$3.6m can be based on $650K cash + clean low cost shell value +...

$3.6m can be based on $650K cash + clean low cost shell value + Loyyal investment in my opinion. 
What the Loyyal investment is worth now I can't say but do doubt RFN got a good deal 15% @ $2.3M US - As someone has mentioned they self promote as the market leaders but how do they qualify... Like the money what seems to be burnt recently "upgrading" Wooboard if Loyyal isn't a viable option in market there is absolutely zero point wasting cash on an external provider trying to promote awareness. 
It is pretty piss poor there has been six months of nil activity recorded with especially any activity related to RFN has been farmed out at a significant cost to SH. 

IMO if Loyyal isn't cash generating or maturing as an investment soon flick it off and invest in a cash generating business. 
It is not hard.