Ann: March Quarterly Activities Report, page-34

@kevin103, you're right to focus on non-performing loans, but the numbers are even worse than you suggest.

Read the small print...."6. Non-Performing Loan (NPL) means the current outstanding value of a transaction account which has aninstalment remaining unpaid for at least 6 months."

What that means is that the reported NPL of $38,281 were accrued on transactions that happened before 30 September 2021 and those transactions amounted to only $6.57 million. So, as a percentage of TTV, NPL is 0.58%, not 0.16%. Then, if you apply that 0.58% to TTV of $16.58 million for the period from 1 October 2021 to 31 March 2022, you get potentially non-performing loans of another $96,000 yet to be recognised in the books with respect to transactions to the end of the March quarter.

At that level NPL real bites into revenue.