Ann: March Quarterly Activities Report, page-159

Disgusting behaviour, @turtleboy?

What, cutting through the fluffy Activities Report to highlight that the company had just announced this at the back of the 4C:



In summary, they:

1. had 0.3 quarters of cash left one month ago
2. have no funding facility in place
3. have admitted they had to slow BNPL due to low capital reserves (evidenced by the big drop in TTV post the mid-quarter update)
4. have admitted they won’t get any warehouse funding until they BNPL is at a scale and cycle maturity that would interest a lender (despite point 3).

This is the kind of financial mismanagement of shareholder funds that has to be called out, especially after they raised $50M to execute BNPL, then spent most of that cash on a non-controlling stake in a small, private niche lending company with two directors. That’s why they’re in this position now. Someone at IOU misread the room on interest rate rises and then difficulty of finding fresh funding to throw at BNPL co’s.

Meanwhile you continue to try to sucker in other thread readers with all your smoke and mirrors and wild hopes of DBL. And you’re telling others they have no idea? It would be hilarious if this whole situation wasn’t so sad.