I am currently working with a start-up where the company is incapable of meeting its capex …

> "Can I see the cap table?" - "Can I see the terms of the investors?" These questions should become so normalized that founders don’t bat an eye at it. If I am an early employee, we are partners. Wanting to know my percentage and the company’s liabilities before I sign is not unreasonable. I also want to hear you talk convincingly about your plans for future investment.

I think you're in a same-same path with this. That is, If you say "No, I don't want equity", they still owe your back pay, there are multiple ways to get it, AND if either "back pay" or "equity" is to have value, they must have more funding. Which means, out of that funding can immediately come your back pay. So if you take the equity, or insist on pay, both are the same in the end. In fact, by not showing you what you need to know? They're forcing you to go after any investment they get for backpay. I've always found, in every single case, if someone doesn't want to show me something? It's because they know they're scamming you. Or selling false goods. No one with a sensible, reasonable deal ever desires to hide what the deal is. In fact, you should most insist and see what the founders are getting too. And the older investors. But either way, you are 100% owed salary, without dilution,…

> I swear, some entrepreneurs must think I stepped off the boat yesterday. Or can be bullied into accepting, even if you aren’t clueless. I do know people like that. Conflict is more painful than loss.

It sounds like you already know, but that company is almost certainly in its final throes before bankruptcy. Do not take stock, get as much of your back pay as you can, and get out.

Working without pay is the reddest of red flags in any company. It’s not even a business at that point - it’s a volunteer gig.

They are unlikely to show the full cap table. Consider asking for the most recent 409a valuation, the total shares outstanding, and the size and liquidation preference of the past rounds. That’s a smaller ask that will give you the most important info. Most likely you already know the answer. In a fantasy scenario, you could take the stock they’re offering and demand to have a more senior stake and a 5x liquidation preference.

You can at least file a wage claim without even having a lawyer https://www.calaborlaw.com/complaint/ In California, you are also entitled to more than minimum wage if you're an exempt SWE.

Wow, do not understand this approach some founders take. Being “radically” transparent by showing your cap table and talking through liquidation prefs/exit scenarios with every single employee is an absolute prerequisite for me. For me this has driven loyalty and paid dividends in culture and retention. I would not work for a startup where the founder wouldn’t share that info.