Operating cash projection

Adjust the levers. Watch the runway. Operating cash only — acquisition reserve is excluded.

Levers

Operating cash today $2,096,130

Source: Burn Watch May 10. Total cash minus $3M acquisition reserve.

TTM3 recurring burn / month $112,107

3-mo trailing recurring opex. Default = current run-rate.

Months to first close (Arwa) 3

First dividend lands close + 12 months (fixed).

Arwa baseline annual revenue $600,000

Standalone audit/assurance revenue. EBITDA 45%, full distribution.

Advisory revenue / month (Accord-driven) $0

Booked through Arwa. AP fee 55%, Arwa 45% bottom line.

Advisory routing

Through OpCo: AP keeps 55% fee, OpCo books 45% (flows back to AP via dividend). Direct to AP: AP retains 100%.

Horizon

Advisory starts

When does the advisory revenue stream begin?

Cash bust month
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End cash (horizon)

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Effective runway

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Status vs 18-mo floor

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Operating cash by month

Net flow = advisory fees in (55% of monthly advisory rev) + Arwa dividend (post close+12mo) − TTM3 burn. Acquisition reserve sits separately and is not modeled here.

Show monthly cash table

#	Month	Burn	Advisory in (55%)	Dividend in	Net	Cash end