There's nothing illegal or improper happening here IMO, it just...

There's nothing illegal or improper happening here IMO, it just is what it is

Asset Owl didn't work and that's a shame, but there's plenty of great ideas in the tech space that haven't necessarily scaled into a successful ASX-listed business... just look at NUH and CYQ as two relevant Perth examples.

AO1 is now worth ASX-listed shell value - once upon a time per-Covid that would have been a bit over a mill, then more like $800K a few years ago, and these days more like $300-500K depending on the industry sector the company was operating in (back door listings are harder to get through now if there's a change of industry sector involved). Recently, the Aerison Engineering shell went begging with no takers.

So what's the value of Assetowl??
The business: zero (unfortunately)
The listed AO1 shell: maybe $500 on a good day

On that basis, the deal to issue 20% equity for $100K looks about bang on the money to me!

All IMO, DYOR