Addictive Learning Technology Limited ($ADDICTIVE)

Hi, everyone. This is Ramanuj. I have [indiscernible] over here. I think [indiscernible], we are waiting for [indiscernible] to join.

[indiscernible] I'm CEO of [indiscernible]. We are going to be joined by [indiscernible] who is the COO. We are the 2 promoters, and we also have [indiscernible] is the Company Secretary and the portfolio. We welcome everyone. I'm just trying to see how...

[indiscernible] I think the NIM has been interchanged for some reason. It's [indiscernible] I think the panelist invite should be in this.

I'll just take [indiscernible] Okay. I was not able to find a [indiscernible], so let's just do it. Let's just get started. [indiscernible], you can just see if you can find a [indiscernible]

It is not. It is not. If he joins, I will bring it.

Okay. Perfect. Hi, everyone. So I'm going to share our -- yes, I have a PPT, I'll just pull it up for convenience. Okay. So for those who just joined, I'm Ramanuj Mukherjee, I am CEO of Addictive Learning. I have [indiscernible] the 2 promoters. So whatever the business, so basically who we are, we are a professional education platform. We focus on upskilling and carrier services for mid-career and senior professionals, mainly 2 brands, LawSikho and SkillArbitrage, although we have launch some service focused brands also, which have revenues as well. But that is not very substantial around right now around INR 25 lakhs per month or so. So good thing about our business is that liners pay off it. So it's a cash-generated asset-light delivery model founder-led. So the promoters are [indiscernible]. And then we have Komal, he is here. She's also one of the cofounders, and we have other cofounders. So the cofounders mostly holds around 65% of the share and 0 [indiscernible] free company. So this year in number, of course, I know you have already gone through the basic numbers. Our revenue this year was INR 75.7 crores. The cash received was much more, but the revenue recognized was INR 75.7 crores. This was our EBITDA. Operating cash flow was good INR 15 crores -- INR 15.9 crores. Stand-alone PAT of company was INR 1 crore. Consolidated PAT was negative about INR 50 lakhs, right. I know that the number looks bad, like we have been profitable so far. And suddenly, this for a year, yes, we are not happy -- anyone is happy. But there was like one thing that a lot of people have missed and I want to highlight that there was a change in our revenue recognition became more conservative. So earlier, our revenue recognition window was 6 months. So if we sold the course, that is 12 months, then half of it will be cognize now and half of it will be recognized in [indiscernible] also on like 18 months and so on. So now that was reduced to a monthly revenue recognition. So for example, every revenue is divided a 6 months core. It's a 12-month course, then the revenues divided in 12 parts, in 6 months and then in 6 parts. And then one, the part, those months are only recognized. So our revenue recognition policy on the recommendation of the auditor became more conservative. If this change did not happen, then we would have had a consolidated profit of INR 5 crores around. And that would have been INR 3.5 like consolidated and consolidated is INR 3.55 and stand-alone have been INR 5 crores. Now what has happened is that around INR 9 crores of revenue we are last year has been deferred to this financial year. So that is one important part of the story. Now this is the only thing apart from the revenue recognition becoming more conservative there were further changes. So 1 was that for 2 months in the last 6 months in the last H2 base even. We had a major disruption in our ads, so the disruption happened. It started kind of in October, November, but we were handling it, and then it became very bad. So basically, if you have [indiscernible] and there was also some changes by Google in there because basically, because of AI-driven content, a lot of changes are happening in the ad algorithms of major platforms and a lot of our revenue and leads come from ads. So that had a major impact [indiscernible] in February and March. And you can understand the lead generation is deferred, like it impacted probably in December and January already, but the impact was visible more in February and March. Good news is that, that was a onetime thing we have been able to overcome this. Initially, our media buyers could not figure out how to solve this, but I'm happy to report that currently, that problem is solved [indiscernible] There was a time in our revenue -- sorry, our revenue was hit in February and March, especially because our leads was becoming so expensive. Sometimes we are paying even 2x, 3x for the same lead that we previously paid. And it didn't make sense. Obviously, bleeds can become advertising costs may go up by 2%, 20%. It cannot become 100% jump. But we were not able to solve it for a while. And then I'm happy to report that April, May, June, it is progressively getting a lot better. Not only a lot better, it's hugely even better than ever, like our ad costs have become best ever in many cases, okay? So this is -- I would say this is a onetime disruption that has happened to the business. That -- there is also one more thing that last like there was a time in our cost to end up to INR 8 crore, like January, I remember our cash outflow for the month. This is like including CapEx, OpEx, everything was around INR 8 crores, more than INR 8 crores. And then we have reduced it. And now together cash outflow during the recent months down around INR 6 crores and even below that. So now we -- basically, we were there other huge, how do I say, like benefit of AI. So we have been working on AI and deploying them if you have been following our company for a while, you know that. So what happened is that there was -- I mean, we didn't know a lot of consultants that we had earlier hired some of the employees also we did not require them anymore. So once we started letting [indiscernible], there was the case of employees, there were some gratuity. There was some different -- even like severance pace and tool and final settlement and all of that. So in some cases, [indiscernible] and so on. So it basically we had to upfront carve up a lot of cash. So not a lot, but still every crore counts, right? So it happened but these 3 things taken together impacted our second half in a way that was not very positive, okay? But at the same time, for the whole financial, our operating cash flow remained very positive and strong, right? And this is happening because which are our students are front, right? So even if we cannot recognize all that cash in the same year, it is still there. The cash is there in the bank. And we built our own asset like we definitely spend a lot of money around INR 38 crores spent in the last financial year, building out our core library, a lot of unique technology, which is very good for our business, we are getting benefits out of that, but we did spend the money, and we are carrying INR 77 crores of entire jewel assets. But I mean, it is built on reusable across every future cohort in the future. These are very -- like these are giving us really great advantage right now compared to our competitors. It is a downside that we built a lot of courses that we are not able to sell as much. But we will sell them. Like we have started selling certain ports we are not able to sell earlier. And our sales muscle growth over time will be able to benefit from these courses in a big way. Bill faces complete capital expenditure has effectively stopped. Like last couple of months, it has really dropped like this is after the results. But it's very much like 40 lakhs, below 40 lakhs capital expenditure to support what is already there or finish off the things that we have already built and bring them online and so on. But the advantage compounds from here without repeating the spend is the good news. So I would say in a way that -- last 2 years, we have spent money like as we had planned from our IPO, we built out a lot of things, a lot of [indiscernible], a lot of technology, a lot of AI and that obviously had an impact on our CapEx. But going forward, we will really have very good operating cash flow. We will hardly have any CapEx, whatever CapEx will be there, will be funded from the cash flow itself and our free cash flow will be positive and strong. We already stopped drawing from our results last 2 months, we haven't been growing from our [indiscernible]. So monthly people cost down. This is another big highlight. This was a very [indiscernible] thing for us to do, but we have succeeded in doing it. There are monthly people who is not only employee cost. Employee cost is a small headings, larger headings, you have consultants and so on, right? So who are full-time consultants, financers. We have a remote op model. So we work with a lot of remote loans. So that cost has really come down. A lot of it is because of reduced CapEx, but it is -- a lot of it is because our OpEx is reducing because better AI implementation. And I will tell you, I'll show you some of the AI apps we have created because there's a lot of curiosity about what exactly have we built by spending so much money, right? So we have some of the stuff we would love to do. And then -- like obviously, I can't show you all the stuff we have built, but just some samples and glimpse, right? So these are -- so we really think this is as you make a huge difference in [indiscernible] in our numbers because our people costs have gone down without cutting any services without cutting any -- like we are still doing revenue at the same level or better. So no impact on the business in a negative way, but on the back of AI efficiency and software. Like to give you an example, let's say, building an ARPU profile for our students. A lot of people come to us because we are really good at helping people to kick off their career on [indiscernible] other platforms. Now what used to happen is that we need a lot of people, 70, 80 people used to sit and basically help people optimize their LinkedIn profile, their up profile, teach them how to one-on-one sessions, right, how to create very good proposals and so on. And that was expensive. Now what has happened with -- we have built very specialized AI, which can do even a better job than a human coach used to do because human purchase performance can go up and down, et cetera. But if you take the learnings from the best and the best based on your data and then you can create an automation AI coach. And of course, with some human support, it cannot be fully hands off. but then human plus AI model works great. And that makes the -- like if one person could cater to 50 people in a week, now they can cater to maybe 1,000 people in a week. These are now -- these numbers are like off the top of my head, just illustrative, don't take it on face value, but I'm just trying to explain how -- what kind of efficiency it has created. Obviously, these -- we improve the experience of our students as well because they are getting a better product, better with better result, a better outcome from our platform. So it's making a huge difference now. And this is how the people cost also came down. A lot of people costs came down in sales also because we have been able to create AI bots and AI auditing and AI like it's a whole suite that we have created making a huge difference. And the voice bots we created and losing in sales, the same thing. And if you really want to experience, you can because the sales part of the board is available publicly. And then we said the same what can also act as a the same what can also be trained to follow up our students and improve their performance and help them and so on. So this is -- I mean, if you want to experience the sales part, you can go on our website and sign up a free boot camp or something and you will get a call from our boats. So yes, we were -- the second half wasn't so great of H2 of FY '26. But we have past it our best belief we have passed it very much. We've seen great signs monthly recovery as monthly revenue has really recovered and growing. We are back to positive cash flow last 2 months, which gives me the biggest relief for all and it is improving month-on-month acquisition. So acquisition engineers and marketing. Marketing has really stabilized. The ad engine has really stabilized, doing really great, getting fabulous. We are building AI in that space also. AI workflows are doing really, really well. Monitoring has really become our full. I am personally spending a lot of time out there. And I believe that it will really drive a lot of growth going forward. And we are entering -- if we have entered FY '27, 2 [indiscernible]. This is the third month going on. And I'm happy to report that this is the best month we have had ever, right? So June '26, like Boeing absolutely fantastic, things are looking great, and we are structurally linear and build face is done now is the scale-up harvest kind of phase for us. So the AI we build, we keep harping on this, but really, we are very proud of the AI we have been able to build. It is really changing our business, [indiscernible] satisfaction is an all-time high. Our different groups are always buzzing with like students saying, wow, this is so helpful and very [indiscernible] I'd love to see that every morning when I wake up. Sales performance is up massive changes in the last 2 months. We have deployed or in the process of deploying 50-plus career apps. And I have a view that he's going to demo you 1 or 2 such apps. Here right now, just to show you the kind of things our students can now do using our IPs, which are part of their learning journey. So the 2 years of investment that we have done, not only have built content and unique course content and everything, it has also built proprietary AI and capabilities that is very unique and very special. None of our competitors have it. Here are some of the examples of the stuff we're like lawyers, outreach, right? So imagine a lawyer or a loss want to connect with senior partners or in-house counsel, general counsels in India, abroad and one of the best way to do is to throw coal remailing and personalized e-mails, but here, the AI creates the opportunity. And Abhyud is going to show some of this. Similarly, we have similarly our students and using AI tools that we have created to reach out to U.S. then finding SMB prospects in India and abroad for personalized peach emails, then we have an academic writing opportunity where tailored outreach [indiscernible] going to professors abroad in the U.S. and in other developed countries. We have like -- we can show you today one app where -- you can draft a Supreme Court local outreach app for local U.S. SMEs. You can't show the [indiscernible]

