OK, lets look at those three business components.1. The software...

OK, lets look at those three business components.

1. The software development division is essentially a contracting company. Much like mining services businesses which are forever dependent on the next contract coming. I don't like them because inevitably, one day, the next contract doesn't come. They are good while things are good but they can turn bad really quickly.

2. As explained by your CEO, pre-paid inventory trading is a break even business. It doesn't matter how much they turnover, 0.5% gross margin is still only 0.5% gross margin. Even if IOU turnover $1.5m per week that's still only $360k gross profit per annum and then they have to deduct all those other below-the-line costs.

3. BNPL in Malaysia is about to be taken over by Pine Labs who have 95% of the BNPL market in India. BNPL is the kind of business where winners takes all and there is no room for multiple participants.

IOU is not currently making a profit and I don't foresee it ever doing so.