VeriCasa Financial Overview

Accrual Revenue (LTM)

€93,124

€7,760/mo avg · 12 months data

Gross Margin

76%

COGS €22,400 (WorldCheck + infra only)

Net P/L (LTM)

-€394,574

-€32,882/mo avg

Collection Rate

276%

Cash €257,017 / Accrual €93,124

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	1,251	€9,992	€200	€9,792	98%	€22,800	€9,344	€6,340	-€28,692	€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
TOTAL (12 mo)	10,132	€93,124	€22,400	€70,724	76%	€273,600	€115,618	€76,080	-€394,574	€257,017	-€230,681
MONTHLY AVG	844	€7,760	€1,866	€5,893	76%	€22,800	€9,634	€6,340	-€32,882

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 (€10,024/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	€2,531	10% of €25,309 cash rev
Vinicius Benini — Sales & Support	€1,400	€1,200 × 14/12
Total Sales & Support	€10,024/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	€10,024/mo
G&A	€6,340/mo
Total Accrual Cost	€44,364/mo
Annualised	€532,368/yr

Cost structure insight

R&D as % of total	51%
Sales as % of total	23%
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 (€10,024/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

€269,008

Through Apr 2026 · €22,417/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

€61,784

Bankinter €61,004 · Revolut €780

2.7 months

Runway remaining · Cash €61,784 / 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
Apr 2026	Both	€28,174	€30,498	—	-€21,888	+€33,610	€61,784
Mar 2026	Both	€53,567	€25,309	—	-€53,205	-€25,393	€28,174
Feb 2026	Both	€20,651	€49,537	€17,502	-€44,326	+€32,916	€53,567
Jan 2026	Both	€32,470	€16,778	€2,000	-€36,969	-€11,819	€20,651
Dec 2025	Both	€17,779	€53,919	—	-€39,231	+€14,691	€32,470
Nov 2025	Both	€16,779	€21,779	—	-€20,779	+€1,000	€17,779
Oct 2025	Both	€30,620	€18,772	€1,503	-€34,118	-€13,841	€16,779
Sep 2025	Both	€66,546	€13,422	€18	-€49,369	-€35,926	€30,620
Aug 2025	Both	€97,948	€13,958	€59	-€44,266	-€31,402	€66,546
Jul 2025	Both	€104,489	€14,724	—	-€29,268	-€6,541	€97,948
Jun 2025	Both	€18,282	€3,543	€109,000	-€26,336	+€86,207	€104,489
May 2025	Both	€25,972	€6,769	€14,000	-€28,461	-€7,690	€18,282
Apr 2025	Both	€11,789	€18,507	€14,000	-€18,326	+€14,183	€25,972
Mar 2025	Both	€19,430	€1,873	€14,000	-€24,013	-€7,641	€11,789
Feb 2025	Rev only	€1,312	—	€37,346	-€21,536	+€15,810	€17,122
Jan 2025	Rev only	€6,644	—	€1,246	-€6,578	-€5,332	€1,312

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

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

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

Month	Income	Total Cost	Real Burn	Cash Balance
May 2026	€18,576	€41,833	-€23,257	€38,527
Jun 2026	€18,576	€41,833	-€23,257	€15,270
Jul 2026	€18,576	€41,833	-€23,257	€-7,987	CASH OUT
Aug 2026	€18,576	€41,833	-€23,257	€-31,244	NEGATIVE
Sep 2026	€18,576	€41,833	-€23,257	€-54,501	NEGATIVE
Oct 2026	€18,576	€41,833	-€23,257	€-77,758	NEGATIVE
Nov 2026	€18,576	€41,833	-€23,257	€-101,015	NEGATIVE
Dec 2026	€18,576	€41,833	-€23,257	€-124,272	NEGATIVE
Jan 2027	€18,576	€41,833	-€23,257	€-147,529	NEGATIVE
Feb 2027	€18,576	€41,833	-€23,257	€-170,786	NEGATIVE
Mar 2027	€18,576	€41,833	-€23,257	€-194,043	NEGATIVE
Apr 2027	€18,576	€41,833	-€23,257	€-217,300	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 ~2 months.

All Bank Activity — April 2026

Combined: +€25,000 in / -€20,614 out · 6 Bankinter + 79 Revolut transactions

Bankinter (6 transactions)

Date	Description	Amount	Balance
1 Apr	Transf Imed Rodolfo Santos (director loan) LOAN	+€15,000	€30,110
2 Apr	Transf Imed Rodolfo Santos (director loan) LOAN	+€10,000	€40,110
7 Apr	MULTICERT SERV CER (digital certs)	-€246	€39,864
7 Apr	GANHAR CONSULTORI (TBC — vendor/consulting)	-€6,765	€33,099
7 Apr	PAG. IMPOSTOS (taxes)	-€427	€32,672
7 Apr	PAG. TSU (social security — João)	-€892	€31,780
	Subtotal	+€25,000 / -€8,330	€31,780

Revolut (79 transactions)

