If you take the revenue from Q4 in FY'24 ($1.81m) as being the...

If you take the revenue from Q4 in FY'24 ($1.81m) as being the minimum per quarter for FY'25, then they're on track to do at least $7.24m for FY'25. That is already 35% revenue growth on FY'24 just from not even improving beyond the Q4 FY'24 revenue. However, they must improve on the revenue side to avoid the need to raise capital, hence I have stated my own benchmark of $3m for Q1 FY'25 which will indicate to me that revenue growth is on track to stem the cash burn and avoid the need for a CR.

Yes, they will take on additional costs when the Limepay acquisition completes. However, Limepay has already signed a new customer deal pre-acquisition completion, so that team is also growing its revenue at the same time. I agree that Q4 will see the impact of the Limepay acquisition on both the revenue and costs sides and I hope that on the revenue side they can give us a breakdown of the revenue generated from Limepay and Spenda for the December quarter so that we can see whether Spenda's revenue has continued to grow and that any revenue growth is not just from acquiring Limepay's revenue streams. The costs of Limepay will be more obvious as we know that Spenda's costs have remained quite constant for staff & admin.

In terms of the HR drive, the roles I've seen advertised are 1 x QA/Testing and 2 x implementation roles. So, the 2 implementation roles indicates that they need additional people to facilitate rollouts, which to me signals that pilot projects are coming to an end and revenue is about to scale as the full product rollout ramps up.