Incredibly high cash compensation + huge cash bonus on IPO is an indication that the founder/CEO has little conviction in the long term prospects of the business. He’s cashing out as hard as he can, while he can.

The cost of the AFSL isn’t that high from what I’ve seen but the fact it’s a related party is definitely a flag.

The risks with advertising as a revenue stream is how the macro environment is changing: GDPR being one aspect of this but general privacy concerns which could leak out to other countries and prevent the sale of your financial data to third parties.

Love the analysis — more of this please!