VeriCasa Financial Overview

Accrual Revenue (LTM)

€112,643

€7,509/mo avg · 15 months data

Gross Margin

66%

COGS €38,000 (WorldCheck + infra only)

Net P/L (LTM)

-€506,642

-€33,777/mo avg

Collection Rate

282%

Cash €317,901 / Accrual €112,643

Monthly Accrual P&L — Apr 2025 to Feb 2026

Month	Txns	Total Revenue	COGS	Gross Profit	GP%	R&D	Sales	G&A	Net P/L	Cash Rev	Cash P/L
Apr 2025	334	€4,958	€200	€4,758	96%	€22,800	€9,344	€6,340	-€33,726	€18,507	-€20,177
May 2025	962	€8,407	€200	€8,207	98%	€22,800	€8,170	€6,340	-€29,103	€6,769	-€30,741
Jun 2025	472	€5,717	€200	€5,517	97%	€22,800	€7,847	€6,340	-€31,470	€3,543	-€33,644
Jul 2025	544	€6,112	€200	€5,912	97%	€22,800	€8,965	€6,340	-€32,193	€14,724	-€23,581
Aug 2025	1,101	€9,171	€200	€8,971	98%	€22,800	€8,889	€6,340	-€29,058	€13,958	-€24,271
Sep 2025	643	€6,655	€200	€6,455	97%	€22,800	€8,835	€6,340	-€31,520	€13,422	-€24,753
Oct 2025	925	€8,202	€200	€8,002	98%	€22,800	€9,370	€6,340	-€30,508	€18,772	-€19,938
Nov 2025	729	€7,126	€200	€6,926	97%	€22,800	€9,671	€6,340	-€31,885	€21,779	-€17,232
Dec 2025	542	€6,100	€5,200	€900	15%	€22,800	€12,885	€6,340	-€41,125	€53,919	€6,694
Jan 2026	1,021	€8,730	€5,200	€3,530	40%	€22,800	€9,171	€6,340	-€34,781	€16,778	-€26,733
Feb 2026	997	€8,599	€5,200	€3,399	40%	€22,800	€12,447	€6,340	-€38,188	€49,537	€2,750
Mar 2026	945	€8,313	€5,200	€3,113	37%	€22,800	€10,024	€6,340	-€36,051	€25,309	-€19,055
Apr 2026	917	€8,159	€5,200	€2,959	36%	€22,800	€10,727	€6,340	-€36,908	€32,343	-€12,724
May 2026	1,255	€10,014	€5,200	€4,814	48%	€22,800	€8,989	€6,340	-€33,315	€14,961	-€28,368
Jun 2026	593	€6,380	€5,200	€1,180	18%	€22,800	€8,851	€6,340	-€36,811	€13,580	-€29,611
TOTAL (15 mo)	11,980	€112,643	€38,000	€74,643	66%	€342,000	€144,185	€95,100	-€506,642	€317,901	-€301,384
MONTHLY AVG	798	€7,509	€2,533	€4,976	66%	€22,800	€9,612	€6,340	-€33,777

Revenue = transactions × €5.49 blended rate + amortised setup fees (€3,125/mo).
COGS = WorldCheck €5K (from Dec 25) + hosting €200 — costs that persist even if we stop building.
R&D = ProtoQ + developers — discretionary platform-building costs.
Sales & Support = Nelson + João + Vinicius + commissions — must continue for client operations.
G&A = consulting, travel, IT, advisory, software, bookkeeping, marketing, banking.

Accrual Revenue vs Cash Revenue — Monthly

Green = accrual revenue (usage-based). Blue = cash received (Bankinter). Cash often exceeds accrual due to prepaid credit bundles & setup fees. Where cash is zero, Bankinter data is not yet available.

Accrual Net P/L — Monthly Trend

Net P/L = Total Revenue − COGS − OpEx. All months are negative because the business is pre-breakeven.
The trend shows improvement as transaction volumes grow while costs are relatively fixed.

COGS — Direct Service Costs (€5,200/mo)

Item	€/mo	%	Note
WorldCheck / Refinitiv — KYC data	€5,000	96%	WC1 API, up to 100K screens/yr. From Dec 2025
Infrastructure (hosting)	€200	4%	Kamatera, AWS, DigitalOcean, GitHub
Total COGS	€5,200/mo

COGS = costs that persist even if we stop building. Only WorldCheck (ongoing contract) + infrastructure.

