Certainly: ZIP's income for the past 6 months was $351 mil, an...

Certainly: ZIP's income for the past 6 months was $351 mil, an acknowledged significant increase. Interest expense was $73.5 mil, bad debts were $79.6 mil, bank fees and data costs were $65.7 mil. Corporate financing costs were $75.5 mil. We now have $56.7 mil to pay the rest of the more significant expenses such as salaries ($91.1 mil), marketing ($27.4 mil), IT ($24.6 mil) and so on - ultimately there was a loss of $241 mil.
Income is reduced by 22% Bad Debt, 50% Interest and Corporate Finance costs, 18% Bank fees and Data, totalling 90%, with a long way to go.

The Balance Sheet contains cash and receivables totalling assets of $3.56 bil, almost matched by liabilities of $3.26 bil, leaving $295 mil shareholders equity (which is cancelled out and exceeded by goodwill and intangibles of $381 mil). The skinny equity position has caused auditors to flag the reasonable prospect of a significant capital raise as well as raise doubts about going concern. Several smaller raises could be needed, staggered if the business model can be proven to be successful. At this stage it would seem unlikely that markets would punt a significant sum, given the outcome of the recent Notes. Borrowing is not an option.

ZIP has the possibility of selling some assets which may reduce borrowings. There are some big questions and challenges and they are in the unknown, but are not likely to be for a large sum gain. Consequently I don't see much prospect of a cash surplus, in fact if the company chases its tail then the next refinance round will be upon it and that may be ugly.

I don't share your enthusiasm, because my first question is why? What is the reward if the risk is removed by perfect trading conditions? I cannot see mega profits, nor any assets? It is to all intents and purposes a single product, nothwithstanding the regulated larger balance lending it does which only competes with a large field of card providers who operate under the same rules but with the benefit of big data resources. So what is the attraction given all the downside?