Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-108

They don't. Net cash is now $6.6 because they have drawn $14mio from the DW and have only $10.8 worth of Laos to back it. It's a net debt... 3 quarters to go...

Some here have look at the numbers, saw the upside in revenues, and lower costs. But that's only section 1 of the 4C... Add IP which is basically other costs accounted for separately to track vs R&D rebate and the DW which is now a net debt (???!!!! $%#$#^#$^), and it is all very plain for us to see: costs have risen a little more than revenues over the last FY, and cash is being spent fast (lower cash position than same time last year despite CR).

If I stopped here, I would not be necessarily overly sanguine...(!) I am happy with the rise in revenue and if we believe (!) the narrative of onboarding progress of C and CC, that trend may continue. I can understand that there was a rise in costs due to the work contracted for C, and to some extent inflation. One could hope this will stabilise and if so there could be progress...

I am not so optimistic though because of Limepay. I do not believe one second that Limepay is profitable. It is a failed BNPL business that, like all others, have hyper inflated marketing and tech costs compared to what they achieved in revenues. Put it this way. If they were profitable with that much ARR, they would be buying SPX... Instead we're going to get a lot more costs and some additional revenues. A mess at best, and more likely an even worse situation as the one we're in today, ie more cash burn.

And on top of that, a big distraction to integrate this new business, giving the opportunity to AF to deflect any question about revenues and timing of being a sustainable business.

This was not a good 4C. This business is being mismanaged and heading into a wall. Fingers crossed a lot of you disagree and buy the stock...