R&D — Platform Development (€22,800/mo)

Item	€/mo	Note
ProtoQ OOD — platform dev team	€15,000	Framework agreement. True cost, P&L shows €5.5K
Mandy Spaan — Senior Engineer	€3,500	€3,500/mo × 12
Úrsula Maplehurst — R&D Advisory	€1,500	€1,500/mo, 11.5 hrs/mo
Yago Oliveira Pais — Developer	€1,400	€1,200 × 14/12
Carolina — Developer	€1,400	€1,200 × 14/12
Total R&D	€22,800/mo

Discretionary — could stop paying if we stopped building. ProtoQ is the largest vendor dependency (€89K outstanding).

Sales & Support (€8,851/mo)

Item	€/mo	Note
Nelson Agostinho — Sales & Support	€2,333	€2,000 × 14/12
João Baião — Sales (payroll)	€3,760	€2,200 + 23.75% SS + €500 × 14/12
João Baião — 10% commission	€1,358	10% of €13,580 cash rev
Vinicius Benini — Sales & Support	€1,400	€1,200 × 14/12
Total Sales & Support	€8,851/mo

Client-facing — must continue for operations. João commission varies with cash revenue (10% of Bankinter inflows).

G&A — General & Admin (€6,340/mo)

Item	€/mo
Travel — hotels, flights, meals	€1,719
Strategic consulting & advisors	€1,542
IT services	€1,250
Advisory fees	€629
Software licences	€775
Bookkeeping	€160
Advertising & marketing	€155
Banking charges	€22
Materials & sundry	€88
Total G&A	€6,340/mo

Admin overhead. Rates from 2025 Balancete Dec 2025 averages.

Total Cost Summary — Accrual Basis (True Contractual Rates)

Cost by category

COGS	€5,200/mo
R&D	€22,800/mo
Sales & Support	€8,851/mo
G&A	€6,340/mo
Total Accrual Cost	€43,191/mo
Annualised	€518,292/yr

Cost structure insight

R&D as % of total	53%
Sales as % of total	20%
COGS as % of total	12%
G&A as % of total	15%

ProtoQ (€15K) is 43% of total cost. ProtoQ P&L shows €5.5K — true cost is €15K.
WorldCheck P&L shows €1.4K — true cost is €5K (quarterly billing).

Supplier Contracts — Key Terms

Supplier	Monthly Cost	Term	Billing	Key Risk
ProtoQ OOD (Bulgaria)	€15,000	Framework, no fixed term	Monthly (per Work Order)	€89K outstanding ~6 months behind on payments
WorldCheck / Refinitiv (LSEG)	€5,000	27 months (24 + 3 grace)	Quarterly in advance	ISO 27001 contractual obligation

ProtoQ: Time & material basis. IBAN: Lithuanian bank. Payment within 5 working days.
WorldCheck: Up to 100K screens/yr included. Territory: Canada, Europe, UK. Auto-renews 24 months. 90-day notice to exit.

Methodology & Assumptions

Revenue recognition: Transaction revenue accrued when credits are consumed (analysis processed). Blended rate of €5.49/tx based on Vantagem contract rate (Vantagem = ~69% of all transactions). Other clients pay €4.99–€9.88 per credit — blended rate is conservative.

Setup fees: Amortised over 12 months per IFRS 15 (setup is not a distinct performance obligation). Estimated €37.5K total 2025 setup fees ÷ 12 = €3,125/mo.

Cost categories (verified Mar 2026):
• COGS (€5,200/mo): Only costs that persist if we stop building — WorldCheck + hosting.
• R&D (€22,800/mo): Platform dev — ProtoQ, Mandy, Úrsula, Yago, Carolina. Discretionary.
• Sales & Support (€8,851/mo): Client-facing — Nelson, João (payroll + 10% commission), Vinicius. Must continue.
• G&A (€6,340/mo): Admin — consulting, travel, IT, advisory, software, bookkeeping, marketing, banking.

Personnel rates: Verified by Rodolfo (Mar 2026). Portuguese ×14 contracts converted: rate × 14 / 12 for monthly cost. João commission = 10% of cash revenue (per contract).

