Ann: Investor Update, page-54

I've had a look at one - trading losses:

In the letter, they claim $1.4m of losses excluding CAF. The only way I can make that work from the above is to add only years where they've lost money.




If you add losing years (basically all years except 2021), you get $1.4m. I can't calculate it any other way.
I'm not 100% sure I've got this right, but I can't make sense of it any other way. And if I'm right, it's a very dishonest (though technically correct) representation.


In any case, having trading activities occur on the SEQ balance sheet is ridiculous. I know this was part of Interprac when taken over, but it should stop - and not in the future... now.
It has generated over $100k in losses since 2017, tied up capital and most importantly, wasted time/effort.


This is why KPIs, reported metrics and capital controls are required.