Ollie, that post tells part of the story, but leaves out every...

Ollie, that post tells part of the story, but leaves out every material development since 31 March.

Yes, Section 8 of the 4C shows 0.41 quarters of runway based on $1.617M cash and a $3.948M burn. But here’s what’s changed since — backed by sources:

1. Entitlement Offer Raised ~$368k (Closed 2 May 2025)
   ASX Announcement:
   https://www.asx.com.au/asxpdf/20250506/pdf/061m9fwz45rkq7.pdf
   → Updated cash position after entitlement and note repayment: ~$1.04M
   → No debt remains on the books

2. 1.26 Billion Shortfall Shares Still Available to Place Until 2 Aug 2025
   That’s a potential ~$5M raise capacity sitting unused.
   ASX Announcement:
   https://www.asx.com.au/asxpdf/20250410/pdf/061b48py82v3cs.pdf

3. BNPLPay Protocol Deal: 50% Revenue Share + DeFi Funding Access

• 50% of BNPLPay protocol revenues secured

• 20-year license agreement

• Access to low-cost funding (~30–40% cheaper than banks)

• No first-loss capital required
  ASX Announcements:
  12 March 2025 – https://www.asx.com.au/asxpdf/20250312/pdf/06158x4l9p0n2h.pdf
  30 April 2025 – https://www.asx.com.au/asxpdf/20250430/pdf/061gwhz28d63xn.pdf

1. Lean Structure — No CEO Salary While Recruiting

• Simon Keast and Greg Woszczalski are gone

• Executive Chair Daler Fayziev is acting CEO with no additional pay

• Recruitment of a new US-based CEO is underway
  ASX Announcements:
  26 Feb 2025 – https://www.asx.com.au/asxpdf/20250226/pdf/0610ct7szmvh75.pdf
  14 Apr 2025 – https://www.asx.com.au/asxpdf/20250414/pdf/061bts5bfrc9vp.pdf

1. IDSB Sale Expected to Deliver $14.3M–$15M

• Transaction is still progressing

• If current buyer delays, Clee Capital is mandated to find an alternative buyer on same terms
  ASX Announcement:
  30 April 2025 – https://www.asx.com.au/asxpdf/20250430/pdf/061gwhz28d63xn.pdf

This isn’t just surviving — this is a structural pivot. And it’s been done before.

Turnaround Examples from the Same Playbook

1. Zip Co (ASX: ZIP)
   Was nearly written off in 2022. Cut markets, slashed burn, restructured leadership — share price rebounded 700%+ by 2024.
   AFR:
   https://www.afr.com/street-talk/zip-co-s-turnaround-story-lands-the-bnpl-on-takeover-watchlists-20240425-p5fmgc

2. Pushpay (ASX: PPH)
   Stalled SaaS fintech. New CEO, smarter go-to-market focus, strategic acquisition — went from losses to profitability and was acquired for ~$1B in 2023.
   NZ Herald:
   https://www.nzherald.co.nz/business/pushpay-jumps-on-interim-profit-new-ceo-weighs-acquisitions/WVO2B35FGJBH6LF5V6AEEPUKQQ/

3. SoFi (NASDAQ: SOFI)
   Went from scandal and declining relevance to a fully diversified fintech leader with 10M+ members. Stadium naming rights, Galileo acquisition, banking license.
   Investor Update:
   https://investors.sofi.com/news/news-details/2025/SoFi-Reports-First-Quarter-2025-with-Record-Net-Revenue-of-772-Million-Record-Member-and-Product-Growth-Net-Income-of-71-Million/default.aspx

This is what turnarounds look like. You tighten costs, lock in revenue levers, restructure leadership, and then build from the ground up.

Cash was tight, yes — but the capital options are still active, and the model is fundamentally stronger than 6 months ago. The lights aren’t out. They’re being rewired.