Ann: March Quarterly Activities Report, page-224

The BNPL side-hustle argument makes no sense, Kevin. I don't understand why you're running with it. Read the recent activities report again, all 12 pages of it. Literally everything in there is about BNPL (even IDSB was predominantly purchased to cross-sell BNPL), the only part that's not is the iSentric business, and we both know how much effort/attention that gets, considering it is the part of the business that traded for years on revenue multiples of less than 1x. If BNPL was just a side hustle then they would never have advertised it as much or let it get to a size that it drains the company of working capital. Instead they've been throwing millions at it, holding conventions, hiring influencers, growing merchants, signing partnerships, sticking billboards on highways. If they tried to pivot away from it now, it would be reputationally destructive.

But in any case, if you are right, and in fact it was a side-hustle then this is not a company any investor would want to touch with a barge pole - it would mean they had mislead shareholders about the true nature of the businesses aims etc over the past 18 months or more, all for their own secret agenda. Who wants to invest in a management team like that? Early last year someone warned about the poor track record of ASX listed small caps where management sat in overseas countries. I thought about it at the time but evidently not enough. IOU is proving that poster right.