Executive Summary

Martin Talvari held equity interests across the below companies between 2016 and 2023, with a combined estimated peak value of approximately AUD 9.9 million in 2021 — driven primarily by BullionFX while he was still operational in the business (AUD 7.1M at July 2021 arm's-length transfer price), and GoldyBlocks DMCC (AUD 2.7M at incorporation capital contributed), alongside residual Wanderfeel Oy interest (AUD 89K including loan). The trajectory is non-linear: values through 2016–2019 were combined AUD 228K–2.1M, surged in 2019–2021 on BullionFX and GoldyBlocks growth, then collapsed to near-zero by end-2021 when all BullionFX shares were cancelled by forfeiture (December 2021) and the Myriad entity wound down. Wanderfeel went bankrupt in October 2022, extinguishing the EUR 52,500 shareholder loan and the 7.35% equity stake. All four entities were either wound up or had Martin's shares fully cancelled between 2021 and 2023.

Value at Cohabitation Start
AUD 3.27M
31 Aug 2019 — Wanderfeel + Myriad + GoldyBlocks (1st tranche capital 2019 + 2nd 2021 tranche capital)
Combined Peak Value
AUD 9.86M
2021 — driven by BullionFX AUD 7.1M + GoldyBlocks AUD 2.7M
GoldyBlocks Cash Extracted
AUD 2.22M
2022 director fee drawings — AED 6,046,831.95
Combined Value — End State
AUD 0
2023 — all four entities wound up or exited
Pre-Cohabitation vs During-Cohabitation Asset Creation

✦ Created BEFORE Cohabitation (pre 31 Aug 2019)

Wanderfeel Oy — founded Feb 2016EUR 52,500 loaned
Myriad Tech Conferences — founded 2016~50% equity
GoldyBlocks tranche 1 — 12 Aug 2019 (19 days before cohabitation; value/relation created 2016–2019)AUD 138,910
GoldyBlocks tranche 2 — same 2019 capital agreement (DMCC entity incorporated Jun 2021 to formalise pre-existing value)AUD 2,715,898
Leade.rs Inc — exited Oct 2016AUD 59,089 realised
Family property (inherited) — sold Dec 2015AUD 75,685 realised
Value at cohabitation startAUD ~3,269,000

⚠ Created DURING Cohabitation (from 31 Aug 2019)

BullionFX shares — joined Apr 2020Peak AUD 8,226,000
Hopewood House, Bowral — Oct 2023 (joint)AUD 2,257,648 transferred by Martin to purchase
Estonian property — Sep 2021AUD 94,075 purchased with inheritance
Note: GoldyBlocks DMCC was incorporated during cohabitation, however the foundational economic value — the USD 100,000 seed capital — was received on 12 August 2019, 19 days before cohabitation commenced. The 2021 incorporation and 2nd tranche capital formalised pre-existing value; it did not create it.
Data Extraction, Assumptions & Source References

All data extracted from four source documents: Chronology-8.pdf, Wanderfeel_Share_Loan_History.pdf, Myriad_Valuation_History.pdf, BullionFX_Share_History.pdf. Midpoints of stated ranges are used throughout charts and tables. EUR and USD converted to AUD using RBA approximate annual average rates.