To refine: Map per-client transaction data to per-client pricing for precise blended rate. Currently using Vantagem rate as proxy.

Rolling 12-Month Revenue

€289,082

Through Jun 2026 · €24,090/mo avg

Total Monthly Cost

€41,833

People €30,293 + other €11,540

Real Burn

€23,257

Cost €41,833 - income €18,576

Cash in Bank

€31,985

Bankinter €25,877 · Revolut €6,108

1.4 months

Runway remaining · Cash €31,985 / real burn €23,257/mo

Total cost €41,833/mo − avg income €18,576/mo = real burn €23,257/mo

Monthly Client Revenue + Rolling 12-Month Total — Bankinter

Source: Bankinter extractos. Green bars = monthly revenue. Yellow line = rolling 12-month total (right axis). Last 3 months highlighted.

Monthly Cash P&L — Income & Outflows (Revolut + Bankinter combined)

Month	Source	Opening	Revenue	Founder Loans	Outflows	Net Change	Closing
Jun 2026	Both	€29,295	€13,580	—	-€11,223	+€2,690	€31,985
May 2026	Both	€66,500	€14,961	€10,000	-€72,168	-€37,205	€29,295
Apr 2026	Both	€28,153	€32,343	€13,000	-€32,000	+€38,347	€66,500
Mar 2026	Both	€53,546	€25,309	—	-€53,205	-€25,393	€28,153
Feb 2026	Both	€20,631	€49,537	€17,502	-€44,327	+€32,915	€53,546
Jan 2026	Both	€32,450	€16,778	€2,000	-€36,969	-€11,819	€20,631
Dec 2025	Both	€17,758	€53,919	—	-€39,230	+€14,692	€32,450
Nov 2025	Both	€16,759	€21,779	—	-€20,780	+€999	€17,758
Oct 2025	Both	€30,600	€18,772	€1,503	-€34,118	-€13,841	€16,759
Sep 2025	Both	€66,525	€13,422	€18	-€49,368	-€35,925	€30,600
Aug 2025	Both	€97,927	€13,958	€59	-€44,266	-€31,402	€66,525
Jul 2025	Both	€104,469	€14,724	—	-€29,269	-€6,542	€97,927
Jun 2025	Both	€18,261	€3,543	€109,000	-€26,335	+€86,208	€104,469
May 2025	Both	€25,952	€6,769	€14,000	-€28,462	-€7,691	€18,261
Apr 2025	Both	€11,769	€18,507	€14,000	-€18,326	+€14,183	€25,952
Mar 2025	Both	€19,410	€1,873	€14,000	-€24,013	-€7,641	€11,769
Feb 2025	Rev only	€1,291	—	€37,346	-€21,535	+€15,811	€17,102
Jan 2025	Rev only	€6,623	—	€1,246	-€6,578	-€5,332	€1,291

Jan–Feb 2026 have full data from both accounts. Bankinter 2025 statements pending.
Opening = combined bank balance at start of month. Revenue = client payments (Bankinter). Outflows = all costs.
Net Change = Closing − Opening (includes revenue + founder loans − outflows).
2025 months show Revolut only — understate total cash (Bankinter balance was ~€30K at Dec 31).

Revenue vs Costs vs P/L — Monthly (Mar 2025 – Feb 2026)

Revenue (green) = client payments received. Costs (red) = all operational outflows. P/L (blue dashed) = revenue minus costs.
Director loans excluded from both revenue and costs — this is pure operating performance.

Client Income Detail — Who Paid

June 2026 (partial)

Date	Client	Amount
1 Jun	MARINA APOLINSKAIA	€1,845
8 Jun	MY PT REAL ESTATE	€3,513
12 Jun	NAMORADA MEDIA	€1,845
16 Jun	PORTAL RUMO SOC MEDIACAO	€3,376
18 Jun	SOLD FAST MEDIACAO	€3,001
	Other credits (Revolut)	€331
	Total	€13,911