Yes, I'll show the SME one first.

Okay. Sure, sure. So there's an SLP like a special petition in the Supreme Court we're showing this to you because it's a very high level, how do I say our skill that people now can easily draft this level of perfectly professional level. Not only we teach them how to draft it and they will give them specialized AI tools to do those tasks, which is making a big difference to our learners and so on. There are other -- many other apps. These are just some of -- some illustrative apps that we can show you that are already available to our learners and they're using it. Then we have the good part of the business. So I know that everybody asks, what is your guidance because you have missed our guidance last 1 year very badly, more than 1 year, 1.5 years. Really, I'm very reluctant to give any formal guidance, numeric guidance. But our internal operating goal and our success is judged by this internally and externally also you can hold us to it, which is that we want to achieve, and we believe that without changing anything massively in our business, we can hit at INR 2 crores per month. kind of positive cash flow. This is our north star right now. And we are already cash flow positive and improving and looking to hit this INR 2 crore Parman kind of positive cash flow going forward, which takes care of everything for our business going forward, right? There is some few things that may interest you. We have no borrowings, no plans for doing any borrowings, no need for any borrowings our lanes pay upfront. So there is no trade receivables, which is a small trade receivable reported, which is not much. We have been able to deploy most of our IPO funds as planned. But obviously, the part that was earmarked for acquisitions, we haven't deployed. For the simple reason that we don't want to complicate when things are going like this, we want to focus on our 2 core Parman cash flow, which is possible without any acquisitions from our current business. That is our say like our bull's eye that we will keep going for that in the coming months. So we don't plan to deploy this, although you are supposed to deploy it in 3 years, we haven't been able to deploy it. So we'll have to see what to do about that. Promoter Group till now. So I have had some questions, so I want to be very clear none of the promoters, there are 2 promoters [indiscernible]. We haven't sold any shares. We have bought shares from the open market since the IPO. This is first of all. Second, we have -- we will -- basically, there are other cofounders who are members of our promoter group. They have also not sold any shares, except for one person, we have showed a very small shareholding. We had exited the company, and he has sold a very small shareholding about a year back because on the account of his daughters wedding. So all of us agreed that since somebody's daughter wedding is there, we cannot -- we should support that. And that also 20 lakh of that was bought by me and Abhyuday. So most of that share is sold was bought out by me and Abhyuday, not by the open market. So there is no cofounder who have exited. We stay committed in Promoter Group also people have other our parents, our families have bought more shares, haven't sold, and we stay fully committed. We believe in the business. we will continue and I think the best is ahead of us, right? There are great opportunities, great times basically ahead of us and we stay coveted and we don't plan to sell. So yes, we have high intangible asset. But in our business, courses, software, technology, AI, this is our business. So I know a lot of you have concern that why such a high intangible asset, but this was on our IPO prospectus that we want to build this kind of assets. And this is what we have deployed our money into. And that was the goal, and this will serve us well going forward, right? Then this was the CapEx we have done in the last year, which would really pay off in the upcoming years. 4 things in order grow the core. So our legal and professional app skilling -- now that marketing is stable. This is our focus. This will remain our focus. We have unique categories where there is barely any competition right now, and we intend to grow in those sectors harvest the platform. So definitely, we expect that our margins to improve goingforward, minimal further CapEx just to support what we have already built. No need to draw from any reserves. Our AI, this is actually delivering huge liner outcomes, larger satisfactions -- for example, like, to give you an example, there was like one of the USPs that we have in our courses is that you do a lot of assignments. So you draft contracts, you draft. Maybe if you -- like whatever, maybe you work on some as practical assignments and those assignments are checked by humans. So I needed to keep an army of evaluators who used to evaluate it, but it will very many hard to manage quality, even with humans, right? You can have experts, but the quality can vary from one to another. But now that we have been able to create AI, the Lana satisfaction and the kind of [indiscernible] on every evaluation is massive and much better than ever, and it is driving real results. So -- and it is like verifiable, like it is deployed over the last 6 months and it is already used and massive, like -- now I hardly have very few evaluators, maybe 4 or 5 people just in that team, and they are able to manage almost 1,000, 1,200 enrollments every month because it is AI augmented. Okay. Apart from this, we had a plan of doing a university and everything. We did a pre-application in Arizona with the Education Board there with the higher education Board. And we understand that once we get an approval, we -- if we submit an application, get an approval for adipose management technology. What has happened is that we have to start enrolling and they will evaluate us year-on-year. So I don't want to go there in a light manner only once we have very strong cash flow, et cetera, then I want to go into the U.S. market again with the university. But for the time being, we have pulled back -- we are not stopping. We are like we -- the bare minimum application preparation work is done. But hopefully, in the next 3 months, we become -- we hit our INR 2 crores per month. cash flow positive goal and then we can go for the U.S. market again with the university and everything, which will help us to establish an institution, which is beyond year-on-year cash flow and everything, University institute like that with proper recognition degree granting institution. It will have -- it will help us to really do great in the long run. But right now, my entire focus is on that INR 2 crore per month cash flow profitability, and I'll continue to focus on that. And I don't want to complicate it by starting -- or starting new battles on new fronts. So we'll hold on to international expansion for now. So that's all I wanted to share today. The floor is open for questions and answers. But before that Abhyudaya, why don't you demo 1 or 2 of your apps.

