Not a great 4C. Receipts lower than expected, chewed thru a fair...

Not a great 4C. Receipts lower than expected, chewed thru a fair chunk of our cash increase from last quarter. Nice to know next quarter we are already sitting on at least 5.2M receipts after only 1 month tho.

Last 4C was an absolute rip snorter and someone's been selling relentlessly ever since. Watching the bids/asks and course of sales, there's games being played but I've no idea of the endgame. The company continues to grow and appears in better shape than ever before and at some point that will be reflected in the share price. I guess we wait patiently until then.

Positives:
12 month receipts totalled 53M, up from 35M last year and 44M in 2019. Solid growth that looks set to continue.
Cash at hand of 6.3M, up from 3.8M last year and 2.3M 2019. Looks like they were waiting for last quarters influx of cash prior to spending 3M this quarter on research. I had wondered why they had only chosen to pay off one of the CB's last quarter when they all fell due but it appears they knew they had these costs ahead.
BNPL. Quite the buzzword and likely where all those research dollars went. From the wording in the 4C, it appears the banks would be the ones taking on the debt/risk while FTC provided the framework and clipped the ticket. Our current clip of the ticket is 0.02-0.03% (2-3BP's) so if they manage to gain any portion of this enormous Chinese market, a clip of 0.5 - 1% (50-100BP's) is going to add significant revenue.

Looking forward to the preliminary final report due at the end of May.