I Sabi Millions · first tranche against the friends & family round. For approval by the board.
Tranche 1 of 3Nov not covered61 days to air
For approval
of the ₦50m round · line items · invoices attached
of this request is expenditure already incurred — September operating costs and Claude charges running back to July, committed and settled ahead of the round being drawn. The board is asked to ratify that spending as well as to release the cash for it.
The remaining funds October forward: the LSLGA licence application, a reduced stage 1 platform completion, the share capital increase and CAC filing, the founder’s salary at the reduced pre‑launch rate, and the subscription stack. There is no staff payroll in either month.
A · September — reimbursement
B · Claude arrears, Jul–Aug
C · October — forward
Left of the round after release
Where the money goes
All line items grouped by purpose. Percentages are of this request, not of the round.
Already spent vs forward
What the board is reimbursing against what it is committing.
Reimbursement is evidenced by invoice and bank record. Forward items are provisioned at the plan rate of ₦1,600/$ and will be reconciled to actuals in Tranche 2.
What this release unlocks
The four items in Block C that gate the critical path. Everything else in the request keeps the company running. Gaming counsel has been withdrawn from this tranche on the MD’s instruction of 2 October.
₦0.63m
Share capital increase + CAC annual returnCAC will not process the increase while annual returns are in default, and the ₦20m issued‑capital floor is a condition of the Interactive Games licence. Issued capital stands at ₦1m — a ₦19m shortfall that shareholders must fund outside this round.
₦1.00m
LSLGA Interactive Games applicationLodges the licence application. Nothing can launch without the licence, and the ₦20m first-year fee falls due on grant — in November on current timing.
₦2.00m
Platform completion & QA — stage 1Reduced tranche. Carries the build toward a release candidate; the remaining ₦6m of the ₦8m schedule falls after October. ⚠ See note 04 — the video integration has a 60‑day runway to app‑store approval against 61 days to the first show, and the board is asked whether to restore the deferred ₦6m here.
₦0.21m
Apple Developer Program + Google Play Console$99/yr and $25 one-off. The iOS build cannot be submitted at all until the Apple account exists; both have review queues measured in days.
Supporting detail
The three blocks are open; the invoice schedule and the notes are collapsed. Every figure recomputes from the settlement rate, and all sections print open.
Settled items converted atBlocks A and B are money already spent, so they convert at the rate the card was actually charged. ₦1,400 is the MD’s figure, not a market quote — if the statement shows otherwise, set it here and every total on this page moves. Block C is money not yet spent and stays at the plan’s conservative ₦1,600.
ASeptember 2026 — reimbursement
Billed at September actuals. AWS was not charged in September and monitoring was never bought, so both are requested at nil against their budgets. Two September items — the share capital increase and the CAC annual return — have been moved to Block C because they have not in fact been paid, and team payroll is requested at nil: there were no staff on payroll in September. The rest: Naira lines are reimbursed at cost. Dollar lines are restated at the settled rate rather than the plan’s ₦1,600, so the request follows the money rather than the budget. Claude is the actual invoice total, not the budget figure.
BClaude arrears — July and August 202619 invoices · pre‑round
Claude charges from before the round and before the September–November plan window. The build was running on them; they are company costs and are claimed as such. Brought into this request on 28 September.
COctober 2026 — forward funding
Not yet spent, so provisioned at the plan rate of ₦1,600/$. Carries the share capital increase and the CAC annual return, moved out of September because they are unpaid, and nil payroll — no staff in October either. Gaming counsel, platform QA and pre‑launch marketing were cut back on 2 October: counsel withdrawn from this tranche, QA stage 1 reduced from ₦4m to ₦2m, seeding from ₦1.5m to ₦0.5m. The LSLGA application fee gates everything downstream; the app‑store accounts must exist before the iOS build can be submitted.
The small recurring charges are usage top‑ups; the round figures are plan and credit purchases. July and August appear in Block B, September in Block A.
NNotes to this requestbasis, assumptions and caveats11
What the spending has bought
The build as it stands at 6 October, against the money in this request and what preceded it. Every line carries a named check script and the result of running it, or a file:line reference. The rule the engineering log is kept to is that a claim about behaviour is only true if something can reach it, and that a pass count against an unknown build is not evidence — so where the proof is a source read rather than a live run, it says so, and where something is built but unproven it appears in the second list rather than the first.
103 / 0
The broadcast engine passes its full regression suiteSix scripts covering the question lifecycle, the answer path, abnormal show endings, answer‑key exposure, the gift box and rehearsal settlement. 103 assertions, zero failures, 29 September — and run against the compiled build rather than the source, because a pass count against an unknown binary proves nothing.
