VeriCasa Financial Overview

Accrual Revenue (LTM)

€128,638

€7,566/mo avg · 17 months data

Gross Margin

62%

COGS €48,400 (WorldCheck + infra only)

Net P/L (LTM)

-€578,811

-€34,048/mo avg

Collection Rate

282%

Cash €362,884 / Accrual €128,638

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	850	€7,791	€5,200	€2,591	33%	€22,800	€8,851	€6,340	-€35,400	€13,581	-€29,610
Jul 2026	1,161	€9,499	€5,200	€4,299	45%	€22,800	€9,781	€6,340	-€34,622	€22,882	-€21,239
Aug 2026	357	€5,085	€5,200	-€115	-2%	€22,800	€9,703	€6,340	-€38,958	€22,100	-€21,943
TOTAL (17 mo)	13,755	€128,638	€48,400	€80,238	62%	€387,600	€163,669	€107,780	-€578,811	€362,884	-€344,565
MONTHLY AVG	809	€7,566	€2,847	€4,719	62%	€22,800	€9,627	€6,340	-€34,048

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 (€9,703/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	€2,210	10% of €22,100 cash rev
Vinicius Benini — Sales & Support	€1,400	€1,200 × 14/12
Total Sales & Support	€9,703/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	€9,703/mo
G&A	€6,340/mo
Total Accrual Cost	€44,043/mo
Annualised	€528,516/yr

Cost structure insight

R&D as % of total	52%
Sales as % of total	22%
COGS as % of total	12%
G&A as % of total	14%

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 (€9,703/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.

Total Cash — All Banks

€32,140 / $37,178

EUR accounts €21,323 · SVB $12,513 (€10,817) · BoC $0 · @ 0.8645 USD→EUR

Rolling 12-Month Revenue

€305,383

Through Aug 2026 · €25,448/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 (EUR)

€21,323

Bankinter €17,262 (to 14 Aug 2026) · Revolut €4,061 (live)

Revolut USD wallet

Same Revolut org · as of 2026-08-25 · swept to EUR Main on receipt

Silicon Valley Bank (USD)

$12,513

VeriCasa Inc · STALE — bank date 2026-08-13, feed not refreshing · €10,817 @ 0.8645

Cash in Bank (USD)

Banc of California · live feed, as of 2026-08-13 · STALE FEED · account is empty

1.4 months

Runway remaining (all banks) · Cash €32,140 / real burn €23,257/mo · EUR €21,323 + SVB $12,513 (€10,817) + BoC $0

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

Burn: recurring cost structure vs cash actually consumed

Two different questions. The recurring figure is what the business costs to run each month. The actual figure is what genuinely left the bank between 1 Jun 2026 and 17 Aug 2026, measured across Bankinter, Revolut and SVB. Actual has run higher than recurring — the gap is itemised below, not smoothed away.

Recurring operating burn

€23,257/mo

Cost structure €41,833 − avg client income €18,576

Runway 1.4 months

Actual net cash burn (2.53 months)

€28,470/mo

Measured from bank ledgers, net of client receipts and of the $69,442 Haverhill financing

Runway 1.1 months

One-off items inside the window (excluded from recurring)	€	When
US immigration — USCIS fees + Immivisa Law SVB, $8,269. US entity/visa setup — not expected to recur.	7,157	Jul–Aug 2026
Social Security arrears — Instituto Gestão Financeira Bankinter. Catch-up payment; routine monthly TSU is ~€892.	8,497	30 Jul 2026
Total exceptional	15,654	≈ €6,187/mo

Unreconciled: $20,000 (€17,290)

Resolved: the $5,000 SVB wire (9 Jul) arrived in the Revolut USD wallet on 29 Jul as $4,995 — “Payment from Vericasa Inc”, $5 correspondent fee — and was exchanged the same day into €4,391.26 on EUR Main. Classified as an internal transfer, not spending.

Still open: the $20,000 wire of 13 Jul. It does not appear anywhere in 554 Revolut transactions for 2026, nor in Bankinter, and Banc of California reports $0 with no transaction history. If it was spent, actual burn is €28,470/mo. If it is still held in an account not yet connected, actual burn is €21,628/mo and cash is understated by €17,290.

