{
  "bundle_version": "0.1",
  "receipt": {
    "type": "ZkVmReceipt",
    "system": "risc0",
    "receiptFormat": "groth16-bn254",
    "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
    "seal": "GGAQBHxmGg2D5ZplSEjx0g0q4szg9an+dRF8nX/QBqstuoSdfkSLLeo1yjZsBDvk9nhAbbs19641UcPvah3HOSb3k8UhRvIOx16llJXZ0lz/MpQ5wr1FfXjBWP5hqsn0GkCoF1/0MPQ3gfud/V8hMuSBDHo9JLRJskM5+L32CB4UbHvFs+KkD3vqfllQyWoITfIyGmObJ+EqlaUWPjc0YgtjOmdjMRAi0zxcyeZazlFKbxIvf2ywzJqDrD2wLqRQDkENbxUE2NWHJntw68mSm1YNh9a8rMZpub1ktt9e/3cu4KyjunSbHr2sGzPOogvzs8LT3thT3S27R8W7mTwvTA==",
    "journal": {
      "chaingraph_version": "0.4.0",
      "kernel_digest": "sha256:2bf576ae353041e722a9e64447d9484503c9d7208b320a9338562368f15e41d2",
      "output": {
        "citations": {
          "hfiaa": {
            "detail": "Makes officers and directors of a foreign private issuer Section 16(a) reporting filers for the first time. Expressly does NOT extend Section 16(b) short-swing profit-recovery liability to that population, and does not disturb the Rule 3a12-3(b) exemption for a 10%-owner who is not also an officer or director. Re-verify against primary text before relying on it (research finding, not fact).",
            "source": "Holding Foreign Insiders Accountable Act, FY2026 NDAA, signed 2025-12-18"
          },
          "rule_16b3": {
            "detail": "Exempts certain transactions between an issuer and its officers/directors under an approved plan (e.g. grants, tax-withholding transactions) from Section 16(b) matching. This kernel excludes a transaction from matching only when the caller declares an exemption_flags entry for it; it makes no independent exemption determination.",
            "source": "17 CFR 240.16b-3"
          },
          "rule_3a12_3": {
            "detail": "Historically exempted a foreign private issuer and its officers, directors, and 10%-owners from Section 16 (both (a) and (b)) entirely.",
            "source": "17 CFR 240.3a12-3(b)"
          },
          "section_16a_general": {
            "detail": "Reporting obligation for officers, directors, and beneficial owners of more than 10% of a registered equity security.",
            "source": "Securities Exchange Act of 1934 Sec. 16(a), 15 U.S.C. Sec. 78p(a)"
          },
          "section_16b": {
            "detail": "Strict-liability disgorgement of any profit realized by a Section 16 insider from any purchase and sale, or sale and purchase, of the issuer's equity security within a period of less than six months.",
            "source": "Securities Exchange Act of 1934 Sec. 16(b), 15 U.S.C. Sec. 78p(b)"
          },
          "smolowe_maximal_recovery": {
            "detail": "The \"lowest price in, highest price out\" matching construction, maximizing recovery to the corporation rather than measuring the insider's actual realized gain; losses on other pairings are never netted against a profitable pairing. Re-verify against primary case text before relying on it (research finding, not fact).",
            "source": "Smolowe v. Delvag Reinsurance Co., 136 F.2d 231 (2d Cir. 1943); Gratz v. Claughton, 187 F.2d 46 (2d Cir. 1951)"
          }
        },
        "comparison_basis": "The recomputed matched-pair total is derived here from the declared transaction list using the lowest-in/highest-out construction; it is not read from the demand letter. A comparison is only meaningful because the two sides have independent provenance.",
        "currency": "USD",
        "demand_letter_claimed_profit_display": "1400.00",
        "demand_letter_claimed_profit_minor_units": 140000,
        "demand_letter_supplied": true,
        "difference_display": "0.00",
        "difference_minor_units": 0,
        "excluded_transactions": [],
        "fence": "This is not legal advice. It does not compute a Rule 144 volume-limitation check (a named follow-on tool). Matching uses the lowest-in/highest-out construction over caller-declared transactions and a day-count approximation of the six-month window; a declared exemption excludes a transaction from matching without this kernel independently determining whether that exemption applies. No computed figure resolves a matchability or exemption dispute, which is counsel's.",
        "indeterminate_reason": null,
        "insider_ref": "SYNTH-INSIDER-001",
        "insider_status": {
          "foreign_private_issuer": false,
          "officer_or_director": true,
          "ten_pct_owner": false
        },
        "issuer_ref": "SYNTH-ISSUER-CO",
        "matched_pairs": [
          {
            "day_gap": 81,
            "profit_display": "1000.00",
            "profit_minor_units": 100000,
            "purchase_date": "2026-01-10",
            "purchase_price_display": "10.00",
            "purchase_price_minor_units": 1000,
            "purchase_txn_id": "txn-1",
            "sale_date": "2026-04-01",
            "sale_price_display": "20.00",
            "sale_price_minor_units": 2000,
            "sale_txn_id": "txn-3",
            "shares_matched": 100,
            "window_basis": "81 day(s) apart, matched against a 183-day approximation of the statutory less-than-six-months window (day-count approximation, not calendar-month arithmetic; see not_proven)."