EntityYearSource FigureMartin's Value (AUD mid)Status
Wanderfeel Oy2016Company EUR 105K–300K; ~50% stake + EUR 52,500 loan = total EUR 105K–202.5K; EUR/AUD 1.484AUD 228,000EST
Wanderfeel Oy2017Company EUR 400K–900K; ~20–30% stake + loan = EUR 132.5K–322.5K; EUR/AUD 1.473AUD 335,000EST
Wanderfeel Oy2018Company EUR 400K–800K; 7.35% confirmed + loan = EUR 81.9K–111.3K; EUR/AUD 1.573AUD 152,000CONF %EST $
Wanderfeel Oy2019–2020Company EUR 200K–500K; 7.35% + loan = EUR 67.2K–89.25K; EUR/AUD 1.610/1.650AUD 126K / 129KEST
Wanderfeel Oy2021Revenue EUR 6,150; Company EUR 20K–80K; 7.35% + loan = EUR 53.97K–58.38K; EUR/AUD 1.591AUD 89,000CONF revEST $
Wanderfeel Oy2022Bankrupt Oct 2022. Loan lost. Equity extinguished.AUD 0CONF
Myriad2016Pre-revenue; no earnings multiple applicableAUD 0EST
Myriad2017Profit AUD 368,693; co-founder valuation AUD 3M–4M; ~50% = AUD 1.5M–2M — Myriad_Valuation_History.pdf p.2AUD 1,750,000CONF profitEST val
Myriad2018Projected net AUD 183,676; ~8–10x multiple = AUD 1.5M–2.5M company; 50% = AUD 750K–1.25M — Myriad_Valuation_History.pdf p.4AUD 1,000,000CONF profit projEST val
Myriad2019Final govt sponsorship AUD 357,500; residual value AUD 400K–750K; 50% = AUD 200K–375KAUD 288,000EST
Myriad2020COVID-impaired; company AUD 50K–150K; 50% = AUD 25K–75K — Myriad_Valuation_History.pdf p.3AUD 50,000EST
Myriad2021–2022Deregistered 13 January 2022; operational wind-down 2021AUD 0CONF
BullionFX202028,325,000 shares @ US$0.20 arm's-length (30 Oct 2020) = US$5,665,000; USD/AUD 1.452 = AUD 8,226,000 — BullionFX_Share_History.pdf p.3AUD 8,226,000CONF price
BullionFX202128,225,000 shares @ AU$0.25 arm's-length (1 Jul 2021) = AUD 7,056,000; NOTE: all shares cancelled 8 Dec 2021 — BullionFX_Share_History.pdf p.3AUD 7,056,000CONF price
BullionFX2022All shares cancelled 8 Dec 2021 by forfeiture. Member ceased.AUD 0CONF
GoldyBlocks2019USD 100,000 seed capital into Merakil pre-inc entity Aug 2019 = AUD 138,910 per Chronology-8.pdf p.7; 100% MartinAUD 139,000CONF capital
GoldyBlocks2020Held in Merakil; domain GoldyBlocks.com purchased 15 Sep 2020; no additional capital; same AUD 139,000AUD 139,000EST
GoldyBlocks2021Incorporated 3 Jun 2021; AED 7,412,932 ~ AUD 2,715,898 contributed (Jul 2021 rate 1 AED=0.3664 AUD) — Chronology-8.pdf p.6; 100% sole ownerAUD 2,716,000CONF capital
GoldyBlocks2022AED 6,046,831.95 ~ AUD 2,215,559 director fees drawn in 2022 — Chronology-8.pdf p.9; remaining equity highly uncertain. Conservative estimate AUD 500K.AUD 500,000EST — HIGH UNCERTAINTY
GoldyBlocks2023Entity wound down during 2023. All remaining value rendered nil. Combined total of all four entities ends at AUD 0.AUD 0CONF wind-down
RBA Approximate Annual Average Exchange Rates Applied:
2016 EUR/AUD 1.484 2017 EUR/AUD 1.473 2018 EUR/AUD 1.573 2019 EUR/AUD 1.610 2020 EUR/AUD 1.650 2021 EUR/AUD 1.591 2020 USD/AUD 1.452 2021 AED/AUD 0.3629 (per Chronology-8) 2021 Jul AED/AUD 0.3664 (per Chronology-8)

Flags: BullionFX 2021 = peak Jul 2021 value; all shares cancelled Dec 8 2021 (year-end value = AUD 0). Wanderfeel includes EUR 52,500 loan receivable in all years 2016–2021 (confirmed figure, lost in bankruptcy 2022). GoldyBlocks 2022 residual equity is estimated with high uncertainty — director fee draws of AUD 2.2M occurred but no balance sheet available. GoldyBlocks wound down 2023; all remaining value rendered nil — combined total for all entities ends at AUD 0. Myriad 2019 midpoint rounded to AUD 288K (range AUD 200K–375K).

