Ann: AssetOwl Signs Tenth Customer Trial for Inspector360, page-103

A bit of background.

They raised $1.5mil in April, I estimate the cash burn per quarter to be $300k - $350k so they should have about $1.2mil in the kitty.

The Inspector360 platform has been developed since listing way back in early 2017, there were a few hiccups along the way it seems with failed attempts to commercialise and a pivot to the residential segment, it appeared there was little happening. The share price was punished and sentiment pretty bad (hence the odd sour poster still). Since then, they've further developed the platform, integrated with PropertyTree and PropertyMe who are large property management software companies (google them), recently signed the first few paid licenses and a few trials in Western Australia totalling approx 4000 properties under contract last announced - it's just kicking into the commercialisation phase and the key is we have seen trials convert to paid licenses this time.

They appointed Geoff G as CEO in April 2021 (previously no CEO), there's CEO incentives (announced 20/May) outlining the likely direction they'll take.

My take from the incentives is launch in NSW / QLD by the end of 2021, launch of a self managed product by mid 2022, and 800 "customers" (customer = 1 agency or 10 self managed licenses) by the end of 2022.There's approx 1.5mil properties managed by real estate in Australia. The base case per property from the investor presentation revenue model is $0.50 / month.

Over the next couple of years, IF they manage to get 20% of the Australian market that is managed by an agency, that'd be 300k properties x $0.50 x 12 months = upwards of $1.8mil revenue. Then there's the self managed segment to come. Price:revenue 40 = MC of $72mil, share price of $0.072 with allowance for some dilution - if things play out.

It's still early, but this is still priced close to a shell at $6.4mil MC, or even today's high of $8mil MC. With no debt and 800mil SOI, I think it's a decent bet.