          },
          {
            "day_gap": 50,
            "profit_display": "400.00",
            "profit_minor_units": 40000,
            "purchase_date": "2026-02-10",
            "purchase_price_display": "12.00",
            "purchase_price_minor_units": 1200,
            "purchase_txn_id": "txn-2",
            "sale_date": "2026-04-01",
            "sale_price_display": "20.00",
            "sale_price_minor_units": 2000,
            "sale_txn_id": "txn-3",
            "shares_matched": 50,
            "window_basis": "50 day(s) apart, matched against a 183-day approximation of the statutory less-than-six-months window (day-count approximation, not calendar-month arithmetic; see not_proven)."
          }
        ],
        "minor_unit_exponent": 2,
        "not_proven": [
          {
            "detail": "This kernel recomputes a matchable-pair short-swing profit figure from caller-declared transaction facts. It is not a substitute for counsel, and no computed figure resolves a matchability or exemption dispute.",
            "item": "Not legal advice"
          },
          {
            "detail": "The statutory \"less than six months\" boundary is approximated here as strictly less than 183 days apart rather than true calendar-month arithmetic. A pair straddling the 182/183-day boundary needs independent calendar-month verification.",
            "item": "Six-month window is a day-count approximation"
          },
          {
            "detail": "The lowest-in/highest-out maximal-recovery construction is the widely cited Smolowe/Gratz heuristic, but this kernel's citation of it was not re-derived from primary case text at build time (research finding, not fact per the build row).",
            "item": "Algorithm re-verification"
          },
          {
            "detail": "A transaction is excluded from matching only because the caller declared an exemption_flags entry for it (e.g. Rule 16b-3). This kernel makes no independent determination that any exemption in fact applies.",
            "item": "Exemption determinations are caller-declared"
          },
          {
            "detail": "Whether a sale complies with Rule 144 volume limitations is out of scope; it is a named follow-on tool, not computed here.",
            "item": "Rule 144 volume limitation"
          },
          {
            "detail": "Every transaction's date, price, and share count, and the insider_status flags, are caller-supplied and asserted, not independently verified against EDGAR Form 4/5 filings.",
            "item": "Input accuracy"
          }
        ],
        "note": "Deterministic Section 16(b) matchable-pair short-swing profit recompute over a caller-declared transaction list. Single-run and stateless: it holds no records, runs on no schedule, and retains nothing.",
        "purchase_count": 2,
        "rationale": [
          "Section 16(b) matchable-pair recompute for insider reference SYNTH-INSIDER-001 on issuer reference SYNTH-ISSUER-CO.",
          "3 of 3 declared transaction(s) were usable and non-exempt; 0 were excluded (unusable input or a declared exemption).",
          "2 purchase(s) and 1 sale(s) were eligible for matching. Matching applied the lowest-in/highest-out construction: the lowest-priced eligible purchase was paired against the highest-priced eligible sale, repeatedly, within a 183-day approximation of the statutory less-than-six-months window, and a pairing that would produce a loss was skipped rather than netted.",
          "2 matched pair(s) were found, for a total recomputed profit of 1400.00 USD.",
          "50 purchased share(s) and 0 sold share(s) remained unmatched (no eligible profitable in-window counterparty).",
          "Domestic insider: officer/director or 10%-owner status makes this insider both a Section 16(a) filer and subject to Section 16(b) short-swing profit-recovery liability.",
          "The independently recomputed matched-pair total agrees with the demand letter's claimed profit of 1400.00 USD.",
          "This is not legal advice. The six-month window applied here is a day-count approximation of the statutory calendar-month boundary, and no exemption was independently determined -- both are named in not_proven. No computed figure resolves a matchability or exemption dispute."
        ],
        "rejected_inputs": [],
        "sale_count": 1,
        "section_16a_applicability": {
          "basis": "Domestic insider: officer/director or 10%-owner status makes this insider both a Section 16(a) filer and subject to Section 16(b) short-swing profit-recovery liability.",
          "is_16a_filer": true,
          "is_16b_liable": true
        },
        "six_month_window_day_threshold": 183,
        "total_profit_display": "1400.00",
        "total_profit_minor_units": 140000,
        "transaction_count": 3,
        "unmatched_purchase_shares": 50,
        "unmatched_sale_shares": 0,
        "usable_transaction_count": 3,
        "verdict": "MATCHES"
      }
    }
  },
  "journal_contract": {
    "spec": "SPEC.md §18.7",
    "serialization": "rfc8785-jcs+utf8",
    "journal_digest": "sha256:a781dc6525c94dca6063248f02e43a9fdcb1a636ef157716255f70b9964bf3ef",
    "claim_digest": null
  },
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      "log_url": "https://seasalp.glasklar.is",
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