Ann: HY22 Results - Date Change, page-87

I think they will have more than that left as of December 21 but are burning through it at a rapid rate of circa $ 25 million a month so will probably be out of cash in six months at best.

Ignore the headline numbers and go to the notes and look for something like this that appeared in Openpay accounts as seems no appetite in the investment community to continue funding BNPL losses.

The Group is required to comply with certain conditions and debt covenants, which include: Loan-to-Value Ratio (LVR) requirements and

sufficient cash allocated to lender-controlled cash accounts. For the US receivables funding facility, the leverage and equity conditions

precedent to drawdown are not currently satisfied. In addition, as noted footnote 1 above, the receivables funding agreement in Australia

allows for a review period should the auditor report for the half year or annual financial statements include an emphasis of matter related to

going concern uncertainties.

Ongoing Cash Flow Management

In order to ensure the Group has sufficient funding, management continually assess anticipated cash flows such that the business is

appropriately scaled in line with growth forecasts. The Group is confident that they will continue to be successful in obtaining funding

and capital, in the future, given its track record to date.

In the event that:

conditions of existing funding (drawn or undrawn) are not satisfied, or

existing funding is not renewed at expiry or are withdrawn under provisions discussed in footnote 1 above, or

the Group’s receivables growth materially exceed current plans, or

operating results materially underperform against current plans, or

the Group cannot secure additional funds through working capital facilities or equity

then alternative funding either debt or equity, in excess of that currently in place or planned will be required to support the business.

As a result of these matters, there is a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going

concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.