5 client payments

May 2026

Date	Client	Amount
6 May	FLATSPOT, UNIP (FT106)	€1,845
12 May	J.C.LEAO - MED	€1,845
14 May	SOLD FAST - MEDIACAO	€3,001
21 May	Prestigio Global (Vantagem)	€3,971
28 May	PORTAL RUMO SOC MEDIACAO	€3,376
28 May	UM SEIS UM LDA	€923
	Total	€14,961

6 client payments

April 2026

Date	Client	Amount
16 Apr	PORTAL RUMO SOC MEDIACAO	€3,376
23 Apr	Prestigio Global (Vantagem)	€4,241
24 Apr	COBERTURA - SOCIEDADE	€22,881
29 Apr	COSTA FREITAS E ASS SOC A	€1,845
	Total	€32,343

4 client payments

March 2026

Date	Client	Amount
27 Feb	LUXUS-SOCIEDADE DE	€672
3 Mar	VONTADE E EMPENHO (VeriCasa credit)	€1,845
13 Mar	MY PT REAL ESTATE	€1,757
20 Mar	ORDEM DOS NOTARIOS	€6,148
20 Mar	PORTAL RUMO SOC MEDIACAO	€3,376
20 Mar	PORTAL RUMO SOC MEDIACAO	€3,376
26 Mar	Prestigio Global (Vantagem)	€6,962
	Total	€24,136

7 client payments

February 2026

Client	Amount
THE OITAVOS S (Trend Har)	€7,995
IMANT - MEDIACAO I	€7,995
CCPT COMPRARCASA R	€7,221
Pre-Feb-2 clients	€7,002
SENTIR L MEDIACAO	€6,150
EXP GLOBAL PORTUGAL LDA	€5,068
DESAFIO ACEITE SOL	€2,149
MY PT REAL ESTATE	€1,845
HBRN MEDIACAO IMOB	€1,752
MENTES POSITIVAS-M	€1,688
LUXUS-SOCIEDADE DE	€672
Total	€49,537

11 client payments

January 2026

Client	Amount
PORTAL RUMO SOC MEDIACAO	€3,376
Prestígio Global	€2,701
DESAFIO ACEITE SOL	€2,149
CCPT COMPRARCASA R	€1,845
HBRN MEDIACAO IMOB	€1,752
MENTES POSITIVAS-M	€1,688
CMV SOCIEDADE (FT202)	€804
VANTAGEM ALTRUISTA LDA	€804
LUXUS-SOCIEDADE DE	€672
CANARIO FO LDA	€615
LOFT AO QUADRADO	€372
Total	€16,778

11 client payments

December 2025

Client	Amount
EXP GLOBAL PORTUGAL LDA	€6,913
SENTIR L MEDIACAO	€6,150
MATLAW, MESTRE	€4,852
RESERVICE MEDIACAO IMOBIL	€4,098
FREITAS PIRES, LDA	€3,688
CASTELHANA SOC MEDIACAO	€3,383
UM SEIS UM LDA	€3,213
BARCOVEZ MEDIACAO IMOB	€3,196
Prestigio Global	€3,187
GOLDENLOFT LDA	€2,374
PORTAL RUMO SOC MEDIACAO	€1,845
NEW CYCLE MEDIACAO IMO	€1,845
REALWISE, LDA	€1,845
RITA SOARES (FT 69.2025)	€1,845
MAXOCIDENTE MEDIACAO	€1,688
FOCAGEM MEDIACAO IMOBI	€1,688
MENTES POSITIVAS-M	€1,688
ASSOC. INOVACAO E EMPREEND	€420
Total	€53,918

18 client payments

Flagged: REEMBOLSOS A RESID (€8,634 Jan) excluded — confirmed as VAT rebate, not client revenue.
Coverage: Dec 2025 – Feb 2026 from Bankinter extractos.

Team Cost Breakdown — per person

Verified rates (confirmed by Rodolfo, Mar 2026)

Person	Category	Role	€/mo
Mandy Spaan	R&D	Senior Engineer	€3,500
Nelson Agostinho	Sales	Sales & Support	€2,333
João Baião	Sales	Head of Sales	€3,760
↳ €2,200 + 23.75% SS + €500 meal × 14/12 = €3,760 + 10% commission on cash revenue
Úrsula Maplehurst	R&D	R&D Advisory	€1,500
Vinicius Benini	Sales	Sales & Support	€1,400
Yago Oliveira Pais	R&D	Developer	€1,400
Carolina	R&D	Developer	€1,400
Internal team subtotal			€15,293

ProtoQ OOD (Bulgaria)	outsource	Dev team	€15,000
↳ ProtoQ P&L shows €5,535 — true cost is €15K/mo
Outsource subtotal (true)			€15,000

Total people cost (true)			€30,293/mo

Iryna departed — finance/ops unfilled.

