Ann: Change in substantial holding, page-7

They don't have $32m, they have $18.7m
The loan facilities are there to cover the receivables book only.
Their ongoing costs for staff, marketing, etc are around $13m per quarter, what for, who knows.
They can not use the loan facilities for corporate overheads, neither of the facilities
Come the end of the quarter, unless something dramatic happens, interesting times. Especially if their margin and losses as % of GMV remain anywhere near where they have been.
The last few quarters have been burning previous cap raises.