★ GoldyBlocks — Core Argument: Value Created in 2019, Not at Incorporation

The 2021 incorporation of GoldyBlocks DMCC did not create the business — it captured a business that had been in formation since August 2019. The initial AUD ~138,910 capital contribution into the Merakil holding entity was the first tranche of a single investment thesis. The domain purchase in September 2020 was a preparatory act. The incorporation and formalisation of both tranches in 2021 was the legal completion of a process that began in 2019.

  • On 12 August 2019, a capital contribution of USD 100,000.00 (approximately AUD 138,910.00) was received into the Merakil holding entity, designated as a pre-incorporation capital contribution to support ongoing software development. This constituted the first tranche of what would become a formalised investment structure, and the value of this operation was created at this time.
  • On 15 September 2020, the domain GoldyBlocks.com was purchased as a preparatory commercial act, establishing the intended business identity.
  • On 3 June 2021, GoldyBlocks DMCC was incorporated in the UAE as sole director and sole owner. At incorporation, a further AED 7,412,932.00 (approximately AUD 2,715,898.28 at July 2021 rate of 1 AED = 0.3664 AUD) was contributed — the second tranche from the same source as the 2019 contribution. Both tranches were consolidated into the same formal structure. The 2021 incorporation did not create value — it formalised and captured value that had been created and held since August 2019.
Layer 1 Combined Estimated Share Value — All Entities, Year by Year

Log scale: The Y-axis uses a logarithmic scale so that smaller values (AUD 50K–335K range, 2016–2019) remain visible alongside the much larger 2020–2021 peaks. Equal vertical distance = equal proportional change, not equal dollar change.

BullionFX 2021: Shows the peak value at the July 2021 arm's-length transfer price (AUD 7,056,000). All shares were cancelled by 8 December 2021 — year-end value = AUD 0.

† December 2021: In December 2021, Martin Talvari became seriously ill with COVID pneumonia in Stockholm and required ambulance attendance on three occasions. Weeks later, he was able to travel to Estonia to continue recovery, which took approximately three months, with full recovery taking six to twelve months. This significantly affected his ability to manage his business affairs at the time.

Wanderfeel: Includes EUR 52,500 shareholder loan in all years 2016–2021 (confirmed figure). Both equity and loan were lost in the October 2022 bankruptcy.

Layer 2 Per-Entity Value — Company Value vs Martin's Share, with Year-on-Year Change
Wanderfeel Oy
Finnish co. · Founded Feb 2016 · Bankrupt Oct 2022
Myriad Technology Conferences
Aust. co. · Founded 2016 · Deregistered 13 Jan 2022
BullionFX
Cayman Islands co. · Joined Jun 2020 · Forfeited Dec 2021
GoldyBlocks DMCC
UAE co. (via Merakil OÜ) · Active from Aug 2019 · 100% Martin · Wound down 2023
Layer 3 Summary Table — Martin Talvari Estimated Share Value by Year (AUD)
Year Wanderfeel Oy (incl. loan) Myriad BullionFX GoldyBlocks Combined Total

¹ Wanderfeel values include the confirmed EUR 52,500 shareholder loan in all years 2016–2021 (Wanderfeel_Share_Loan_History.pdf). Values converted at RBA approximate annual average EUR/AUD rates.

² Myriad 2017 value based on co-founder confirmed conservative valuation of AUD 3–4M; 2017 profit AUD 368,693 confirmed (Myriad Govt Report 2017, DSITI ESU Ref 01191-2017 & Myriad_Valuation_History.pdf). 2018–2020 estimated.

