most of that debt being drawn is for loan receivables funding...

most of that debt being drawn is for loan receivables funding (aka funding the loan book). This money comes back with interest, so it’s not as big of an issue as you’re making it out to be. The way in which the company manages cash is a bit counterintuitive, and liquidity is better than it appears at face value. If QFE unlocks the extra Northleaf facility then that provides even further runway. This runway is important for liquidity and allowing the payment business to grow (explained below)

Cap raise is potential risk, but this would be completed literally just to fund the loan book and not to keep the company from running out of cash.

on the revenue side, the us payments business is now QFEs biggest segment, and it grows quicker than the loan book. The payments business is also very profitable on a standalone basis and is basically driving our profitability. The excess cash this business ends up generating will likely go towards funding the loan book in the absence of a cap raise (hopefully we don’t need it). So you are right that we should be hoping for revenue to really kick, but it’s not as dire as you make it out to be. If revenue really kicks, then it funds the loan book quickly and we can lend more and it’s like a flywheel effect.