1,000
A thousand concurrent players, with the scoring independently agreedConnecting, answering and being scored in rehearsal. The check that matters: the simulator predicted 736 correct answers and the server computed 736. Exact agreement is the pass condition — a mismatch means scoring behaviour has moved. Prize‑split arithmetic is separately proved exhaustively.
22 / 22
Video proved from encoder to viewer30 September: a real encoder pushed to the Amazon IVS ingest URL on a rehearsal show, AWS reported HEALTHY/LIVE, and the console's player fetched and played the stream against the signed token. ⚠ This is the studio half only — see note 04.
Real
A real Nigerian login on deployed infrastructure3 October: a real Nigerian number received a real WhatsApp one‑time code from the staging API, and a real player account was created on the staging database. Verified server‑side by hand. The handset half of that milestone is owed by the app team and is not claimed here.
26 / 26
Residency control, at every money boundaryPaid entry, wallet top‑up, cash‑out, Comot, Extra Life and store purchase all fail closed without a Lagos residence declaration, and the website top‑up path is covered separately. It reached one of those boundaries before 6 October — an undeclared player could fund a wallet, buy power‑ups at the same ₦500 as an entry and cash out. Found by audit, closed the same day. A withdrawal is judged on ever eligible, not on now. check-residence-gate.js, 6 Oct.
v119
The live‑show socket is wired into the appUntil last week the socket client existed and nothing imported it. BroadcastContext.tsx now imports connectGameSocket at line 11, calls it at 108 and tears it down at 136. The handset can now receive a live show. Driving one end to end from the console is the next step and the cheapest open item in the project.
15 / 15
XP ledger, and 8/8 on referral grantAppend‑only award rows, computed at settlement and outside its transaction. Checked against four separate app builds, with the app's own rank table confirmed byte‑identical across them so the drift check is not stale. Referral codes are captured at sign‑up and granted on the first paid entry — both Extra Lives and the referrer's XP in one transaction.
13 / 13
Vendor logs redacted, proved against a real replySendchamp's nested response object carries the live one‑time code in plain text. The check confirms it is dropped whole rather than trimmed. check-vendor-log-redaction.js.
11 / 11
Mid‑question reconnect, and any‑country loginA player rejoining mid‑question is replayed the open question on their socket alone, with the answer key stripped and the window derived from the server's timestamp. ⚠ Source‑read evidence only — the live proof is still owed. Phone normalisation on login, website top‑up and console search is separately 11/11.
5 users
Console roster, with four eyes on payoutsSeeded on both environments with two separate ADMINs, so dual authorisation on a payout cannot be one person twice. The *@ismstudio.local defaults and a legacy adminb@studio.com were retired in the same run. QA bypass phone numbers and codes have been deleted from the environment entirely.
Live
Paystack has activated BMO Projects for live modeConfirmed 6 October. Production is no longer blocked on anything outside the company's control — a verification lead time that had been the long pole to a defensible capacity figure. The live key is not yet installed, and the service refuses to boot production without it, which is the intended order.
Lodged
SMS sender‑ID applications are with both vendorsSendchamp and Africa's Talking, both pending vendor acceptance. Until one is granted, SMS to Nigerian numbers is accepted and never delivered, and WhatsApp is the live login path — proved end to end on a Nigerian line and reproduced 6 October. This moves from unfixed to externally blocked.
Also in hand: 73/73 on studio write‑route validation, after a global validation layer was found inert on all twelve of them; the production environment defined in the deployment manifest, though not deployed; a repeatable rehearsal show seeded on staging; 33 database migrations; and e2e-subscribe-checks.js at 15/15 after every change above. Three defects in the last week were found by reading rather than by failing — including a comment naming a check script that had never existed, so a control read as covered while having no automated assertion at all. That is the class of defect this project spends effort hunting, because nothing surfaces it except looking.
And what is not proved. Nothing has been load tested above 1,000 players against a Season 1 target of 10,000 concurrent. Point‑in‑time recovery for the database holding player money has never operated and the restore has never been tested — a backup nobody has restored is a belief, not a control. No identity vendor is appointed, so cash‑outs above ₦50,000 cannot complete in production. The live broadcast path has never been driven end to end to a handset. Notes 04 and 05 below carry the two of these that need a decision from the board rather than a working week.
Five things the board should note
Each of these rests on the line items and the notes set out above. None of them is a reason to withhold this tranche. The first is a reason to settle the size of the round; the fourth is a decision the board should take at this sitting rather than the next.