Yes. Okay. Hi, everybody. I will show the one app first, I will show, which is for finding local businesses in the U.S. This is -- which can be used by anybody for -- it is for one of our major audiences, which is women working from home, women who take a career break, working from home or those who want to work remotely. I'm just going to show you a quick demo of this. I'm going to sign out and show you how it works.

So [indiscernible] each machine, right? So this is [indiscernible] you, you can even log in and test it at your own it. So it's not like only we are demoing it on the screen. We'll share the link in the chat. You guys can log in and test it.

I log in with my e-mail account, what you need to do is you need to connect your e-mail after that. I'll show you step by step. Okay. So this is the dashboard. This is where I can see everything. What is very important. So why we created this was our students. We always tell them you have to pitch for 1 hour every day, you have to find businesses, how do you get remote work? You to find small businesses in the U.S., let's say, or nail salon or dentist who is -- or a restaurant owner who needs to grow and who has, let's say, bad reviews, doesn't have a chat bot or a sell service desk on its website, things like that, okay? So now they have to put in a lot of manual effort to do that. What this app does is it makes our insights into the app so that they can manage everything from here and it reduces their effort to do this. Without this, a lot of people would not take the effort because it was such a cognitive burden even if we thought them. So I'll show you how this works. Now let's say I want to get started. I'm going to click on Discover. It's there, here Discover. So you can connect your -- any AI open key like open routers, [indiscernible] you can connect it. So I've connected that right now. Now I will just show you how to find prospects. Next, I want to find -- I'll do dental clinic. I will select a city, there's a list of many cities I can try Austin. Okay. At one time, I can catch up 200 leads, let me just do 25 to show you. It will take its time to find. They have to connect a free [indiscernible] searching and a free AI open router could be any of those or a GPT or Google Gmail key you will get. Now it has found 21 prospects, okay? Now we have to decide how to audit and pitch to them. So now first, I will do -- I can save these. I can save all of these in my setting, okay? They are saved to my pipeline. So I'll go to my pipeline I will see these are discovered, okay? Now what I have to do, I have to audit these based on what services my students can provide. So I have to find what they need and what my student needs to pitch. So let's say I go to Swish dental, okay. It has come here. I will click on run audit. This is very important because I will find what they need. And there are 4, 5 things right now, I programmed it to do. We can program it to do hundreds of different things based on whatever skills or students are being thought. The first 3 months, we are teaching them how to help businesses with 4 to 5 crucial services. One is review management Second is if they don't have a chat bot on their website, chat bot is very important to serve existing customers or to capture leads. So that is second service, there are 2 more services, okay? So it's going to audit on those parameters. If the founder doesn't have a personal brand doesn't post regularly, then the access service our students can provide. If their website is not updated, that is a service our students can provide so that there can be employer branding for them so that if a founder has talked about his team about the vision and mission, they can attract the right kind of talent. So what this has done is this is audited, the founders social presence chatbot, self-help? Is it there on their website or not? Their team page? Does it have any team page where who are the key people? What is the mission and vision of the dental clinic has this been written? Now a lot of these U.S. SME owners don't have access to specialized guidance on this, and they can benefit from a virtual assistant from India who can help them to do this. Now what this clinic, however, has is reviewed, there's a 3 or out of 5 score, okay? Very good. So I have done this audit report. Now what I'm going to do is I'm going to click on generate a pitch, okay? And my pitch will have a hook for them to respond so that they can access this report, okay? Because it will be very curiosity in working for them if they can understand how I have studied their website. So I can send a few quick wins for switch dental. I can keep changing subject line, but I'll just show you how it has done. I'm genuinely excited about what you're doing at Swish Dental, and I wanted to share some hidden blockers to your full growth potential based on our audit your business currently scores 15 out of 100 across you can see my screen, right, across key growth factors such as online reputation, founders, personal brand, online visibility and lead capture, which suggests there may be several units opportunities to convert visitors into customers and build trust prospective clients. A lot of times where it is able to find the person behind it, it names that person. Your founder social media presence is currently not visible on your website or social media platforms. Here, the person itself is not a personally visible. So we are saying that this is not there. So your valuable business insights are not being shared as much as they could be. So like this, there are 4, 5 things that they can do to fix it. Just a few tweaks in these can help you to attract potential employees, make it easier to land new customers and possibly generate investor attention if they're looking at investors, apart from taking your public credibility to the next level. You may already know this, but don't have the time to fix this as a business owner. I'm an AI-native virtual assistant do specialize in it. Now earlier, we had to teach our students to do all of this and then pitch. And if you take them a lot of time to do for each potential client. So now we have just baked this into the app. Now the thing is this. whether they take our service or not. What does this say? If you respond to this e-mail, I will send you a complementary report highlighting the top 2 actions to fix all of the above in 60 days and even help you to fix anyone in the next 30 days complementary if you're interested, reply yes, to get the report, okay? Now I can just put it into draft to Gmail. It has gone into my Gmail, all right? So I will click here, and I will reload my Gmail. This is the [indiscernible]. It has come here, right? Now we are not sending it automatically outside from their inbox because if there is something the student has to take that responsibility. So they can review it, they can modify it if they want, okay? I'm going to go back to this.

Basically, we told people to do this audit and [indiscernible] businesses, but they did not do it. because they are -- people are generally lazy. But now the AI is doing the entire thing and giving it to them. So it increases their chance of success. So if you give the same it to 5, 10 people every day, so for a month or so, they'll get hopefully, 1 to 3, 4 clients. Some of those people write back and book of meeting, et cetera. So this is just an to we have, apart from teaching skills, we have outage exercises. Outage exercises determined the final level success that our students can earn. And now this is an automation on the outreach process.

