Ann: Q3FY23 Quarterly Activities and Appendix 4C Cash Flow Report, page-3

Cash flow looks a touch better than it really is because pay advances actually decreased QoQ.

Usually receipts would be a fair bit lower than advances, which was not the case last quarter, therefore, more loans (in $ terms) were repaid than were lent out - thus cash increased and shareholders equity decreased.

Operating cash flow is still negative - at least it would be if B4P had lent out exactly the same amount in Q3 as they did in Q2. I note cost of lending has gone up to approx 0.7% (page 3) - every $350 lent out is now costing B4P about $2.45 in interest alone, that leave $2.55 to cover everything else. This is where the real risk lies IMO (both upside and downside).

Number of loans advanced still needs to come up a lot for this company to be reasonably profitable.

Cheers,
Jim