Not a bad angle at all, it's really a fine balancing act, if...

Not a bad angle at all, it's really a fine balancing act, if they want to play long with HX with all the ideal business models, the machine, loyalty, bricks, adhesives, training, software, etc, they will need to raise capital for at least another 2-3 years to get to that stage, and this is all based on assumption CAT is willing to scale it this way (ok to assume this way for now, as MoU indicated CAT's intention in distribution HX at this stage).

Or as you said, sell HX IP for a discounted present value, leave it to CAT to makes all the money they could get from this, but then in the process of selling HX's IP, you also exposed your core DST to CAT. CAT walks away, "finding" HX not commercially viable after all, they just do something else later with "their own version of DST", HX at the end becomes a million dollar fancy gift box.

I agree, this company needs operating revenue more than anything else, would definitely love to hear some insights from Pivacs about their future plans. Selling HX for loyalty doesn't sound very feasible to me, it would be ideal, but it would take them too long and too much capital injections to get there, if eventually.