ISX Growth, page-47

There is a difference between a contracted merchant and a processing/onboarded merchant.

Last year ISX only reported contracted GPTV to the market.

A contracted commitment by the merchant that, once choosing to onboard and process, they would direct GPTV at or above that contracted level to ISX. Based on that commitment and I'm sure other factors, ISX negotiate terms and an MSF%.

If a merchant doesn't meet the contracted minimum then they default to a higher MSF%.

In late 2018 ISX acheived significant technical milestones with their payments infrastructure.

This year, given ISX has now has its own infrastructure and control over its processing capabilities it is reporting actual processed GPTV.

The contracted book value (inclusive of yet to be onboarded/processing merchants) would be substantially higher than the actual processed GPTV to date.

When reporting actual processed GPTV, ISX also provide an MSF% (gross profit). These figures have been consistent with the revenue and cash receipts reported YTD.

Actual processed GPTV when provided with MSF is a good indicator of earnings.