Ann: Completion of Limepay Acquisition, page-99

Yes I see you try hard Bobby but institutions crunch the numbers that count. Goes without saying that Spenda absolutely needs institutions to start buying in. At this stage there's nothing to convince them to. They definitely don't have any kind of FOMO that's for sure. Too professional.

Over the last financial year Adrian closed the gap to profitability by a tiny $60k with the gap still in the many millions. That's after he stated "we're on track for profitability by June 23". That was well over a year ago now and they're still so far away it's not funny. There's a wide gap between Adrian truths and the real world reality.

Try not to get blinded by Slasha/TopDog/YoungTrader and The Pure Pumping Cronies.

I'd suggest you take the time to look at both the positives AND the negatives. Keep some balance or The Pure Pumping Cronies will eat you for breakfast. They have much deeper pockets than you Bobby.

You cover a couple of the positives to some degree but you never think about the opposite to form a balance view. To help you out here are a couple of the negatives that I can think off of the top of my head:

1. Agrichain failed soon after being announced with no genuine reason given. The head of ag departed soon after.

2. eBev pilot completion guidance was first completion first quarter of the year. Still not announced. Further Adrian stated that they don't have the HR to go after the B2C flows which make up a large portion of the eBev flows.

3. The Capricorn DSD build has been going on for a very long time now. Adrian first suggested commercial launch would begin at the start of the year but that's quickly crept out and still hasn't occured. The launch of that is the only thing that will help offset the cost base of the Limepay merger. The merger has been completed, the cost base is now Spenda's and no way of countering it. It's now come to light the rollout of Capricorn is going to take 10 years. Being conservative let's assume 20 years due to the known history of missed deadlines.

4. The Carpet Court SOE still hasn't been launch in any meaningful way.

That's just a couple I can think of at the top of my head. No announcements have been made so we can confirm that none of the above has occurred. Putting aside Slasha's secret squirrel stuff obviously.

Congrats on the Lions win, too bloody good today