Ann: SFN: Sprooki Partners with SkyFii in Asia Pacific, page-14

FYI, the broker report by Moelis doesn't foresee the earn-out shares being achieved but still puts the SP at $0.35 in a years time (pg 20).

As a result we initiate with a BUY rating and a 12 month price target of $0.35, a 94% total return on last close.
Further, we refer to our base case valuation of $0.17, which trades in line with last close. We believe this valuation represent a floor in the share price and a free option on the potential growth from expansion across verticals and geographies.
Note that there is a potential for earnings dilution from the issue of shares associated with the CY16 revenue earn-out hurdle (discussed below).
Based on our earnings estimates we believe that it is unlikely that the revenue hurdles will be achieved.