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

I'll save you all from tedium that is the vagueness of this annual report.

Firstly, the juicy-fruits stuff.

2x outstanding drawn-down loan facilities from our favourite mysterious Private Lenders:

• $2,000,000 @ 20% p/a being a simple interest cost of $400,000 p/a
• $1,000,000 @ 18% p/a being a simple interest cost of $180,000 p/a

And this is on top of the existing 2x facilities:

• $4,000,000 @ 8.6% per annum + m-point 1-month BBSW. Repayment due 31 March 2025
• $1,200,000 @ 4.6% per annum + m-point 1-month BBSW. Repayment due 31 March 2025

Ouch. No more candy in the store kiddo.

Secondly, the Missus said to take a real close look at the vague language. And one must admit there are some pearlers of nothingness to be sure. They are that meaningless that we will be recycling into our next annual reporting.

"Net operating result exceeded budget expectations."
Brilliant! Without specific figures or context for the "budget expectations" this is truly embracing blue sky thinking. Let's set our budget expectations to be half a carton of Crownnies and celebrate our success in exceeding our expectations!

"The company is expanding its business development and go-to-market capabilities in line with budget to capitalise on a pipeline of client and partnership opportunities that are expected to further accelerate growth in originations in 2025."
So you what now? - to quote my teenage daughter.

Our personal favourite:

"The company integrated with a global property management technology provider to manage all landlord maintenance and service invoicing for over 500,000 properties and over 2.5 million transactions across Australia."

Surely this sounds impressive? Yeah nah-nah. I'm told this is a quick and easy 2-3-day software integration task. This integrations provides exposure to 2.5m transaction, it does not mean they will be shortly powering those 2.5m transactions.

This is the 2025 equivalent of announcing the company took out a listing the yellow pages.

Let's all crack open another Crownie and celebrate this incredible achievement alongside exceeding our budget expectations.

Shame about that share price though.