Non-People Costs — €11,540/mo

Based on 2025 full-year averages (Balancete Dec 2025)

Category	€/mo
WorldCheck / Refinitiv — KYC data	€5,000
Travel — hotels, flights, meals	€1,719
Strategic consulting & advisors	€1,542
IT services	€1,250
Software licences	€775
Advisory fees	€629
Infrastructure (hosting)	€200
Bookkeeping	€160
Advertising & marketing	€155
Materials & sundry	€88
Banking charges	€22
Non-people subtotal	€11,540

Total monthly cost	€41,833
People (true)	€30,293
Non-people	€11,540

Income Summary — 2025

	Amount	Monthly avg
Deals closed (sales dashboard)	€222,912	€18,576
Revenue recognised (P&L)	€123,010	€10,251
Gap (deferred / prepaid credits)	~€99,902
Full year 2024 (pre-commercial)	€15,549	€1,295
Dec 2025 actual (Bankinter)	€53,918	18 clients
Jan 2026 actual (Bankinter)	€16,778	11 clients
Feb 2026 actual (Bankinter)	€49,537	11 clients
Apr 2026 actual (Bankinter)	€32,343	4 clients
May 2026 (Bankinter)	€14,961	6 clients

Cash-Basis Projection — if 2025 income rate continues (€18,576/mo)

Month	Income	Total Cost	Real Burn	Cash Balance
Jul 2026	€18,576	€41,833	-€23,257	€8,728
Aug 2026	€18,576	€41,833	-€23,257	€-14,529	CASH OUT
Sep 2026	€18,576	€41,833	-€23,257	€-37,786	NEGATIVE
Oct 2026	€18,576	€41,833	-€23,257	€-61,043	NEGATIVE
Nov 2026	€18,576	€41,833	-€23,257	€-84,300	NEGATIVE
Dec 2026	€18,576	€41,833	-€23,257	€-107,557	NEGATIVE
Jan 2027	€18,576	€41,833	-€23,257	€-130,814	NEGATIVE
Feb 2027	€18,576	€41,833	-€23,257	€-154,071	NEGATIVE
Mar 2027	€18,576	€41,833	-€23,257	€-177,328	NEGATIVE
Apr 2027	€18,576	€41,833	-€23,257	€-200,585	NEGATIVE
May 2027	€18,576	€41,833	-€23,257	€-223,842	NEGATIVE
Jun 2027	€18,576	€41,833	-€23,257	€-247,099	NEGATIVE

Assumption: Income at 2025 average of €18,576/mo. Cost held at €41,833/mo. No founder injections.
Real burn: €23,257/mo — without founder support, cash runs out in ~1 months.

All Bank Activity — April 2026

Combined: +€13,911 in / -€11,223 out · 13 Bankinter + 64 Revolut transactions

Bankinter (13 transactions)

Date	Description	Amount	Balance
1 Jun	MARINA APOLINSKAIA (client) REVENUE	+€1,845	€19,688
3 Jun	DD DIGI PORTUGAL	-€11	€19,677
5 Jun	IMPROVE VECTORLDA (vendor)	-€201	€19,476
5 Jun	João Fernando Oliv (salary)	-€1,346	€18,130
5 Jun	SIBS FORWARD PAYMENTS	-€580	€17,551
5 Jun	MULTICERT SERV CER (digital certs)	-€246	€17,305
8 Jun	MY PT REAL ESTATE (client) REVENUE	+€3,513	€20,818
9 Jun	PAG. IMPOSTOS (taxes)	-€427	€20,391
9 Jun	PAG. TSU (social security — João)	-€892	€19,499
9 Jun	FLATSPOT UNIPESSOA (refund/credit return)	-€1,845	€17,654
12 Jun	NAMORADA MEDIA (client) REVENUE	+€1,845	€19,499
16 Jun	PORTAL RUMO SOC MEDIACAO (client) REVENUE	+€3,376	€22,875
18 Jun	SOLD FAST MEDIACAO (client) REVENUE	+€3,001	€25,877
	Subtotal	+€13,580 / -€5,548	€25,877

