Ann: Investor Webinar, page-50

Hi Davo, The "lead indicators" all trending in the right direction is a big positive. However, the issue is its taking far too long for monies owed to hit the bank balance. The lag time between lending & payment services utilised by the customer & when the cash hits Spendas account receivable is an issue when the cash balance is low at the present time. Its kind of ironic that Spenda is in the business to solve cash flow issues & they themselves are struggling with it. They really need to hit CF+ before drawing on the other remaining 2M loans they can bring back into the balance to use as operating costs. Otherwise another similar situation where they will lose 80k per month that they will have to replace with new rev from CC. I did notice AF didn't mention CF+ by June, as I think he realises that its very unlikely now. (likely to happen 2-3 months after they utilise 20M of the DW)

There is still a lot of upside potential that we know is coming, the scale of that upside is unknown. Agri deals where AF mentioned grain is what Im most excited about. AF seems to have a disconnect with holders currently. Dilution does matter in regards to a cap raise as well as investors needing to see a substantial increase in cash receipts from these levels. You never know what type of material announcement may spring up this qtr with this type of business & that's what is keeping me interested & has done for the past 2-3 yrs. Apologies for the rambling post..