Two things stick out. Firstly, the amount being applied to their BNPL launch. If fully taken up, only $3,241,857 is being applied to BNPL.
So the rest is for ongoing costs to the business.
They said they need $18M to start the BNPL in USA. A bit over $3.2M is quite a bit short of the $18M needed.
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Also, I don't understand their figures for the amount of money stolen. Like you said, it's close to $40M AUD.
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On bank to bank currency exchange that is over $40M
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How the heck did it get to over $40M? Happy to be corrected, but I have NEVER seen this amounted reported in the past.
The below is an ASX announcement from the 8th August outlining the amount of misappropriated funds. Total is $22.4M
So where has the other $20M come from of misappropriated funds? It's a serious question for shareholders to ask I think.
(20min delay)