Revolut (64 transactions)

Date	Description	Amount	Balance
1 Jun	DigitalOcean	-€4	€11,448
1 Jun	Bolt	-€7	€11,441
1 Jun	Google Workspace	-€211	€11,230
1 Jun	Chipotle	-€38	€11,192
1 Jun	Wevisa	-€106	€11,086
2 Jun	Xica	-€98	€10,988
4 Jun	Wevisa	-€107	€10,881
4 Jun	Zoasis Grill Dru	-€50	€10,831
4 Jun	Zoasis Grill Dru	-€4	€10,827
5 Jun	New Relic	-€13	€10,814
5 Jun	Cursor	-€1,325	€9,489
6 Jun	Pmusa Pm Pro	-€3	€9,486
6 Jun	To Rodolfo Santos	-€57	€9,429
6 Jun	Subway	-€17	€9,412
7 Jun	OpenAI	-€4	€9,408
7 Jun	Refund from Cursor, Ai Powered Ide REVENUE	+€331	€9,739
7 Jun	To Rodolfo Santos	-€60	€9,679
7 Jun	LinkedIn	+€0	€9,679
7 Jun	Railway	-€4	€9,675
8 Jun	Parallel Web Systems	-€4	€9,671
8 Jun	LinkedIn	+€0	€9,671
8 Jun	LinkedIn	+€0	€9,671
8 Jun	Chipotle	-€35	€9,636
8 Jun	Andytown Coffee Ro	-€9	€9,627
9 Jun	To Rodolfo Santos	-€85	€9,542
9 Jun	Testgorilla	-€792	€8,750
10 Jun	Buena Vida Cantina	-€70	€8,680
10 Jun	Cento	-€10	€8,670
10 Jun	T-Mobile	-€307	€8,363
10 Jun	T-Mobile	-€308	€8,055
10 Jun	T-Mobile	-€308	€7,747
11 Jun	LinkedIn	+€0	€7,747
11 Jun	LinkedIn	+€0	€7,747
11 Jun	LinkedIn	-€116	€7,631
11 Jun	Chipotle	-€45	€7,586
11 Jun	Google	+€0	€7,586
12 Jun	LinkedIn	-€26	€7,560
12 Jun	Hs Ireland	-€133	€7,427
12 Jun	Burma Love Vale	-€61	€7,366
15 Jun	Dropbox DocSend	-€107	€7,259
15 Jun	Kamatera	-€81	€7,178
16 Jun	Tesla	-€18	€7,160
17 Jun	Expenses app charges	-€8	€7,152
17 Jun	Company Pro plan fee	-€35	€7,117
18 Jun	Bolt	-€4	€7,113
18 Jun	Bolt	-€2	€7,111
18 Jun	Bolt	-€3	€7,108
18 Jun	Zoasis Grill Dru	-€37	€7,071
19 Jun	Allied School	-€183	€6,888
22 Jun	WeWork	-€121	€6,767
22 Jun	RailNetEurope	-€17	€6,750
22 Jun	GitHub	-€54	€6,696
22 Jun	Loom	-€42	€6,654
22 Jun	Sfplayground	-€44	€6,610
22 Jun	Atlassian	-€21	€6,589
23 Jun	To Phil Silgwyn Williams	-€400	€6,189
23 Jun	Google	+€0	€6,189
23 Jun	Bolt	-€3	€6,186
25 Jun	Bolt	-€2	€6,184
25 Jun	Bolt	-€2	€6,182
25 Jun	Bolt	-€6	€6,176
25 Jun	Bolt	-€32	€6,144
26 Jun	Anthropic	-€22	€6,122
26 Jun	Sendinblue	-€14	€6,108
	Subtotal	+€331 / -€5,675	€6,108

REVENUE = client payments LOAN = director loan (excluded from revenue/costs)
Bankinter statement includes late-Feb items that settled in the Mar cycle. Revolut synced live via API.

