This doesn't surprise me in the least. Loyyal burns amazing...

This doesn't surprise me in the least. Loyyal burns amazing quantities of money and seems to pretty much build demos for the next set of investors at the expense of the previous set of investors. RFN's money clearly went to building demos and relationships in the Gulf States and Japan. It's almost certainly gone.

Interesting to see how long Loyyal can keep it up, given that the pinnacle of their achievement is getting a "3-year commercial vendor production agreement" for some unknown amount of $$$ out of Emirates (which, since COVID, has been slashing costs savagely). My guess is that will turn into a glorified MOU without any real force to it.