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:
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
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
BNPLPay Protocol Deal: 50% Revenue Share + DeFi Funding Access
Lean Structure — No CEO Salary While Recruiting
IDSB Sale Expected to Deliver $14.3M–$15M
This isn’t just surviving — this is a structural pivot. And it’s been done before.
Turnaround Examples from the Same Playbook
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
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/
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.
(20min delay)