That person gives us a response, then we can generate this report. We can export a PDF of this, okay, which has been downloaded to my computer, I will open it and also show you -- we can keep tweaking the format. So if I get a yes, I can send them this report, and I can offer my service, and I've given them a detailed picture. I can make it even more detailed if I want, but this is very important. These are the services I'm teaching them. So this is very helpful. And now I'm going to go back. I'm going to show you how they can manage this. Now a lot of times, people don't remember [indiscernible]. So they have a full-blown dashboard here. They have a full-blown dashboard here, where they can see everything. Recent activity, all of that is the conversion funnel discovered, audited, pitched and I will show you the pipeline. So now discovered is here, which whatever I wrote draft to Gmail has gone to pitch. If I don't pitch and I just leave the audit, it will come here. Now from here pitched onwards, if I get a reply this, I can move it like a Kanban board and I can track it, right? So this way, I know how many pipeline I have. And every day, I can move I put those 25 [indiscernible] leads that were generated. So they have come here in the discover and I can keep moving it around. And till here it is automated till audited and pitched is automated. Beyond that, I can manually move it. So I know what is my statistics. And here, I will know my discovered is 21 audited to pitch I replied one pending, right? And I have my recent activity. So this is how it works. This is one example for women. [indiscernible] anybody who wants to pitch?

You want to show the -- so there is one very unique ports we have when we teach Indian professors and PhD holders how to get automated relieresearch automation work from U.S. professors, U.K. professor, developed country professors team tanks and research labs, okay? So we can show you that also like there's one. Is that -- can we show that, Abhyuda?

I can show CPI finder or the other one will take some time to connect my [indiscernible]

[indiscernible] you have to connect [indiscernible]

So -- this is -- we showed you how we are connecting with SMBs. Do you want to see one more app? Or is it enough? Like there are different apps we have created we can even like I'll give an idea like I don't know if this is of any interest to the people who are attending. Can I see some chat in the chat? Can somebody tell us? Do you want us to show more apps? Or do you want to jump to question and answer, what do you prefer? Whatever the majority one, we'll do that. [indiscernible]?

[indiscernible] most people want us to move to question and answer other than demo one more thing. So let's move to question and answer. Okay. So if we get questions in the comments, you can share this on chat and we can pick up those questions and answer. Okay. So the first question we have received is from Arian who is asking we -- okay, are asking business implication for apps? Okay. So the business -- so basically, this is what we realized is that we have been building these workflows. And once we are giving these apps, the adoption of the work flow yield goes up. And although it takes a lot of effort and time for us to create the app, but we have already built most of it. So it's better to give it to our learners and apps rather than as a recommended workflow because many people are not able to simply go and build it out and do it. So we are -- and this is working much better for us. So this is what exactly what we are doing. And do we plan to sell these apps I mean this is a possibility, but we haven't thought because if we start selling apps into the market directly, then we have to again create a marketing engine audit and so on. But making it -- when you have connected the apps into our learning journey, that is giving us very good results, very good learner satisfaction and uniqueness in our course. Nobody else has this kind of apps. So this is the benefit. Okay. Second question we have is -- why are we so inconsistent about everything we were hoping to get university status wide favorably. Our communities across Telegram and WhatsApp is largely inactive or sents a message maybe once a month, our learning app was supposed to be out by March. Every half year, there is one thing to disrupt our guidance, are we this fragile. So good questions, fair enough questions. So let me answer this. The U.S. university team is very serious business, right? So I do not -- I want to do it, but I am always afraid that I will start the university and they're a regulator, right? And then if I am not able to generate enough enrollments, orifice generate enrollments, students are not happy. It's a new battlefront. And I did not foresee these kind of disruptions happening in the last 6 months. Now that it has happened, my only goal and it should be to stabilize the company. You are not [indiscernible] if we kept making losses, we will not be able to survive as a business, right? Our goal is to be [indiscernible]. We have turned it around and cash quality. But do you understand that in February, in March, we are scared that our only priority in life was to make the business cash positive. Today, if we are sitting here, then April and May, we have been cash positive. So now we can think of the next thing and next thing, right? Being cash positive is our not star. If that happens, everything else is okay. And below INR 1 crore cash positive is not okay. We have to be more than INR 1 crore, between INR 1 crore and INR 2 crores is like we have to hit INR 2 crore, it is possible we do that first, then we talk about anything else. So that will be remaining our North star going forward. But once we hit that, we will -- we have already done the initial groundwork for setting up the University in Arizona. We have been in talks with the regulator, and we have come to the conclusion that, yes, we should go there with at least some good results to fight it out in the U.S. market until then we should have on to it. So we -- I'm going to wait for that. So right now, we are going to put it on coal-storage -- our [indiscernible] So we have a lot of communities that -- but you see you're saying [indiscernible] in a month, we send them messages. So how it works is that communities are getting -- so we have -- we are getting like around last month, we got like 50 lakh to 75 lakh of revenue per month is coming from this one message in the community. If we send a lot of messages, it doesn't help. But when we send out and we saying, hey, we are doing another [indiscernible] or something is happening. Those people are coming and signing up and driving like thousands of registrations and revenue to the tune of 50 lakhs to 75 lakhs, right? So those are real assets maybe you were part of some communities, but we have more comments. We have like over lots and lots of communities. They are highly active for the first 1 month, 2 months, and then we reduce knowingly and carefully reduce because if we keep engaging at the same tempo throughout the year, then people just unsubscribe or they put it as somewhere. So you can say only basis once in a month, twice in a month, and that's how we do it, and it is working great for us. Our learning app was supposed to be out by March, which learning app like, oh, you're talking about the automated app, right? So basically, AI has been developing so fast, like what we showed right now. We want to -- we are still going to build that app and roll it out. Much of it has been built already. But the challenge is to incorporate all these things into the journey. And because of that, our product road map has evolved a bit. So I mean, I don't see this as a huge problem because we need to taste also things slowly and slowly go forward. Also, I mean, this is not impacting our business. Again, our focus will remain on being cash positive. But our student satisfaction is going up. We are also learning new things every day with AI and things are going in a positive direction. Every half year, there is one thing or the other, which disrupts our guidance, [indiscernible]. This is a good question, but I don't know what to say, like -- our guidance has been impacted by new revenue recognition mostly. There was one failure in our business, which is we could not foresee the Andromeda ad change cycle and all of that. And we were -- it took us a bit of long time to add up to it. That is the only thing I would say we have done badly. But yes, we will -- there is scope to be better, of course. I mean I'm not depending on results. There is -- we should be doing much better. Can you give a split of the intangible assets between platforms and content? So that's a good question. I don't have a number handy right now. But it's a fair question. drop us an e-mail will share the details with you, okay. Dissolution of Addictive Learning [indiscernible] impact on financials, I'm sure it had some impact on the financials. I'm not very sure since...

We have already [indiscernible]

[indiscernible] we never started doing business under it. And we realized that if we just keep it on, it will have to bear cost for -- we have to keep a director. We have local director. We have to, there'll be compliances and we have no immediate plan of going into Canada. So we dissolved it. But I don't think we either spend much money on it until that or even if any impact would be small. Since the growth in FY [indiscernible] was 70% to a onetime issue, 70% degrowth. Oh, 70% of the contributing factor was onetime issue can expect revenue growth in FY to go back to prior level and growth grow by 25%. I believe so. So my revenue is back to previous levels in a way like after the ad related disruption. So definitely, we can get there. And also the -- if you look at the revenue got deferred. So deferred revenue carried over to this year is INR 9 crores so far. So that INR 5. 36 crores and some more from the H1 and so on. So this total deferred revenue, I believe, is around INR 9 crores. So that would also help in this year. And this negativity will not happen because it is already adjusted will appear in the next financial year. Any additional subsidiaries being dissolved in currently are no such plans. We have no such plans. By [indiscernible] as company expected to reach its old margin levels, I can say that we have -- we are almost on our like just -- I mean, we are almost at close to our old margin levels already in this month and in month of May and so on. because our OpEx has gone down a lot. So even if our revenue is a little lower, our OpEx has gone down a lot. And CapEx we have cut CapEx totally, right? So CapEx currently is hardly 40 lakhs per month. So we are already in a good place that way in terms of our operating cash flow and operating margin. What sort of EBITDA margin do we see in FY '27?

