Ann: Yojee Extends Agreement Scope with Global Logistics Provider, page-35

Thanks for your contributions Wizard and Ronnie.
Hope both of your exits were profitable.

For every seller, there has to be a buyer, and there is no shortage of buyers at the moment.
This company has been extremely difficult to value, but the shift to transactional pricing certainly assists with valuation.

Ronnie, you might read that latest Euroz report more carefully - the analyst has actually changed his valuation model because his previous model couldn't properly reflect value. The transactions are real, right now, and the valuation approach therefore changes:

"Our original forecasts were built upon the Geodis agreement in which
we forecasted a bulk of the revenues would originate from monthly
subscription fees. With the K+N agreement we see a bulk of the revenue
upside being created through transactional volumes – a figure we
believe cannot be effectively forecasted at this stage in YOJs life.
Hence we will no longer be including financial forecasts until as such we
find it appropriate to do so.
As a result of all this we have decided to re-asses our Valuation – We
have attempted to minimise assumptions to create a simple view of
potential value.
Using the figures from our TAM exercise above we can see we have
quantified ~US$323m/yr in addressable revenues from K+N and Geodis.
We view it reasonable to assume YOJ achieves a 5% penetration into
their existing clients within 3 years. This would imply ~A$23m in annual
revenues.
Capitalising this figure at a 3 year forward 9.0x EV/Revenue from our
comparable peer set we get to a implied A$208m Enterprise Value and
a respective A$215m equity value or A$0.21/sh (fully diluted)."

There you go, find the valuation to suit the subject company.

Oh, and by the way, the CEO didn't get 200 million shares. That was a performance rights issue to allow scope for employee/director incentives over time. If he had received that many shares, he'd be the dominant major shareholder. He isn't, but the market appreciates where and how he is leading the company.
Good luck to all.