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
Aug 2026	Both	€9,083	€22,100	—	-€9,911	+€12,240	€21,323
Jul 2026	Both	€14,936	€22,882	—	-€53,771	-€5,853	€9,083
Jun 2026	Both	€29,291	€13,581	—	-€28,267	-€14,355	€14,936
May 2026	Both	€66,496	€14,961	€10,000	-€72,168	-€37,205	€29,291
Apr 2026	Both	€28,149	€32,343	€13,000	-€32,000	+€38,347	€66,496
Mar 2026	Both	€53,542	€25,309	—	-€53,205	-€25,393	€28,149
Feb 2026	Both	€20,221	€49,537	€17,502	-€44,327	+€33,321	€53,542
Jan 2026	Both	€32,039	€16,778	€2,000	-€36,968	-€11,818	€20,221
Dec 2025	Both	€17,348	€53,919	—	-€39,231	+€14,691	€32,039
Nov 2025	Both	€16,349	€21,779	—	-€20,780	+€999	€17,348
Oct 2025	Both	€30,189	€18,772	€1,503	-€34,117	-€13,840	€16,349
Sep 2025	Both	€66,115	€13,422	€18	-€49,369	-€35,926	€30,189
Aug 2025	Both	€97,517	€13,958	€59	-€44,266	-€31,402	€66,115
Jul 2025	Both	€104,059	€14,724	—	-€29,269	-€6,542	€97,517
Jun 2025	Both	€17,851	€3,543	€109,000	-€26,335	+€86,208	€104,059
May 2025	Both	€25,542	€6,769	€14,000	-€28,462	-€7,691	€17,851
Apr 2025	Both	€11,358	€18,507	€14,000	-€18,325	+€14,184	€25,542
Mar 2025	Both	€19,000	€1,873	€14,000	-€24,014	-€7,642	€11,358
Feb 2025	Rev only	€881	—	€37,346	-€21,535	+€15,811	€16,692
Jan 2025	Rev only	€6,213	—	€1,246	-€6,578	-€5,332	€881

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

August 2026 (to 6 Aug)

Date	Client	Amount
6 Aug	SOLD FAST MEDIACAO	€3,001
6 Aug	Prestigio Global (Vantagem)	€3,930
14 Aug	Lince Real Estate (prepaid credits)	€15,169
	Other credits (Revolut)	€50
	Total	€22,150

3 client payments

July 2026

Date	Client	Amount
1 Jul	IMANT - MEDIACAO IMOBILIARIA	€369
6 Jul	DRAFT IN HOMES LDA	€1,845
9 Jul	SOLD FAST MEDIACAO	€3,001
13 Jul	UNION DE CREDITOS	€2,534
14 Jul	TMP REAL ESTATE	€7,995
23 Jul	Prestigio Global (Vantagem)	€7,138
	Other credits (Revolut)	€4,391
	Total	€27,273

6 client payments

June 2026

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
Other credits (Revolut)	€406
Total	€49,943

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
Mar 2026 actual (Bankinter)	€24,136	7 clients
Apr 2026 actual (Bankinter)	€32,343	4 clients
May 2026 actual (Bankinter)	€14,961	6 clients
Jun 2026 actual (Bankinter)	€13,580	5 clients
Jul 2026 actual (Bankinter)	€22,882	6 clients
Aug 2026 (Bankinter — to 14 Aug)	€22,100	3 clients
Includes €15,169 from Lince (paid via LINCE CAPITAL SCR SA, 14 Aug) — a customer prepayment for credits. Counted as client cash income, but excluded from MRR/ARR because MRR is measured from credit usage, not cash received.

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

Month	Income	Total Cost	Real Burn	Cash Balance
Sep 2026	€18,576	€41,833	-€23,257	€8,883
Oct 2026	€18,576	€41,833	-€23,257	€-14,374	CASH OUT
Nov 2026	€18,576	€41,833	-€23,257	€-37,631	NEGATIVE
Dec 2026	€18,576	€41,833	-€23,257	€-60,888	NEGATIVE
Jan 2027	€18,576	€41,833	-€23,257	€-84,145	NEGATIVE
Feb 2027	€18,576	€41,833	-€23,257	€-107,402	NEGATIVE
Mar 2027	€18,576	€41,833	-€23,257	€-130,659	NEGATIVE
Apr 2027	€18,576	€41,833	-€23,257	€-153,916	NEGATIVE
May 2027	€18,576	€41,833	-€23,257	€-177,173	NEGATIVE
Jun 2027	€18,576	€41,833	-€23,257	€-200,430	NEGATIVE
Jul 2027	€18,576	€41,833	-€23,257	€-223,687	NEGATIVE
Aug 2027	€18,576	€41,833	-€23,257	€-246,944	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: +€13,630 in / -€19,543 out · 20 Bankinter + 39 Revolut transactions

Bankinter (20 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
22 Jun	IMOEDICOES (vendor)	-€3,690	€22,187
22 Jun	Nelson Tiago Berna (salary)	-€2,000	€20,187
24 Jun	João Venc. Junho (salary)	-€1,857	€18,329
26 Jun	APEMIP ASSOCIACAO (association)	-€308	€18,022
26 Jun	IMPROVE VECTORLDA (vendor)	-€201	€17,821
26 Jun	Carolina do Amaral (salary)	-€1,200	€16,621
26 Jun	CCPT COMPRARCASA (vendor)	-€923	€15,698
	Subtotal	+€13,580 / -€15,727	€15,698

