I mostly agree with what you're saying. I use the word mostly...

I mostly agree with what you're saying. I use the word mostly because we simply don't know everything. Based on what we do know you paint an accurate picture.

There's a few wild cards though. Firstly, 100% agree that BNPL ops have been pulled back. That's factual, we see it in the numbers.

The operating costs for staff and admin etc is between $4m -$5m.

Transaction side of the business is producing $2.5m approx on 85m transactions. The upgraded infrastructure should see the company able to process a lot more than that also.

So BNPL capped at the current level and continually recycling brings in $550k.

$2.5m from transactions plus the $550k which is just over $3m. If the costs were adjusted to that level the company could maintain operations with very minimal growth. They would be running a very lean setup though which they did for years when the company was focused on mobile gaming.

The issue of course is not wether the company could maintain this though, it's that the share price would contract further as the company would be unable to expand until they could secure funding.

It's a difficult position to be in.