Ann: March Quarterly Activities Report, page-223

So with IOU down to its last $3mil cash as at 31/03/22 - we would assume they have only around $2m as it costs $500k and $1mil per quarter in marketing and staff costs respectively + other admin costs.

Assuming the majority of bnpl instalments received back from IOU's users would be re-loaned out - this would see a no bnpl growth quarter or in fact a slowing bnpl volume quarter.

In fact most of this quarter's bnpl receipts would be coming from bnpl loans made back in December 2021 quarter and that was a lower bnpl transaction volume quarter vs March 2022 quarter.

I think everything is coming to the pointy end now - there is no where left to hide and no more time for IOU and its management - what exactly have they been doing in the past 18 months - as it appears to me bnpl is not the main play.

They will need to come out and tell the market what exactly have they done and resolve the funding issue - may it be the trigger for some deals brewing?