Wow so read through the quarterly and not impressed.
Do you realise they are paying Topwei 20% interest per annum on 1 loan and 13% per annum on the other loan. Thats 138k per month of interest.
700k on marketing is a joke considering theres a pandemic
Yes they were cash flow positive, but they are still not generating enough to be able to pay off all the debt they are incurring.
10 mill in the bank yes - but this was comprised of over 6.7 mill in borrowings, and look at the repayments per quarter (1.7 mill). I only expect that to rise in coming quarters. That cash will dry up quick unless they start generating some 3-4 mill cash flow quarters.
Also the receipts were down from last quarter, even though it was a record month. Couple of concerning signs. They need to clean up the balance sheet and debt before progressing further. Only generating profits and not just revenue is gonna make that happen. Again no mention of margins, always revenue revenue revenue....
Loan facilities now - 10 mill
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