[indiscernible] forward-looking statement.

For a forward-looking. So I am not going to give a guidance. But what I said, that should help you to II with a number that INR 2 crore kind of far month cash flow is our internal goal and target right? So even if we let conservatively, we achieved INR 1 crore per month also, which I think is in any same scenario we should be able to. So then you can calculate -- what is the capitalization plan for the intangible assets. So intangible assets, I think it's mostly they are 6-year done. So like 6 year kind of -- or 5 years, I'm not sure I don't remember exactly what -- I mean, it will be there. It's imbalance sheet, right? So that will -- that is there. So we'll have to bear the impact of that. So beyond EBITDA and PAT, it will have an impact. The investor presentation not here on for annual numbers. Post loss. I didn't understand this question. [indiscernible], you can maybe clarify this. Investor presentation will upload after this session will upload the recording as well as the presentation. We will need to raise funding mix to be able to execute on your plans. No, we don't need to raise funds. I am extremely against raising funds at this time because we believe that we can grow profitably, just have to -- so what were our plans in last year, we could not achieve this year, we can achieve it for that. We don't need to raise funds. And once we achieve numbers look good. Sure, we can think of further in the next 6 months, I don't think so. Okay. So same question from [indiscernible] ordered. No plans of raising money right now. The plan is to grow profitably and accumulate profit, which is very much possible. Sales is sure. Yes, this is a good question. Thank you for this question. The -- so we had a huge issue in sales, like we were not able to track sales. I'm happy to report that last 2 months, we have really solved sales, okay? There are 2 things which is driving. One is that there has been a change in leadership in sales, and that has walked out really good in the last 2 months. We are seeing it month-on-month upward trajectory in the direct sales like not community, not wood cam, but direct sales, right, and a lot of runway there. That's where our lot of our growth will come from there. This is going great. Second, our AI that we have been building to for that, that has been -- that has done really well. Like I think we have the best sales AI in the market right now, like nobody has anything like that. And it is not just the sales voice that talks to you, but the audit of that and there is something called a recessive loop we have built, it continuously improves itself by learning from experience. And now when a lead is generated, it is first caused by AI. And then we do something called a discovery call. In the discovery call, we find out what are your pain points, who you are, what your bones are and so on. And once we have realized what those are, then we build something with AI, again, something called a road map. How can we help you? And this road map is a very powerful tool for people to understand how they can grow and what they can expect with us. This is increasing our conversions. This is also AI. And finally, AI larges our callers that now you need to call this person. This person has rated the road map or has further questions and so on. So it is -- the entire sales process is actually supervised by AI, and it has increased the productivity of our best callers in a big way, very big, big way. So we really think that -- I mean, we expected this to happen earlier, but it is finally happening. That's all I can say I'm relieved to report that, right? And that's why I'm a lot more confident today, and we are -- we don't need that huge sales team anymore. With a much smaller sales team, we can do those numbers. How many people are we going to give us Q1 numbers by July 20? I cannot promise this. We haven't decided. We'll see like this is -- like we have to get a go ahead from like our auditors and so on. So I can't comment on that right now, [indiscernible]. How many people have we let go over the last few months? What is the team size of AI development? So now -- I mean, if you ask about the AI part of it, now we have around 20 people in our tech team who are all working with AI. But across teams, people are working with AI right now. So very interesting, our marketing team developed a proprietary AI platform. You can check our -- you can go to [indiscernible]. Like if you see our ads now, they run on a platform called Growth and it's a proprietary platform we have created. This was creating by our Director of Marketing, not our tech team. And we created this with AI. And what it does is that it has tripled the speed at which -- at the microsecond level at which a page loads and it reduces server cost. So we are paying a lot of -- like at a point, we are paying INR 10 lakhs per month for our servers. Now we are paying INR 1.5 lakh because of this new innovation. Now this is an AI -- like this is not even created by our tech team. This is created by our Director of Marketing using AI. I have built apps which are like our students are using now even without the tech team. So AI has democratized technology. People can build AI who are not in strict sales engineer. And we still have to go to engineer to deploy it to skit up and certain things, but this is the situation right now, right? Then there's a question, how many people we let go off? So it's like this that the people will late go off were mostly freelancers and consultants. But I mean, I don't have -- like the bill has come down by more than INR 1 crore, INR 10 lakhs, March versus June is more than INR 1 crore or INR 10 lakhs down. So you -- I mean, I don't have the exact -- I'm sure the number is there somewhere, but I don't have it in front of me right now, but it's in hundreds. -- these are not employees. These are basically freelancers and other people, consultants who are working with us full-time consultants and so on. Employees also have reduced a bit. Any CapEx in FY '27, can we expect around INR 5 crores? Yes, you can expect around INR 5 crores, INR 6 crores because that's something we are financing comfortably from our cash flow. And we still need to develop technology. We still need to upgrade our courses from time to time, but it is not going to cost a lot of money like before. Is [indiscernible] 100% owned by Addictive Learning? Yes, it is 100% owned by Addictive Learning as of now. Hello Paralegal also have started getting contracts from U.S. lawyers in automating their legal workflows, but we haven't made a lot of money, nothing big to report yet. Big to report is that we are -- like we have got viral in the U.S. legal circles. We are getting interest from very good law firms. People are following our content. We are getting a lot of meetings every week. We have got first couple of contracts. Money is yet to hit in the account. But it will -- it is something which is shaping up very well for the future, although my focus is not on this right now. Is the current depreciation an expected level going forward? Yes. So I think our depreciation level will be similar or may fall a little, I don't know. But I mean, yes, I think that would be there. So there will be a big difference between the EBITDA and PAT. Are you going to start giving earnings release every 3 months followed by a con call and investor presentation? I have been that we can give more frequent business updates. So that is one option. The other thing, if I want to release the numbers for the quarter instead of half yearly, for that, our auditor has to agree. And this is -- I haven't -- I mean, the initial discussions, but we are still considering if this is a good idea. I can't comment on this right now. What is your current team size? Can you split them between product and sales? Yes. What I can do is I can probably -- I mean, I have it in front of me, but I'm not sure if I'm allowed to share it like this, the exact -- I mean, probably it should be part of a business update or something. And I'll try to do a business update around this after consulting the proper advice around it. I don't see any problem. I think it will be okay. Are you planning on taking over NSA Education? No, no, we are not planning any acquisition of any sorts for a simple reason that we have our hands full with the current business in the shape that it is, we have to fix it first. Before that, we have no plans for anything. No, we are not even talking to anybody for any acquisition, nothing. If anybody tells you we are considering acquisition, please don't believe. How has been the price trending in terms of the average course? The price has been going up slightly. So more like INR 60,000 is now the average, but there is a very positive development. There are certain courses that we are able to sell for INR 120,000, INR 115,000 kind of price. And this is going on. And I mean, more of our direct sales call sales are in that range right now. So that is also -- that's going to help us in the future. That's a very positive development. I'm glad you asked that question. We are not giving any revenue and PAT guidance. Our internal goal would be to hit a INR 2 crore kind of per month cash flow positiveness. This is our entire focus at this time, which we believe is imminently possible. That's all I can share for guidance. Can you share the current CAC for loss sequence kill arbitrage? The CAC has been fluctuating a lot over the last few months. It is trending down in the last 3 months in a very big way. I do not -- I haven't -- I cannot -- it is -- I mean it's changing so fast that I'm not in a position to give you a very blended level CAC right now. But let's say it this way that last month, we spent some below INR 1.5 crores on ads, which has gone down in a big way. Like the time we were spending -- we still have a budget of INR 2 crores, but we were able to hit our lead expectation with just INR 1.5 crores, right? This is an unaudited number on the top of my head, take it with a pinch of salt. But I'm just trying to explain how our ads are trending. Ad spend is trending right now. This is not CAC,CAC is ad plus sales plus any other marketing costs and so on. But just to give you a flavor of our ad cost has been very good, very positive. Like we are not even -- to hit our lead number, we did not even have to spend our entire budget of ads last month. Now even this month is going even better, how much revenue do we get from ad. We don't run any external ads. We are not -- people come to us to run ads, but we don't run any ads. We run only our own ads. We may consider running ads at some point. Can you split the intake numbers per month between loss Eco and skill arbitrage per month? And can you share the trend on volumes over the last few months? So we see loss eco and skill arbitrage is more than loss Eco that I can say. But it widely changes month-on-month, okay? It's because of the batches we are starting and all of that, what boot camps we are having and all of that. Currently, it's wildly shifting. Good thing is that Law CCO revenue has steadily grown in the last 2, 3 months in a huge way. Our law communities are very big successful. Like we are succeeding in our law communities bigger way than anything else. So that's a very positive thing. What is the plan for selling courses globally? Selling courses globally will start once we go for our same -- at the same time with U.S. university. We'll get the university license and start all that or whatever institute license and start selling globally. till then we focus on India, getting to the INR 2 crore per month cash positiveness is the cash flow positiveness is the focus. For this, we don't need to go global. So we don't want to talk about that or consider it right now, just focus here.