Cash in Bank

€31,985

Bankinter €25,877 · Revolut €6,108

Runway

1.4 mo

Cash / real burn (€23,257/mo)

ProtoQ Outstanding

€89,000

Invoice #57 · ~6 months behind

Shareholder Investment

€533,577

Phil €438,245 + Rodolfo €95,332

Balance Sheet — June 27, 2026

Assets

Cash & equivalents	€31,985
Bankinter	€25,877
Revolut	€6,108
Accounts receivable	€0
Total Assets	€31,985

Liabilities & Equity

ProtoQ outstanding	€89,000
Other accounts payable	€2,602
Total Liabilities	€91,602

Director loans — Phil	€438,245
Director loans — Rodolfo	€95,332
Prestações suplementares	€400,000
Accumulated losses	negative
Total L + E	—

Note: This is a simplified balance sheet from available data. Formal accounts from bookkeeper needed for precise equity figure.
Accounts receivable from Balancete Account 21 (€912 at Dec 2025). ProtoQ liability is the largest single payable.

Estimated Runway

1.4 months

Cash in bank / real monthly burn

Cash in bank	€31,985
Total monthly cost	€41,833
Average monthly income (2025)	€18,576
Real burn (cost − income)	€23,257/mo

ProtoQ OOD — Outstanding Liability

Invoice #57 (Jul-Dec 2025)	€104,000
2,438 dev hrs x €40 + 180 design hrs x €36
Paid to date	-€15,000
Outstanding	€89,000

Current rate: €15,000/mo · ~6 months behind
Open: What is the long-term rate once debt is cleared?

Director Loans — Full History

Phil — Transfers to Trendy Harmony

Date	Amount	Description
04/06/2026	€83,814	Paid Rodolfo via Solana USDC (96,604 USDC @ 0.8676 EUR/USD). Tx: 49JXmN6zofCd...3bXzHMv
30/04/2026	€13,000	Transferred to Trendy Harmony (Revolut)
01/01/2026	€12,000.24	Tesla IVA reimbursement — company received €12,000.24 VAT refund on car Phil paid personally; allocated as director loan
13/02/2026	€17,502	Transferred to Trendy Harmony (Revolut)
10/01/2026	€12,800	Transferred to Trendy Harmony (Bankinter)
12/10/2025	€1,503	Paid iPhone cost on behalf of TH
27/06/2025	€95,000	Transferred to Trendy Harmony (incl. PS restructure)
13/06/2025	€14,000	Transferred to Trendy Harmony (Revolut)
21/05/2025	€14,000	Transferred to Trendy Harmony
15/04/2025	€14,000	Transferred to Trendy Harmony
11/03/2025	€14,000	Transferred to Trendy Harmony
04/02/2025	€28,000	Transferred to Trendy Harmony (Revolut)
16/12/2024	€2,000	Transferred to Trendy Harmony
16/12/2024	€20,000	Transferred to Trendy Harmony
12/12/2024	€43,050	Transferred to Trendy Harmony
10/12/2024	€3,000	Transferred to Trendy Harmony
27/11/2024	€1,000	Transferred to Trendy Harmony
15/11/2024	€1,000	Transferred to Trendy Harmony
11/11/2024	€2,515	Transferred to Trendy Harmony
28/10/2024	€17,123	Paid Kangatronix Limited VC-001 from personal account
28/10/2024	€65,113	Paid Úrsula Maplehurst Invoice 2024.3 from personal account
21/10/2024	€479	Transferred to Trendy Harmony
15/10/2024	€10,000	Transferred to Trendy Harmony
10/10/2024	€1,000	Transferred to Trendy Harmony
18/09/2024	€1,000	Transferred to Trendy Harmony
28/08/2024	€2,000	Transferred to Trendy Harmony
01/08/2024	€300	Transferred to Trendy Harmony
31/07/2024	€25,030	Paid ProtoQ Invoice 21 from personal account
22/05/2024	€2,000	Transferred to Trendy Harmony
05/04/2024	€17,144	Paid ProtoQ Invoice 19 from personal account
01/04/2024	€2,000	Transferred to Trendy Harmony
01/01/2024	€963	Transferred to Trendy Harmony
28/12/2023	€4,000	Paid ProtoQ Invoice 17 from personal account
27/11/2023	€2,500	Transferred to Trendy Harmony (Bankinter)

