Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

"The Company saw arrears (loans over 180 days past due) increase to$1,186k, a 176% increase on PCP of $674k, due to more difficult macroeconomic conditions driven by rising interest ratesand inflation"

I called it. Arrears rate has exploded. $1,186k is better described as $1.186m. They have $5.2m drawn and $1.186m that is 180 days in arrears (22%). A mind bogglingly terrible result. It also only shows over 180 days, there would be more under that threshold. Needing to slow growth to preserve their lending capital is a catastrophic outcome.

"Propell held cash on hand of approximately $646,000 as at 30 June 2023. This cash balance includes available cash in the Company’s lending facility, which relates to funding of investing cash flows.".

They seem to be cooking the books here. They have obfuscated how much cash they have to fund operations.

If they had $289k at the beginning of the quarter and burnt $182k then that actually equates to 0.58 quarters of operating cash remaining (on current burn). This means operating cash will be exhausted before the end of August. It's a far cry from the 18 quarters is Section 8.