There's a question on if founders are using [indiscernible] One question which says, are both founders utilizing 100% of their bandwidth on Addictive Learning, given the disappointing performance, is it possible? You are also working on.

We don't do anything else. We have no side business. We have no second income, nothing. We do only one thing, which is addictive learning. Okay. Any other questions? All this is applicable for all co-founders who are working here. We all draw salary from here. This is the only job we do. There is nothing else we do. If we don't run ads, we run ads -- so there are 2 ways, right? So we have a lot of captive media, right? So we have huge traffic like leaders blog, which has like 1 million, 2 million traffic per month, right, usually 1 million per month. Now we can -- there are -- people come to run ads there. o. People want to run ads on [indiscernible] has massive traffic. Skill arbitrage blog. Our social media has significant traffic. So I was thinking that you're talking about running ads on our platforms. So we're not running ads on our platform. We are buying ads into other people's platforms, yes. If that is the question, so I misunderstood your question, sorry about that. But yes, we can make money from ads if we want on our platforms. Do you think we are succeeding on delivering value to the skill arbitrage customers, how many people join organically through referrals? So I think referral numbers are hovering beyond -- below like around 10%, 15% and 70% comes from ads. Another 10%, 15% comes organically finding it themselves. We don't know if they're referred or they found as themselves. 70% come through ads. Are we delivering value? Yes, we are delivering value. We can say that because we can see people getting jobs, writing positive reviews, people getting freelance. Every day, we are getting very happy messages on e-mail from our learners that thank you so much. Usually, our teachers get it, our mentors get it that thank you so much. I got this result. So therefore, we know that people are getting. Out of the approximately INR 77 crores of intangible assets and CWIP, how much revenue was generated in FY '26 from products, technology courses or platforms developed using these investments. I mean, I can say -- I don't have -- so we haven't done this calculation, but significant, significant because what are we selling? Our -- all of our best-selling courses have been created in the last 2 years. All of our best-selling -- I mean -- and the courses have the -- all those apps and everything that we have deployed. So I would say a very major part of our revenue today comes from the new courses and the new technology. If you take them away, we will lose our competitiveness, right? We may even like our revenue will not be the same if you like very, very big difference will be there. How big is the TAM? A is asking how big is the TAM for skill arbitrage given that your focus will be in India in the near future? Who is your big -- TAM is massive. TAM is very huge, like no questions. It's like almost every person needs to upgrade themselves because of AI. Any profession you take, there are crores of people they need at least 10 crore professionals in India need to upgrade themselves. Who is our competitor? There's a company called Outskill. There are all IITs, IIMs are running programs now for AI upskilling in every different domain. Then there is people like Emer which is a large professional upskilling company for professionals, right? They also do university tie-ups and sales courses. [indiscernible] is another company in the same business. There's [indiscernible], there is Times Pro and so on. There are many companies, Hero Wired. So they're all into the professional upskilling space. There is no -- so in each product, we may have a different competitor. So for example, when it comes to Independent Director and corporate governance training, there is something called World Institute of Directors. There is KPMG, there's IIM Bangalore [indiscernible] there and so on [indiscernible] is saying so many investors have lost money by seeing your fundraise at INR 290 levels, they have invested at INR 350, 400 levels. They have eroded 80% of their wealth. Fair enough, you have to rise a lot to reach their buying levels. I understand, see, basically, what I can say is that the fund raise did not get approval on time. It was on hold for a long time. This was beyond our control. And then I mean, we had not so good performance. So only thing I can say is that our -- like we have been holding our shares all throughout. We remain committed to the business. This is the only business we have. This is our life. This is -- we are fully committed. We will grow. We are committed for our shareholders. Every day, I personally pray to God that give me strength that I can grow this business and investors make a lot of money from this. And -- we haven't -- we don't have any different option that we are doing another business or something. This is it, and we are going to make this successful one way or the other. I believe the valuation is very low. I want to buy shares. My family will buy shares or rather Ab and I are planning to buy some shares from the open market. I can't promise that share price will go up or something for sure. But yes, we are here fighting for you every day, and we will not leave any stone unturned that -- and I believe in our company. We are going to grow like I know we had bad years, we had flat year. We had some difficulties, but that doesn't mean we are slacking off or we are giving up. We are here. We are going to fight it out. We will make it happen. What is the USP that skill arbitrage has over other competitors? So fundamentally, we are AI first. We are AI first. We are giving people a way to internationally work. We are -- we have immense number of success stories in every category we are -- there are hundreds of success stories in very difficult categories we have pioneered like we have 24 people who have cracked solicitor qualification exam in U.K. from India. This never happened before. There are people who have cleared California bar exam. There are 70 people who have cleared NCA Canada exam. Now we are -- we have literal monopoly in all these areas. And over time, this will get popular. People -- more and more people are looking at international credit. As GCCs are coming in, there is a demand for international skills. We are teaching people for enrolled agent exam, U.S. tax, CPA, all of these, like these are very unique things. There are very few players. If there are any players, they are physical, not online. If they're online, they don't have as many successes. And on top of that, we are not only helping people crack the exams or get the skills, like we showed you, we are helping them with AI to get their own clients or reach out to the new employers and so on. So honestly, no one is doing that. So it is a huge value addition for all our learners. How are we seeing impact of AI on our enrollment with reduction in services sector around us? Will this reduce our TAM? No, it will not reduce our TAM. It is everybody in India who's offering AI native courses, AI-first courses, where you teach AI, [indiscernible], anything, their business is growing. Our business in AI also is growing. And demand for AI courses is massive. And if you look at sectors like law, tax, accounting, corporate governance, these are basically licensed, patent agent. These are licensed professionals. They are demand -- they will use AI and they'll earn more money. They will serve more clients. Their profitability will grow, but they are not losing their job. They are not -- it is not even allowed by the law that AI can do it on its own or reduce the headcount. Software engineering is very different, but these categories are very different. So we are sitting in sectors where AI is going to help us not cause a problem. And there are very few companies. We have really invested in AI. We build our own AI. We can teach AI. This -- we are building the AI tools our learners can use. So AI is good sent growth opportunity for us. I know it hasn't reflected in the numbers, but it will going forward. We have done the hard work. Okay. I know there are a lot of questions that has come. So any progress on the job platform front? Jab platform is doing great. But there are 2 things. I have stopped capital investment further. They're running, but I am not doing any more capital investment in job platforms. Job platforms are getting us free leads, organic leads, which is very good for us, but not focused right now because -- I mean, it is possible to take it to the next level, but right now, not our focus, not our. What would have been the revenue for H2 adjusting for the accounting changes? You are saying if we did not do accounting change, then our PAT would have been INR 5-point-some crores, right? I mean it's there. You can see the auditor's note in the balance sheet, you can just take the auditor's note, it says that because of this change, this is the impact. So our consolidated profit would have been more than INR 3 crores and stand-alone profit would have been more than INR 5-point-something crores, if not because of that accounting change, which basically moved around INR 6 crores of revenue to the next financial year as deferred revenue, if that helps, okay? How are we -- any other questions I missed. Can you -- if you have asked a question, I missed, can you copy paste again or ask again? To achieve INR 2 crore mark, what kind of monthly revenue we need to do. So INR 7.5 crores, but comfortably INR 8 crores. With INR 7.5 crore revenue per month, we can hit close to INR 2 crore cash flow positiveness, but with INR 8 crores safely, definitely because sometimes some random costs come up. So that way, like INR 6 crore total cost, including CapEx, OpEx, everything and INR 8 crores revenue is what I'm aiming at. And it is achievable even in this month if everything goes good. annual investor presentation, like are you talking about our annual report? We are preparing our annual report. We will be doing an Annual General Meeting when our team is ready. I'm not -- is that what you are talking about? You said that scaling educational companies is hard beyond INR 75 crores, INR 80 crores. What gives you the confidence that we can scale further given we don't have any recurring revenues? So my previous scaling strategy was through sales team, like we have to build a larger and larger sales team, and we'll be able to scale because we have built all the products. When you are running ads, you're getting the leads, but you need an effective sales team to convert. So previously, we are not able to scale the sales team. There were a lot of problems. As you know, I have reported it before, managing the team, scaling the team. But now we are able to do it. This is one thing. Our community model also is slowly giving another stream of revenue. That is also scalable. So these are the 2 things. Boot camps, we are -- I don't know if we can scale boot camps anymore, but we can definitely scale communities and sales teams now. We are seeing that happening. So that gives me confidence. Investor presentation, I gave a presentation today. I just gave a presentation today. I will share the presentation on the stock exchange after this meeting. Where will the INR 5 crore planned CapEx be invested in? So primarily, some of it is going around -- so basically INR 40 lakhs per month, right? So around INR 15 lakh going into our new technology. So even if we have built a technology, there are tweaks and there are improvements and like new features and so on, right? There's customer feedback. So you have to keep -- or something has been built, but it is not deployed yet. Final touches are going on and so on. So those costs will be there, around INR 15 lakhs. And then another INR 15 lakhs, INR 20 lakhs of basically upgrading the content, adding new chapters, adding something new developments, all of that. So that's about investor presentation, which should be given with the results.