Revolut (39 transactions)

Date	Description	Amount	Balance
1 Aug	Bolt	-€5	€7,822
1 Aug	DigitalOcean	-€5	€7,817
1 Aug	Pmusa Pm Pro	-€3	€7,814
1 Aug	Google Workspace	-€274	€7,540
1 Aug	Anthropic	+€0	€7,540
1 Aug	Anthropic	-€17	€7,523
2 Aug	WeWork	-€112	€7,411
3 Aug	To Muhammad Faizan Azhar	-€1,718	€5,693
4 Aug	areas	-€10	€5,683
5 Aug	New Relic	-€37	€5,646
5 Aug	Lidl	-€49	€5,597
5 Aug	Lidl	-€12	€5,585
5 Aug	Fly	+€0	€5,585
6 Aug	Clay	-€160	€5,425
6 Aug	Carris	-€40	€5,385
6 Aug	Auchan	-€5	€5,380
7 Aug	Res Bar La Camionett	-€55	€5,325
7 Aug	Railway	-€4	€5,321
10 Aug	Link.com Simplefin Br	-€14	€5,307
10 Aug	Kamatera	-€116	€5,191
10 Aug	Vercel	-€52	€5,139
11 Aug	Bolt	-€11	€5,128
11 Aug	Lidl	-€5	€5,123
11 Aug	Refund from Vercel Inc. REVENUE	+€50	€5,173
12 Aug	HubSpot	-€665	€4,508
12 Aug	Cursor	-€6	€4,502
13 Aug	Metaschool	-€17	€4,485
16 Aug	Continente Bom Dia	-€37	€4,448
17 Aug	Expenses app charges	-€8	€4,440
17 Aug	Company Pro plan fee	-€35	€4,405
20 Aug	Continente Bom Dia	-€21	€4,384
22 Aug	Lidl	-€16	€4,368
22 Aug	Panda Cantina	-€22	€4,346
22 Aug	Loom	-€41	€4,305
22 Aug	Atlassian	-€21	€4,284
23 Aug	Spreadjam	-€85	€4,199
24 Aug	Continente	-€9	€4,190
24 Aug	TaskRabbit	+€0	€4,190
24 Aug	larsonlegal.com	-€129	€4,061
	Subtotal	+€50 / -€3,816	€4,061

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.

Total Cash — All Banks

€32,140 / $37,178

EUR accounts €21,323 · SVB $12,513 (€10,817) · BoC $0 · @ 0.8645 USD→EUR

Cash in Bank (EUR)

€21,323

Bankinter €17,262 (to 14 Aug 2026) · Revolut €4,061 (live) · $12,513 USD in SVB · $0 in BoC

Runway

1.4 mo

All-bank cash / real burn (€23,257/mo)

ProtoQ Outstanding

€89,000

Invoice #57 · ~6 months behind

Shareholder Investment

€594,411

Phil €499,079 + Rodolfo €95,332

Balance Sheet — August 25, 2026

Assets

Cash & equivalents (all banks)	€32,140 / $37,178
Bankinter (statement to 14 Aug 2026)	€17,262
Revolut	€4,061
Silicon Valley Bank (VeriCasa Inc — USD $12,513 @ 0.8645, to 2026-08-13)	€10,817
Banc of California (USD $0 @ 0.8645, to 2026-08-13)	€0
Accounts receivable	€0
Total Assets	€32,140

Liabilities & Equity

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

Director loans — Phil	€499,079
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 (all banks)	€32,140
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
06/07/2026	€60,834	FILLED DIRECTOR LOAN — Haverhill Holdings Ltd -> VeriCasa Inc (SVB). $69,442 @ 0.87604
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

€603,670.24

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	€499,079
Rodolfo — cash + Nelson + Websummit (pre-2026)	€34,512
Rodolfo — Feb 2026 loans (Bankinter)	€22,500
Rodolfo total	€95,332
Combined shareholder investment	€594,411

Key Metrics

Enterprise value (10x ARR)	€592,920
2025 income / annual cost	0.44x
Cash / total monthly cost	0.8 months
Cash / real burn	1.4 months

ARR	€59,292
Internal people as % of cost	37%
ProtoQ + outsource as % of cost	36%
Active clients	40 +2/mo

CFO Assessment — March 2026

~€594,411 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 (~€32,140 all banks) 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 = ~71% of all transactions (4-week basis, 641 of 900). All other clients combined = ~29%. Losing this one account would remove most transaction revenue.

HIGHMRR is flat, not growing

MRR €4,941 (w/e 14 Aug) — +0.6% vs the prior 4 weeks and -12.8% against the March peak of €5,666. The 6% MoM growth used in projections is a planning assumption, not observed performance.

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.