The raise TERMS UNDER LEGAL REVIEW
Per the 9-Pager v8 (Jul 4) and the April 2026 business plan.
| Phase | Amount | Valuation | Equity | Trigger |
|---|---|---|---|---|
| Phase 1 OPEN | $4.0M | $12M pre | 25% | Signed lessor LOI · target close 55 days · $2.0M committed + $8.2M LOIs |
| Phase 2 | $5.0M | $15M pre | 25% | Construction topping-out |
| Phase 3 | $5.0M | $20M pre | 20% | Year-1 validated unit economics |
Economics
Y3 targets
$5.07M revenue · $1.12M EBITDA (22%) · 17.5% IRR / 2.2× MOIC claimed · exit 8× EBITDA · 85% dividend payout.
Site
Lessor "Idriss"
10-year lease sought, Year-1 rent free, 3% escalation cap, sublease rights. Venue spec 4,500–4,800 m², 1.5 MW, 500 m² double-height atrium.
Subsidies
~$5.2M stack
VAT recovery $1.5M · customs exemption $1.1M · Investment Charter $1.08M · SMIT $1.5M · TAEHIL payroll offsets.
The UAE situation
The Abu Dhabi anchor is in distress — this workstream protects the founder's position while the Morocco raise proceeds.
Dec 2025
$2.0M raised via sale of legacy shares — deployed toward buying the co-owner/landlord's 50% of Pixoul Abu Dhabi.
FY 2025
~$800K generated under founder management; instalments to the co-owner on schedule; Grant Thornton valuation underway (target $10–15M).
2025–2026
Regional war escalates. Footfall and partnerships collapse; instalments become impossible; co-owner withholds the tenancy renewal — blocking the trade licence.
Jun 2026
Legal narrative prepared: force majeure + good-faith performance defence; payment restructuring as preferred remedy. Wael Halawi payment-evidence ledger compiled from WhatsApp records.
Jul 1, 2026
Letter to "Rami" (Al Qana) requesting tenancy reissue; mentions an investor in conversation to acquire the business including debt.
Sep 2026
Tenancy expires. The hard deadline on the whole UAE workstream.
⚑ Discrepancies — resolutions decided Jul 4
Adopted values live on the Master Fact Sheet; deal terms are held for counsel. The table below shows the original conflicts; binary docs get regenerated per ALIGNMENT_SWEEP.md.
| Claim | Raise documents | Other documents |
|---|---|---|
| Students trained | 147,000+ | 10,000+ students / 150,000+ visitors (legal docs); "thousands" (MYCC submission) |
| AD revenue | "$7M+ · audited" | ~$800K profits · "revenues collapsed" (July letters) |
| Valuation | Grant Thornton AED 38–48M | "Targeting USD 10–15M — process frozen" |
| Venue size | 3,850 m² (9-pager) | 4,500–4,800 (lessor brief) · ~3,000 (equipment defense) · 6,300 (MYCC + legal structure) |
| CapEx | $12M headline | $10.6M itemized on the same page · $10.84M (defense) · $6.5M R1 (MYCC) |
| Investor terms | 25% for $4M · drag 66% | 49% Class B non-voting + 10%-revenue fee stack · drag 75% (corporate structure) |
| 9-pager math | 2.2× MOIC · "$2.4M EBITDA by Y3" | Own tables sum to ~0.93× cash · $1.12M Y3 EBITDA |
Document library
Business & raise
PDF9-Pager v8 — Investment MemorandumThe raise document · Jul 4277 KB
DOCXBusiness Plan — Casablanca LaunchApril 202613 KB
DOCXLessor BriefVenue requirements for site sourcing11 KB
DOCXInvestor LOI Template11 KB
HTMLIntelligence Suite v14.0.3Live-editable model · dashboard fixed Jul 46.2 MB
XLSXFinancial Model13 sheets · Apr 13 202641 KB
DOCXFinal Assumptions v8.0Every driver, range, and decision rule17 KB
Ministry submissions ALL DRAFTS
HTMLMYCC — Formal Submission for Public Incentives16-section interactive · asks $8–12M over 5Y—
DOCXLOI — Ministry of Education (MENES)Drafted in the Ministry's voice · unsigned10 KB
DOCXLOI — Youth, Culture & Communication (MYCC)Unsigned draft10 KB
DOCXLOI — Tourism (MTCSE)World Cup 2030 framing · unsigned draft10 KB
DOCXEquipment Cost Defense$10.84M CapEx validation · EVA.gg, Andamiro, UNIS16 KB
UAE legal PRIVILEGED
DOCXLegal Narrative — Statement of FactsForce majeure + good-faith defence · Jun 2513 KB
DOCXHow We Got HereInvestor-facing statement · Jun 2912 KB
DOCXRobocom Plan Statement v2Franker v2 · effective insolvency · Jun 2920 KB
PDFAl Qana — Path ForwardLetter to Rami · tenancy plea · Jul 14 KB
XLSXWael Halawi — Payment Evidence Ledger2022–2023 transfers extracted from WhatsApp13 KB