I think I can understand what he is talking about. He is looking at uploading, but it's not mandatory that you upload it on the same day as the annual results. That is not mandated for you to do. It can be later. But you have to give an advance notice for that, which we have given.

Okay. I will look into this like what if we have missed something or something, I'll -- I mean, we made a presentation today, and we'll up -- can we safely say accounting profit, P&L would be INR 1 crore per month. I mean I don't know like I will definitely strive towards it. cannot give a guidance if you're asking for one because we have missed so many guidances, I think it's [indiscernible]. I will hold my thing on that. I'll stick to what I have said that INR 2 crore cash flow profit not being a guidance, but our internal goal, and we haven't achieved it till now. Do you think you need to go B2B for some stability on revenues and for faster harvesting of your courses and platforms? Have you explored licensing content and platforms to any university or colleges? B2C has so many moving parts. So -- we have had interest to license our content from some large labs like the LLM labs and AI labs and so on. We haven't done it because I think the prospect of licensing will improve with time. We have a lot of incredible good content. So let's see about that. Sorry, I lost the connection. And I have lost all the chat. Abhyuda, you can maybe take some questions.

Yes. Chat was going quite fast. So you addressed where will the INR 5 crore planned CapEx be going in? And what was the last -- because some questions are repeated.

How are we going to improve the margins? Our margins are driven by 2 things. One is that reducing CAC because ad costs are getting -- improving a lot. There's a lot of scope for further improvement, and that is one part. The second part is basically reduction of services cost, while AI is improving like the customer service delivery without you having to hire very expensive resources. So a lot of our cost -- services cost used to go into live coaching, one-on-one feedback. Now that part is getting done by AI in a big way. So it's reducing our cost there. So the margin will improve in that way. So 2 things, reducing ad cost and this. Do you think you are stuck with the baggage of the intangible asset that you have built and hence, unable to pure into more lucrative opportunities that the advent of GenAI has presented within and even outside of upskilling. I don't think so. I think this is a great asset that we have created. Nobody has this. The amount of versatile courses that we have created, our competitors don't have this. And we have created it into sectors where diverse sectors where there is no competition, right? And it is really helping us, and it will help us going forward. And of course, we will -- where is the difference with AI. The AI makes a difference in the learner journey. AI makes a difference in learner outcome, like what we are saying, learner outreach. People don't know outreach, right? So for example, if I teach you how to get a TDX opportunity, this is how you pitch. This is how you find organizers. This is how you create your [indiscernible]. Now I gave you a class, but do you actually do it? Very few people actually do it. Now if I give you an app where AI guides you step by step through the whole process, you might actually do it. A lot more people do it. If earlier 10% did and now suddenly 30%, 40% are doing, that's great. Last, I don't have to hire 10 people sitting there and working with you on your pitch. AI is doing the heavy lifting and doing a great job, better than a human. Are more courses going to be added? No, we are not adding new courses. We are focused on selling the courses we already have. But upgrading those courses is still where required. That is the only thing. We have enough courses, more than enough.

There's also a question on sales teams. It's saying what is the sales team today? We had 2 types of teams. What has been progressing over the last few months?

I didn't get that call.