³ BullionFX 2020 value based on confirmed arm's-length transfer at US$0.20/share (30 Oct 2020; BullionFX Register of Members, Cert ref 82). 2021 based on confirmed AU$0.25/share (1 Jul 2021, Share Purchase Agreement; Cert ref 84). All shares cancelled 8 Dec 2021 by forfeiture — year-end 2021 value = AUD 0.

⁴ GoldyBlocks 2019 capital AUD 138,910 confirmed (Chronology-8.pdf p.7; USD 100K at Aug 2019 rates). 2021 capital AUD 2,715,898 confirmed (Chronology-8.pdf p.6; AED 7,412,932 at 1 AED = 0.3664 AUD, Jul 2021 rate). 2022 residual equity estimated (high uncertainty) — AED 6,046,831.95 director fees were drawn in 2022 (Chronology-8.pdf p.9). Entity wound down in 2023 — all remaining value rendered nil. The combined total of all four entities therefore ends at AUD 0.

EST = estimated value; CONF = confirmed by primary source document. All values rounded to nearest AUD 1,000.

Layer 4 Material Assets Timeline & Cash / Drawings — Full Chronology Period

Chart A shows major assets identified in the Chronology document with approximate acquisition and disposal periods. Chart B shows material cash inflows year-by-year (salary, drawings, consulting, capital receipts, asset sales, inheritance). GoldyBlocks 2022 director fee drawings are highlighted in amber.

Chart A — Asset Holding Periods (2015–2024)
Chart B — Cash Inflows & Drawings by Year (AUD)
★ Value Created 2019 — Drawn Out 2022–2023 (GoldyBlocks DMCC)

On 12 August 2019 — prior to the commencement of cohabitation (31 August 2019) — Martin Talvari received a capital contribution of AUD 138,910 (USD 100,000) from the Tamas family (entity Redbench Limited) into the Merakil holding entity, designated as a pre-incorporation contribution to support ongoing software development. The relationship with the Tamas family dates back to 2016–2018. This constituted the foundational investment in what became GoldyBlocks DMCC. The GoldyBlocks.com domain was purchased on 15 September 2020 as a preparatory commercial act. The entity was formally incorporated on 3 June 2021, and a second tranche of AUD 2,715,898 (AED 7,412,932 / USD 2,000,000) was contributed at that time. Both tranches of funding — USD 100,000 + USD 2,000,000 — were formalised in the same agreement at incorporation. In 2022, Martin drew AUD 2,215,559.23 (AED 6,046,831.95) in director fees from GoldyBlocks — the realisation of an asset whose foundational economic value was created in August 2019, before cohabitation commenced. The entity was wound down in 2023 with all remaining value rendered nil. This timeline demonstrates that the value was built prior to the relationship property period and extracted in 2022–2023.

Assets Timeline (Chart A): Holding periods are approximate — start = acquisition date, end = disposal/wind-down date or 2024 if still held. Values shown are acquisition cost or most recent confirmed transaction price. Equity assets coloured blue; real estate green; vehicles grey; digital assets amber. Source: Chronology-8.pdf.

Cash Inflows (Chart B): Includes drawings, salary, consulting fees, capital contributions, asset sale proceeds, and inheritance receipts by year. All amounts AUD; foreign currency converted at RBA rates per Chronology-8.pdf.

* The figures shown for each year reflect only the primary income highlights identified in the supporting Chronology document and are not a complete account to dollar accuracy. Actual total receipts for each year may be larger than the amounts represented in this chart.

Joint assets: Bowral/Hopewood property shown for completeness; held jointly with Brittany Bloomer. Estonian property is Martin's sole asset, purchased in memory of his late sister Marja Talvari (Aug 2021) with the inheritance funds he received from her estate.

Layer 5 Spending During Cohabitation — Aug 2019 to Jan 2025

Confirmed expenditure by Martin Talvari during the cohabitation period (31 August 2019 – January 2025), sourced from Chronology-8.pdf. Includes all rent, joint property contributions, vehicles, daily living, travel, and family expenses confirmed in the supporting documents. Actual total spending is likely higher — these are primary highlighted items only.