Date	Description	Amount	Balance
1 Apr	DigitalOcean	-€5	€13,059
1 Apr	Bolt	-€7	€13,052
1 Apr	Bolt	-€6	€13,046
1 Apr	Bolt	-€14	€13,032
1 Apr	Google Workspace	-€211	€12,821
1 Apr	Bolt	-€8	€12,813
2 Apr	Amazon Web Services	-€56	€12,757
2 Apr	Bolt	-€31	€12,726
2 Apr	New Relic	-€3	€12,723
9 Apr	Bolt	-€5	€12,718
10 Apr	Lisbon Duty Free	-€142	€12,576
10 Apr	Uber	+€0	€12,576
11 Apr	Uber	-€81	€12,495
11 Apr	Uber	-€10	€12,485
11 Apr	Uber	-€8	€12,477
11 Apr	Panera Bread	-€24	€12,453
11 Apr	Uber	-€9	€12,444
11 Apr	T-Mobile	-€131	€12,313
11 Apr	Safeway	-€279	€12,034
11 Apr	True Food Kitchen	-€54	€11,980
12 Apr	Hs Ireland	-€133	€11,847
13 Apr	Startup Un Ai Investm	-€131	€11,716
14 Apr	Kamatera	-€60	€11,656
14 Apr	To Rodolfo Santos	-€143	€11,513
15 Apr	Safeway	-€94	€11,419
17 Apr	Company Pro plan fee	-€35	€11,384
17 Apr	Expenses app charges	-€8	€11,376
18 Apr	True Food Kitchen	-€80	€11,296
18 Apr	Bottega Napa Vall	-€118	€11,178
19 Apr	Walgreens	-€78	€11,100
19 Apr	Walgreens	-€5	€11,095
19 Apr	Mission Bay Cafe R	-€67	€11,028
19 Apr	Gus's Community Market	-€64	€10,964
19 Apr	To Rodolfo Santos	-€67	€10,897
19 Apr	Www.startupgrind.com	-€450	€10,447
20 Apr	True Food Kitchen	-€63	€10,384
20 Apr	To Phil Silgwyn Williams	-€1,009	€9,375
20 Apr	To Phil Silgwyn Williams	-€7,508	€1,867
21 Apr	Chipotle	-€26	€1,841
21 Apr	101 California Parking	-€34	€1,807
22 Apr	Webflow	-€24	€1,783
22 Apr	GitHub	-€42	€1,741
23 Apr	Urban Plates	-€53	€1,688
23 Apr	Bolt	-€3	€1,685
23 Apr	Engenheiro Das Bifan	-€13	€1,672
23 Apr	Bolt	-€4	€1,668
24 Apr	Emelinas Plus	-€87	€1,581
24 Apr	Bolt	-€4	€1,577
24 Apr	Metro Lisboa Oriente	-€16	€1,561
24 Apr	Panda Cantina	-€12	€1,549
24 Apr	Bolt	-€4	€1,545
25 Apr	Bolt	-€3	€1,542
25 Apr	Faz Fila	-€14	€1,528
25 Apr	Faz Fila	-€2	€1,526
25 Apr	Bolt	-€4	€1,522
25 Apr	Clipper Card	-€2	€1,520
26 Apr	Urban Plates	-€49	€1,471
26 Apr	Valero	-€65	€1,406
26 Apr	Metropolis	+€0	€1,406
26 Apr	Sendinblue	-€14	€1,392
26 Apr	Metropolis	-€18	€1,374
26 Apr	Bar Bocce Sausal	-€115	€1,259
26 Apr	Equator Coffees	-€19	€1,240
27 Apr	Amazon	+€0	€1,240
27 Apr	Amazon	-€38	€1,202
27 Apr	Amazon	-€13	€1,189
27 Apr	Amazon	-€43	€1,146
27 Apr	Ain't Normal	-€14	€1,132
27 Apr	LinkedIn	-€43	€1,089
27 Apr	Google	+€0	€1,089
27 Apr	FasTrak	-€26	€1,063
28 Apr	Dishdash	-€71	€992
29 Apr	Uber Eats	-€52	€940
29 Apr	Amazon	-€4	€936
29 Apr	Audible	+€0	€936
29 Apr	Tesla	-€24	€912
29 Apr	Tcb Mta Meter Prt Mck	-€3	€909
30 Apr	To Rodolfo Santos	-€129	€780
30 Apr	SpotHero	+€0	€780
	Subtotal	+€0 / -€12,284	€780

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

€61,784

Bankinter €61,004 · Revolut €780

Runway

2.7 mo

Cash / real burn (€23,257/mo)

ProtoQ Outstanding

€89,000

Invoice #57 · ~6 months behind

Shareholder Investment

€523,577

Phil €438,245 + Rodolfo €85,332

Balance Sheet — April 30, 2026

Assets

Cash & equivalents	€61,784
Bankinter	€61,004
Revolut	€780
Accounts receivable	€0
Total Assets	€61,784

Liabilities & Equity

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

Director loans — Phil	€438,245
Director loans — Rodolfo	€85,332
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

2.7 months

Cash in bank / real monthly burn

Cash in bank	€61,784
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
01/01/2026	€12,000	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

€446,022

Rodolfo — All contributions

Date	Amount	Description
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

€85,332

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	€85,332
Combined shareholder investment	€523,577

Key Metrics

Enterprise value (10x ARR)	€604,080
2025 income / annual cost	0.44x
Cash / total monthly cost	1.5 months
Cash / real burn	2.7 months

ARR	€60,408
Internal people as % of cost	37%
ProtoQ + outsource as % of cost	36%
Active clients	40 +2/mo

CFO Assessment — March 2026

~€523,577 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 (~€61,784) covers 1.5 months at this rate.

CRITICALBridge to fundraise is not optional

At ~€23,257/mo real burn (cost minus income), cash runs out within 2 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.