It's a cumulative total. And also, it's not written off yet - some might be, some might still be collectible.
If you read carefully the blurb it makes it even less clear
They report the total value of the loan if even one payment is outstanding.
IOU is no good at communications.
But you do this every time Kev, every single time you claim that the NPL is for the quarter instead of the year. I have to wonder why, when every single quarter someone corrects you.
Yes, it is incorrect because they compare it to TTV when instead they should compare it to loaned funds.
>over the past 12 months they have incurred $249,430 of bad debt, and earned $1,985,770 of revenue That's not how non performing loans are calculated.
It is a proportion of loaned funds.
Loaned funds for last 12 months = 22,347,278 Therefore bad debt percentage is 1.1%
They're still doing better than Malaysia's average of about 1.8%.
Regarding Sezzle/ Zip, they were at close to 50% of their revenue as bad debt. I don't know their actual NPL percent, but I estimate based on loan lengths and revenue it's somewhere around 6-7%.
12-15% of revenue as bad debt isn't horrible for a 6 month low margin loan.
IOU Price at posting:
4.9¢ Sentiment: Buy Disclosure: Held
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