Spending by Category (AUD)
Category Breakdown (% of confirmed total)
CategoryKey ItemsAUD Total
Joint Property (Hopewood/Bowral)Total transferred to joint CBA Jun 2021–Nov 2023AUD 2,257,648
Rent & HousingWoolloomooloo, Burradoo, Dubai ×2, Tallinn ×2, Finland (ongoing)AUD ~199,800
Daily Living / Groceries / HouseholdApr–Oct 2020 (AUD 59,527); ADCB Aug 2021–Feb 2023 (AUD 117,236); Dec 2023 (AUD 11,661)AUD ~188,400
VehiclesCar 2019, Mercedes 2022, Porsche ×2 2023 (gross cost; partially recovered on sale)AUD ~206,700
Travel & FlightsDubai–Sydney business class ×2 (2021); Finland–Australia business class ×3 (2023)AUD ~30,300
Special OccasionsBrittany's 30th birthday 3-week holiday Sep 2023AUD 21,813
Estonian Property (Martin solo)Purchased Sep 2021 in memory of Marja TalvariAUD 94,075
Confirmed total (excl. property)
AUD ~755,000
Total incl. joint property contribution
AUD ~3,006,000
* Figures reflect confirmed highlights from Chronology-8.pdf only. Actual total spending during this period is likely higher.

Source: All figures from Chronology-8.pdf. Vehicles shown at gross purchase cost; net cost after sales is lower (e.g. car Aug 2019 sold Feb 2022 at cost; Mercedes near-breakeven; Porsche Jan 2023 sold at ~AUD 20K loss).

Joint property: AUD 2,257,648 is the total transferred by Martin Talvari to the joint Commonwealth Bank account (acct 10356258) for property purchases (Jun 2021–Nov 2023), per CBA transaction records in Chronology-8.pdf p.10–11.

Loans (2024–2025 liabilities): Martin Talvari holds outstanding loans totalling approximately EUR 129,000 + USD 20,000 + AUD 5,000 (~AUD 230,000+): Christoph Holz EUR 69,000; Andrus Talvari EUR 60,000 at 12% p.a. (due Dec 2026); Edmond Huszar USD 10,000; Javier Martin USD 10,000; Adam Bird AUD 5,000.

★ Note: Estonian Holding Entities — Interchangeable Shell Vehicles, No Commercial Value

Martin Talvari holds interests in three active corporate entities in Estonia — Falkventures, Proj1XO, and Merakil OÜ. These entities hold no intellectual property, employ no staff, and exist solely as vehicles through which he held shares or received consulting fees on a project basis. They are interchangeable shell vehicles: any one of them could be dissolved and a new entity formed to serve the identical purpose without any loss of value or function.

Entity Purpose / History Current Status
Merakil OÜ Used as holding/receiving vehicle for all four operating businesses — Wanderfeel Oy, Myriad Technology Conferences, BullionFX, and GoldyBlocks DMCC. Received consulting income during periods of active consulting work. All four linked entities are either wound up or fully exited. Entity holds no meaningful assets or goodwill. No employees, no growth potential.
Falkventures OÜ Established for the purpose of securing a loan with SupplierPlus. Currently carries debt associated with that loan facility. Net liability — loan debt of AUD 119,299.
Proj1XO OÜ Established to process payments in connection with a planned event in Helsinki. That event was cancelled and has not proceeded in 2024 or 2025. No material value beyond nominal share capital of EUR 2,500. Event cancelled; entity dormant.

Source: Chronology-8.pdf (affidavit statement). These entities are disclosed for completeness. Combined assessed value for Family Court purposes: EUR 2,500 nominal (Proj1XO) − AUD 119,299 liability (Falkventures) + Merakil nil. None of the three entities hold operating businesses, intellectual property, goodwill, or staff.