Update on scale partnership with IAMCP, page-174

Apologies - fair call re smug. Think Eloi coupled with cynicism about what LVT say has brought that out of me.

No idea what they’ve got planned for the funds, but I struggle with the fact that they have $16m cash, and are purported to be cash flow positive soon, yet they need capital.

If it’s for growth, it doesn’t jive with what Karl has talked about re cost control and growth in the right way. If it’s for acquisition, it would make me struggle a bit as I really think they need to focus on developing and selling their current optimised offering.

So they’re either going to buy something which would end up having a debt servicing cost of up to $1.35m per year (which is slightly concerning), or they’re not buying something and they’re using it for any other means (R&D, sales etc etc) which would mean they’re not hitting cash flow break even as early as people think they are.