Ann: EN1 Q3 2019 Appendix 4C & Commentary, page-22

I highly doubt they will ever draw down on anything other than the first two tranches. By the time they have exhausted using another $5M AUD from Tranche 2, the P&L and balance sheet will be looking much better and they will be able to access far better terms. And as others have said we are only paying the 18% on the tranches we access so its very manageable.

The big headline number of $26M USD was always about being treated seriously in the industry with their net0 offering. No point talking with big publishers around how we can restructure their business with zero payment terms, but then say, well we actually only have $2M. They would laugh at us, not shift their business across to us. But with $26M USD, we get their attention. Couple of good articles in Tech Crunch and LA Times was great publicity. To qualify for net0 you have to be bringing a certain level of revenue, not the piddling publishers.

Whilst it will take a little while to scale up, this is very much about gaining access to real-estate quickly through our disruptive offering so that we become a major player. Whilst maintaining a good margin.