Ann: Trading update, page-12

IMHO when I look at the "EBITDA positive from June 2024". There is not a lot to write off each year.
Take the balance sheet for Change as at 31/12/23, There is sweet FA tangible assets to depreciate, no bank debt and a c/fwd tax loss runway for the next USD $50M taxable profit.

Condensed Consolidated Statement of Financial Position
Balance at Notes 31 Dec 2023
US$
Current assets
Total current assets 5,586,433

Non-current assets
Property, plant & equipment 283,261
Deferred tax asset 107,850
Intangible assets 6,651,539
Other non-current assets 486,898
Total non-current assets 7,529,548
TOTAL ASSETS 13,115,981

Current liabilities
Trade and other payables 902,281
Provisions 1,163,939
Lease liabilities – current 117,631
Contract liabilities 872,433
Income tax liabilities-47,924
Total current liabilities 5,056,284

Non-current liabilities
Provisions 26,537
Lease liabilities – non-current 102,567
Contract liabilities – non-current 1,021,951
Total non-current liabilities 1,151,055
TOTAL LIABILITIES 6,207,339

NET ASSETS 6,908,642

Equity
Contributed equity 50,497,323
Reserves 4,817,751
Accumulated losses (48,406,432)
TOTAL EQUITY 6,908,642

Meet Betsy the cash cow