Although there was an increase in quality opportunities, October was tougher than anticipated.  We expected that Q4 will see more activity in the market as companies come to the end of their financial year and hopefully spend the remainder of their marketing budgets.  This has not yet happened.

We expect some improved activity during weeks 3-4 of November and 1-2 in December with activity tapering down over the festive period. We should see activity pick up week 2 of January.

We grew the pipeline of warm & hot leads to over $1.5 million by the end of October.

We did make some progress with an MoU with the Global Islamic Financial Services group where we will work with them on identifying funding opportunities in Africa. Details will be finalised towards the end of November with a media announcement soon after.

The commercial team’s focus would be to nurture these leads to ensure we can close them as soon as possible.

Strengths

• The only content provider with a team based in Africa
• The best content in Africa
• Top of class commercial team
• Signed a number of partnership agreements with resulting in increased commercial activity and marketing opportunities

Weaknesses

• Cash flow pressure during the pandemic

Opportunities

• Partnership opportunities with country governments & investment funds which will provide us critical content and prestige
• Demand for an alternative content provider for the Middle East
• Develop sales network into Africa

Threats

• Cash flow

Operating companies

The notarized and legalised Board Resolution to shut down OpenAfrica DWC LLC was received in the first week of November and submitted to DACC.  We expect deregistration certificate for OpenAfrica DWC LLC towards the end of November or early December.  Notice has been given to deregister the BVI entities.