Phil — tracked transactions

€542,836.24

Rodolfo — All contributions

Date	Amount	Description
22/05/2026	€10,000	Empréstimo to TH (Bankinter)
02/04/2026	€10,000	Empréstimo to TH (Bankinter)
01/04/2026	€15,000	Empréstimo to TH (Bankinter)
03/03/2026	€2,500	Empréstimo to TH (Bankinter)
19/02/2026	€2,500	Empréstimo to TH (Bankinter)
18/02/2026	€2,500	Empréstimo to TH (Bankinter)
16/02/2026	€2,500	Empréstimo to TH (Bankinter)
15/02/2026	€2,500	Empréstimo to TH (Bankinter)
14/02/2026	€2,500	Empréstimo to TH (Bankinter)
13/02/2026	€7,500	Transfer to TH (Bankinter)
13/02/2026	€2,500	Empréstimo to TH (Bankinter)
15/11/2025	€10,000	Websummit 2025 (paid by Rodolfo)
31/07/2025	€7,000	Nelson Tiago Berna — 2025 Jan–Jul salary (paid by Rodolfo, period total)
31/12/2024	€14,000	Nelson Tiago Berna — 2024 salary (paid by Rodolfo, annual total)
19/06/2025	€19	McDonalds
18/06/2025	€31	Carruagem Bar
17/06/2025	€200	João Baião
13/06/2025	€67	Musos Aristocratas
09/06/2025	€19	Transfer to TH
07/06/2025	€436	Transavia
30/05/2025	€494	Mytrip
30/05/2025	€34	Uber x2
27/05/2025	€74	Transfer to TH
26/05/2025	€5	Auchan
16/05/2025	€70	American Club of Lisbon
14/05/2025	€16	DIGI payment
11/04/2025	€16	DIGI payment
14/03/2025	€15	DIGI payment
14/02/2025	€11	DIGI payment
11/03/2025	€500	Transfer to TH
24/02/2025	€346	Transfer to TH
22/01/2025	€1,246	Transfer to TH
25/10/2024	€74	Transfer to TH
06/09/2024	€250	Transfer to TH
25/05/2024	€409	Unknown transaction (debit — needs clarification)

Rodolfo — tracked transactions

€95,332

Summary — Total Shareholder Investment

Phil — transfers + personal (spreadsheet through Jun 2025)	€394,440
Phil — post-Jun 2025 (from company statements)	€31,805
Phil total	€438,245
Rodolfo — cash + Nelson + Websummit (pre-2026)	€34,512
Rodolfo — Feb 2026 loans (Bankinter)	€22,500
Rodolfo total	€95,332
Combined shareholder investment	€533,577

Key Metrics

Enterprise value (10x ARR)	€576,480
2025 income / annual cost	0.44x
Cash / total monthly cost	0.8 months
Cash / real burn	1.4 months

ARR	€57,648
Internal people as % of cost	37%
ProtoQ + outsource as % of cost	36%
Active clients	40 +2/mo

CFO Assessment — March 2026

~€533,577 invested · 40 clients · €222,912 deals closed 2025 · €41,833/mo total cost

CRITICALProtoQ is the biggest financial risk

True dev cost ~€15,000/mo — 3x the P&L. Outstanding: €89,000. If they call this debt or stop work, there is no product team. Needs a formal payment plan and investor disclosure. Open question: what is the long-term rate once the backlog is cleared?

CRITICALTotal monthly cost is €41,833/mo (P&L shows €32,368)

People cost €30,293/mo + non-people €11,540 = €41,833 total cost. Cash (~€31,985) covers 0.8 months at this rate.

CRITICALBridge to fundraise is not optional

At ~€23,257/mo real burn (cost minus income), cash runs out within 1 months without founder injections.

HIGHRevenue concentration is existential

Remax Vantagem alone = ~67% of all transactions. Pipeline thin at €8K under proposal.

ACTION€222,912 closed vs €123,010 recognised

~€99,902 gap = likely prepaid credits not yet consumed. Confirm with Bankinter.

ACTIONWhere to cut if needed

Travel (€1,719/mo) + advisory (€2,171/mo) + João bonuses (€1,154/mo) = ~€5-7K/mo addressable savings.