01
Releasing this tranche leaves ₦ of the round. November needs ₦ with GLI‑19 certification deferred — a of ₦ — and ₦ with certification funded, which is a ₦ shortfall. November is the month the ₦20m licence fee falls due.
The October and November reprofile of 2 October is now carried in the model, not just in this request: gaming counsel’s engagement instalment deferred past November, platform QA at ₦2m in each of October and November, and marketing seeding at ₦0.5m then ₦2m. September is billed at invoiced actuals — no AWS charge, no monitoring, no GitHub (its first charge was 2 October), and Mailchimp at the discounted $10.75. Together these take the pre‑launch requirement to ₦62.42m and the total raise requirement to ₦85.66m. The round closed at ₦50m on 2 October. Against the ₦85.66m requirement that is a ₦35.66m gap with certification funded, narrowing to ₦12.66m if certification falls outside the window. The account goes negative in November 2026 on the funded reading and January 2027 on the deferred one.
02 Claude ran 55% over budget in September — run rate reset
Actual across invoices against the $600/month the model carried. On the MD’s instruction of 28 September the plan now provisions ~$950/month through the build, which adds about ₦1.2m across October and November and lifts the monthly technology line to ₦620,160. September is requested here at the actual, not at the new budget.
03 Only Claude is a verified actual; dollar lines are restated
AWS, Google Workspace, the domain, Canva, Metricool, Mailchimp and GitHub in Block A are shown at the plan amount converted at ₦/$, because only Claude’s invoices were supplied. Substitute card actuals before release if the board wants the reimbursement tied to statement. Monitoring (₦59,440) is requested at zero — no tool has been chosen and nothing was spent.
04 No app build can show the live video, and there are 61 days to air
The streaming path is the most‑proved thing in the project on the server side — 22/22 against a real AWS channel, a real encoder pushing to the ingest URL, AWS reporting HEALTHY/LIVE, and the console's player accepting the signed token. None of it reaches a handset. Build v119 carries no video dependency of any kind — no player library, no WebView — the video flag is off, and the one function that fetches a playback token is called from nowhere. The channel is private, so the URL that arrives in the show state plays nothing without a per‑viewer signed token that a build constant cannot carry.
Why this is a board matter and not a standup one. A typical iOS and Android review cycle makes sixty days the minimum from starting this work to store approval. The first show is 6 December. From today that is 61 days. The independent audit of 6 October ranked this above the money path as the top risk to the date, and the assessment is accepted.
The decision. This request carries platform completion at a reduced stage 1 of ₦2m, with ₦6m of the ₦8m schedule falling after October — a reprofile taken on 2 October, before this risk was quantified. The board should decide at this sitting whether to restore the deferred tranche so the video work can begin immediately, or to let it stand and accept the date risk. The figures in this request assume it stands. Restoring it would add up to ₦6m to Block C and reduce the balance of the round accordingly.
05 Eight treasury routes have no console screen, and one of them is a reporting duty
The server exposes disputes, balance adjustments, freeze and unfreeze, legal‑name unlock, approval revocation, the threshold report and the refusals queue. None of the eight is reachable from the producer console — zero references across the console source. Two of them are compliance surfaces rather than conveniences: the money‑laundering reporting officer's refusal queue, and the NFIU threshold report. A registered reporting duty with no way to discharge it is a worse position than an unbuilt feature, so the decision taken on 6 October is to build all eight and to treat the NFIU report as launch‑blocking.
There is a second‑order consequence worth stating. Gating cash‑out on residence means an undeclared or non‑Lagos account can hold a balance it cannot withdraw; the only mechanism to return that money to a player is the balance‑adjustment route — one of the eight with no screen. ⚠ Whether this scope sits inside the ₦8m platform schedule or beyond it has not been established, and it should be sized before the November tranche rather than discovered in it.
Draft resolution
“That the company approve the release of from the friends & family round as Disbursement 01 (ref. BMO/ISM/DISB/01), comprising in respect of September 2026 operating costs and July–August Claude charges already incurred and settled by the Managing Director on the company’s behalf, which the board is asked to ratify, and in forward funding for October 2026; and that the dollar‑denominated reimbursement lines be reconciled to card statement before payment.”
“That the board further note that the balance of the round does not cover November 2026, and that the size of the raise be settled at the next sitting.”
“That the board receive the report on the state of the build; and that the board determine whether the deferred ₦6,000,000 of the platform completion schedule be restored to this tranche so that the video integration may begin immediately, the Managing Director having reported a runway of 61 days against a 60‑day minimum to app‑store approval.”