Ann: March Quarterly Activities Report, page-36

You may be forgetting that the first time they reported bad debts was at the mid-quarter update on 1 March. It was $2,487 then so it seems for the second half of the quarter it’s increased by $35,795. Like I said, watch the trend closely.

The more pressing issue is the comments in section 8.6.2 of the cashflow statement, my read here is that they’re saying the book is too small to attract debt financing and they need to wait till “it has demonstrated a track record of delivering the current BNPL offering, which means the cycling of the portfolio at a commercially attractive size and scale”. Yet in the box above that (8.6.1) they say they’ve slowed down BNPL to protect the remaining cash balance.

I can’t believe what I’m reading and hope I’ve got it wrong.