Ann: Appendix 4C - quarterly-ISX.AX, page-23

The revenue model, according to the CEO - is US$10 per KYC confirm remain ation process (negotiable and will remain confidential between parties. Negotiations based on expected revenue from contract etc).

The other revenue comes from transactions. If a client (coinify for example) wants to open an account immediately, they can deposit funds with credit card & ISX do the KYC, identity and AML (that would be the US$10). Then, if the client wants to transfer more funds in via credit card, ISX get a fee each time.

If a client doesn't mind waiting, they can transfer direct from bank account - and (as far as I am aware) ISX get nothing for this.

My expectation is that the US$10 per confirmation is a 'hope' from ISX management - the reality may be much lower.

Either way, this has legs and once the model is shown to be revenue generatin I see increased interest from analysts, investors and potential for a buyout