Great Find..... As you said, we are therefore most probably...

Great Find..... As you said, we are therefore most probably looking at an IoT business in profit


In terms of the $500k in placement shares, this confirms that the combined entity also receives those funds:


Another little something positive is that they raised the $5m at a higher price than originally intended:

from the original transaction announcement


consolidated, the 333m shares becomes 166,666,666 shares, and at $5m this becomes:
3 cents per share

however, they managed to raise at 3.2c per share (10/12/15 announcement) :