My valuation, page-40

Which $23m you referred to?
I suspected you referred to annual subscription fees from the real estate agents.
I don't think they started fully charging yet as RNT is currently focusing on growing users including agents. It's wise to grow the user base and content first then starts charging.
RNT is putting two plans for real estate agents (1 with $150/month, another with $300/month). These revenue would start flowing shortly, I guess.

I missed some presentation slides as provided by the company, illustrated some detailed figures, I will update my valuation spreadsheet to include that.