Nathan Latka

So like true or false, the extension you did in past this past year in 2025, higher valuation or lower valuation on a dollar basis than what you got?

Hey, give me this is a selfish question, but whatever.

It's my show, so I'm going to ask it anyway.

Right.

We actually talked back in 2020.

You were at like 50K of MRR back at the time.

You ultimately had too much money because you raised a bunch of money.

Let's say you're now at like call it 12 million of ARR.

You know, we're doing five to ten million dollar debt checks and a company is doing 10 to 50 million bucks of ARR.

How would you think about over the next 12 months funding the business with more equity versus considering debt?

Well, listen, I'm going to make you an offer because I'm allowed to.

It's my show, so you can take it with you.

My offer, just so you have in the back of your head, we would do a $5 million line of credit with somebody like you.

That's under 60% leverage against your ARR, 50% leverage against your ARR.

It's a line of credit, so it can sit there and you pay nothing.

Right.

So to your point, you don't want to take it.

You don't need it.

But if you take it, then we'll do no warrants.

There's no personal guarantee.