Ann: Strategic Partnership with Pioneer Credit, page-12

I don't think your check-in calculation is correct. My reading of this would be that the quarterly check-in number is cumulative. Therefore the quarterly rate is ~3.8M. Take this over your suggested 240k users then you get ~16 checkins per user per quarter. Which gives the check-in rate around 1.2 per week per user.

In terms of the general business performance and merchant numbers, the key number is how many are paying and what is the MRR. We can work out some of this from this and previous statements.

March number is stated as 2172 paying merchants with 8% growth from the previous qtr - this means Dec should be around 2011. In Dec report, the MMR was stated as $215k. Therefore the average monthly income per merchant is $35.64. Assuming this stays similar then the March MMR is around $232k. The conversion of the merchants has slowed (as you may expect), but alarmingly they have stopped growing the total pool so you can only imagine this will get harder (particularly with less staff).

This leaves $103k that has comes from brands/advertising etc.

Clearly, there is much work to be done, whilst reducing costs is important, I believe the battle for Rewardle will be won or lost on the revenue. I think it is admirable that they have +2000 paying merchants, however, $33k per month for brand work is really pitiful and unfortunately, there is no real evidence that this is growing month on month. To date, it has been lumpy and sporadic. Obviously, something needs to happen this quarter otherwise they run out of cash. As an industry observer, it's interesting to watch!