Yes, it is saying what is the sales team today. And then he's saying we had 2 types of teams. So what has been progressing over the last few months in relation to the [indiscernible]

So the sales team was fully overhauled in the last 3 months. And now how it works is that -- so it is AI first. So AI first, like I was explaining, AI does a lot of heavy lifting. It will do a discovery call. It will create a road map. Then humans do a road map call. And now we are increasingly going to the place where AI does the road map call also. The road map call is a mentorship call. And then finally, there is a closer, like there's a closing call where the final money discussion and all of that and people pay and all that we haven't tried to automate yet. So we have -- I think today, our -- around 40, 50 people are actual sales closures, maybe -- I mean, I'm not sure it could be going up to 60, 70 also. And then 20, 30 people are trainees. That's the entire team. And till we hit like INR 10 crore revenue, we will not need more people, much more than this. It will be around this, maybe 10%, 20% more, but not more than that. Earlier to do a INR 10 crore revenue per month, I would need 200, 300 people. Now it's not like that. Major changes. So I don't have to grow the sales team like that anymore, like before. How do you keep yourself and the team motivated after going through a long period of underperformance, especially under heightened expectations by the public market, do you regret going public? Okay. So let me answer the question about internal motivation. Internal motivation is high because we can see the trajectory of the business. So outside, when you look at the share price in free fall and all of that, the public market is behind what is going on. So internally, people are seeing the daily revenue numbers and the daily sales going up and all of that in a positive direction, that itself works like a very positive, I think, injection for all of us on steroids to see the growth. Are we expanding in our -- on other? No. All expansion on hold. Focus is on growing our -- this hello parallel is going on. But other than that, all focus exclusively going into making us cash flow positive. Okay. Any other questions? It's 5:30. We can wrap up if there are -- we can take 2, 3 more questions. Abhay, you want to take any questions you see that you like, you want to pick it up. [indiscernible], if you want to pick up any questions free.

USA University, someone is asking status of I think that was covered.

So here is the thing, [indiscernible]. What happens is that when your CAC goes down, your lead volume goes up, it has a huge impact on revenue. It can -- unit economic changes and your -- not only that your -- there's a difference in how much you can grow and everything. So you're waiting for that to show up rather than just pushing on the revenue number. I want to stabilize the profitability going forward first. How do you introspect on the founder shortcomings over the last few quarters? Anything you would have done differently with the benefit of hindsight? Good question. So my biggest failure has been in accepting experts' opinion in a lot of places and thinking that it is [indiscernible]. We could have fixed the ad problem much earlier if I did not listen to so-called experts and looked at it myself, which I did eventually and then fixed it. That is with ad. Same thing with sales also, like we have been struggling with sales for so long, and it turns out the problems are not so huge. Once you look at it logically, it was much more solvable. Both the failures have been on my account. I take responsibility for it. I should have judge these problems better. Like I think it is inexperience and immaturity on my part that I took a lot of things on face value, which I should have not. Beyond that, I don't see -- these are the 2 big failures, to be honest, like this is what has a -- like when I think of it, what was the problem? What happened? One thing I think is most of our problems came from accepting ad the way it was run and the way the ad costs were growing, not catching it earlier. Second, Second is like sales. So I think what really changed in the last 6 months was my visibility over the business really changed with AI because now I have something like a clot code, which can read every data and give me analysis at a level that was never available to me as a business owner before. And that's the biggest, biggest change. There is a loss of trust and repeated false guidance given giving results and investor presentation every 3 months will help in assuaging investor trust, IPO over that. I agree, [indiscernible]. I will -- we are very aware of that. It was not a false guidance. It was guidance like what we are saying today, like what we always said that this is our internal goal rather than guidance. And we failed to achieve that. So we apologize for that, but we did not mislead intentionally. It was our failure that we could not deliver on what we expected and what we should have delivered. So we take full responsibility for that. And I agree with you that every 3 month or more frequent engagements will make a difference. I will see. I mean, I will try our best to deliver on your request. Any competitor you look up to for inspiration in terms of the size of business or sales efficiency, sales efficiency, I think [indiscernible] is a very -- when it comes to sales engine, there is -- I mean, we are getting there, almost there, but [indiscernible] is fabulous. They have done a great job. It took us a long time to crack the sales engine, but Jarro has been fabulous. They are now listed, but their sales engine is fabulous, great company, great sales engine. What is different between Jarro and us is that we have unique IP, unique technology, unique student services, unique course content and IP. Jarro is a pure-play sales engine. So I hope when we get as good as Jarro in our sales engine make a huge difference. Marketing-wise, which company -- I think we are very cutting edge in marketing. We have missed some quarters we have done. We have not lived up to that. But now we are back on track and doing great marketing. Content-wise, I don't know, like there are some U.S. companies which are really great in content-wise. There's a company called Forge in the U.S. They have fabulous courses in the product management space and many, many technology space. What is the ad spend forecast for the year? The reason for this question is we had plans to improve conversion of our boot camps on top of spending less on boot camps. We are spending less on boot camps. You will be happy to hear we have reduced our spend on boot camp ads in a big time, big time. I mean it's hard for me to predict for the whole year. What I can say in the last 2 months, we have been spending about INR 1 crore on boot camps, which is much lower than what we used to spend before, INR 1 crore per month types. And yes, so it can go up, though. I'm increasing the number of boot camps in the upcoming months because we are seeing good results again. So it can go up a little bit. Are you growing the ancillary services such as job site service revenues? Service revenue has been stagnant. We are not focusing there. We are not growing the team. Job sites also, we are not growing right now. Until we hit our INR 2 crore cash flow profitability, then we will reconsider all those growth things. They are there. They are running steadily and stable. There is some moderate growth also, but not focus right now. If you are evaluating law as an outside investor today, what would be your biggest concern about the company? That's a great question, [indiscernible]. Let me think what would be my concern. My concern will be in the AI edge, will this company, will this education be relevant because AI is changing everything. AI will change how law is practiced. So that will be my question that is AI going to dampen our business? Or is it going to grow our business better? That will be my only question because I think that is the big difference. And everything is happening also, this is one -- I mean, this is course-wise, right? What are you doing for students AI-wise? How is their life changing and how is -- how are you helping or not helping in AI? This is one part of it. Second part of it will be, as a business, how are you adopting AI? Are you at a cutting edge of adopting AI? Or are you behind? Are you struggling with AI? This will be my fundamental 2 questions. And these are 2 different things. One is that what are you doing for your students? And how much of AI have you been able to deploy in your business? And how much leverage are you getting out of AI? Are you really good at deploying AI in your business? These are the 2 questions I -- if you hit INR 2 crore cash flow, what would your revenue be? Our revenue will be INR 8 crores -- INR 7 crores -- between INR 7.5 crores and INR 8 crores. At that level, we'll hit INR 2 crore cash flow. Number of -- don't ask me questions in different, different ways to give a guidance. I don't want to -- why jinx it. We have given guidance earlier. It didn't work out. Southeast Asian market plan, nothing. we will tell you what is our next plan. I don't have the number you're asking for, [indiscernible] but we can try and produce those reports, but I haven't made it. Okay. I don't see any much more new questions. So I think we can -- I mean, last question, maybe -- any last question from anybody? No, I don't see any questions. Okay. Thank you, everyone, and I am very grateful to all of you for being with us in this journey and hanging, like still trusting us in these difficult times when we have not delivered what we hope we will be able to deliver. And it will be my foremost duty and my foremost -- the one thing I do it in life, I will make sure that my shareholders make money and we gain their trust back. Whatever I do, this is my promise to you. I will not leave any stone unturned, and I know my co-founders also stand by in the same promise. For me, it is not about how much money I personally make. Shareholders trusted me, and I will deliver on that trust.

Thank you, everyone. [indiscernible] want to end something we can close the presentation.

Stand by the same commitment. So yes, and thank you for having faith in us through the hard times. especially.

There will be good times ahead. We'll make sure.

Thank you everybody.

Thank you everyone. Thank you very much.