 2 Compliance, Regulatory status, trust custody model, and legal enforceability across US, El Salvador, and UAE.

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33.

What is the status of your El Salvador digital asset license?

Fully granted and active Conditionally approved Application submitted, awaiting In preparation Not applicable

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34.

Do you have a US securities law opinion (Howey test) for DATs?

Yes, formal legal opinion In progress with counsel Internal analysis only No analysis conducted

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35.

What is your regulatory status in UAE?

Licensed under VARA Licensed under another framework Application in progress Not yet pursuing Not applicable

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36.

How are real property assets held in trust?

Country-specific trust entities with independent trustees Single trust entity for all jurisdictions Direct ownership by operating company Trust structure in development No trust structure

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37.

Are the trust entities independently audited?

Annually by Big 4 or equivalent Annually by regional firm Less than annually No independent audit Not yet established

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38.

What happens to assets and token holder rights if LiquidManzana ceases operations?

Documented wind-down with independent trustee continuity General wind-down provisions No formal wind-down plan Not yet addressed

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39.

How do you legally map on-chain tokens to off-chain property rights?

Direct beneficial ownership via trust deed Contractual rights to economic interest Participation in SPV/fund structure Not yet finalized

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📊 Section 6: Product & Revenue (HIGH Priority)

Topics: Product Vision, Product Strategy, Product-Market Fit, Net Revenue Retention, Customer Health. Product maturity, revenue model, and pipeline validation.

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40.

What is the current status of the DAT marketplace?

How many active investors? Monthly transaction volume?

Live with active users and transactions Live, limited beta In development Concept / design phase

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41.

What is the current status of the TPRS platform?

Live with completed deals Live, first deal in progress In development Concept / design phase

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42.

Describe your revenue model.

Select all that apply

DAT minting/issuance fees Marketplace trading fees Staking yield fees TPRS structuring commissions (3-5%) Ongoing management fees Subscription/platform fees Other

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43.

What is the current revenue status?

Pitch deck shows $2.6M expected revenue. Clarify recognized vs projected.

Revenue from multiple deals Revenue from single deal Expected from signed contracts (not yet recognized) Pipeline only, no signed contracts Pre-revenue

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44.

Describe the pipeline behind the $80-117M projection.

Signed contracts/LOIs >50% of projection Signed contracts/LOIs 25-50% Active negotiations >50% Mostly identified opportunities Top-down market sizing only

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45.

What is your customer/deal concentration?

Current state appears to be single El Salvador deal.

No single customer >20% of revenue Largest is 20-40% Largest is 40-60% Single customer >60% Single deal drives 100%

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🛡️ Section 7: Operations & DR (HIGH Priority)

Topics: DR Strategy, Forecasting Accuracy. Disaster recovery, monitoring, and financial forecasting for a financial services platform.

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46.

Do you have a disaster recovery strategy?

What are your RTO and RPO targets for marketplace and custody?

Documented, tested within 6 months Documented, tested over 6 months ago Documented, never tested Informal approach No DR strategy

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47.

How do you monitor system health and availability?

Comprehensive monitoring with alerting (Datadog, PagerDuty) Basic monitoring with manual alerting Minimal (server-level only) No monitoring

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