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I think it is time for a little reality check in regards to IOU, especially where the SP has gone to. I think we need to get back to some basic facts and figures about the business to remind people of what the business itself has to offer, rather than judging it purely on its SP.

Firstly, let's look at iSentric. Before last quarter we were up to almost 25 million digital payments being processed a month. We then had a slight pause while they moved data centres. The reason for moving - expected spike in digital transactions. Why? Because DBL's are about to be announced and when that comes there will be more demand for digital processing of payments. iSentric is currently the second biggest processor in Malaysia for these payments. If you go back one quarter we were up to 75 million payments. Even a conservative estimate of 10% growth quarter on quarter puts us at around 100 million transactions. We know the revenue from each transaction is $0.03 to $0.04, so let's keep conservative and say $0.03. That puts us at $3 million for the quarter or $12 million annual by end of this year.

Next, we have BNPL. The previous quarter we had TTV of $6,082,024 and NTR of $611,048. The current mid-quarter update we were already at TTV of $9,404,790 and NTR of $413,248. I am expecting reporting for the current quarter just gone to be around $15 to $16 million for TTV and an NTR of $900,000. That's a 150% increase in TTV and 50% increase in NTR. I do not see any reason why this type of growth will not at least be sustained for the rest of this year. If so, it would mean by end of year quarter we would be somewhere around $3 million NTR which equates to $12 million annual. I think this is a reasonable estimate as the economy continues to open up and IOU becomes more well known

Throw on top of that dividends from IDSB. I would think by the end of this year we would see that projected $4 million for the year.

I was also like others and frustrated to see no real mass onboarding of merchants after all the agreements they have signed, but now when I look at their strategy, I think it is the right one. Afterpay, Z1P and all the others just wanted as many merchants and clients as possible. They signed up anyone. Sales figures looked awesome, customer growth looked awesome, but the underlying business was terrible. They are hugely laden with bad debts and no way out. IOU has been smart. They are handpicking the merchants, making sure they are quality merchants and their e-KYC is helping them in regards to which customers they give credit to.I also think this is why the cross-promotions to IDSB is important. It is another group of extremely low-risk clients. Yes, it would be great to say right now we had 50,000 merchants onboarded from Razer, but we would then also be saying we have "X" millions of bad debt. The way they are approaching it, our bad debts will be absolutely minimal.

So, looking at the above projections we have conservatively estimated the following revenues by end of this year
iSentric: $12 Million annual
BNPL: $12 Million annual
IDSB: $4 million annual
Total: $28 million

Current MC: $80 million

28 Million on 10X Multiple: $280 Million - $0.51 a share
28 Million on 15X Multiple: $420 Million - $0.76 a share
28 Million on 20X Multiple: $560 Million - $1.02 a share

I don't think what I have proposed is unrealistic. We will see when we get the ANN at end of this month if we are on track with the above. We just need the market to understand we are not like the other BNPL's that are racking up huge debts and we are also a company that has other definitive revenue streams that will help keep us viable.