Ann: 3Q2019 Update - Goldman Sachs Tech Day, page-10

This is new and helps knowing what has happened along the way.

' 2010 Nickolas John Karantzis Invents the payment instrument verification method to solve an online fraud problem.
• 2011 – Patents lodged in key global financial centers, including EU, US, CN, CA, HK, SG, AU. • 2013 (Dec) – US Patent Granted for payment instrument verification method. Commence development on software and raise ‘angel round’ of investment later that year
• 2014 – 2019 – further patents granted in AU, CN, CA, NZ, SA, PG, SE, SG, & EPO (EEA + Turkey)
• 2014 – Regulatory roadshow in HK, EU, SG & AU to determine if proposed process meets remote KYC requirements. Enter into first agreements to deliver strong customer authentication software based on patents
• 2015 – Raise $3m at $0.03 (via reverse list on ASX). Continue to develop company as a payment gateway / achieve PCI certification
• 2016 – Commence application for EU/EEA electronic money license. Commence providing KYC services based on patent. Enters into agreement to act as payment facilitator to process and settle Visa and Mastercard in Australian and New Zealand in partnership with NAB . ISX Licenses Kogan to use its patent for antifraud.
• 2017 – Granted EEA electronic money license. Achieves Mastercard, JCB and then Visa Principal Licensing for EU. Commenced network build to major card schemes.
• 2018 – Partnered with Worldline for EU whilst network build continued directly into major card schemes. Executed agreement to access SEPA network via Central Bank. NAB advises it will no longer service AML Sector businesses. Supply chain issues ¾ way through year. Deployed own network December 12th to allow for independent operations. Principal License granted for Mastercard (AU), ChinaUnionPay and AMEX. Lodges Australian ADI application in August. Alternative AU network arrangements reached,
• 2019 – Commences independent EU operations late Feb. Achieves cashflow positive May after just 2 ½ months. Visa (AP) license granted. Re-commences AU card payment processing independent of NAB