Thanks mondyinvest. I am genuinely interested. I believe we are...

Thanks mondyinvest. I am genuinely interested. I believe we are playing with words. Perhaps your positive is my informative

How to sink this - the only thing that matters to me in the LT is that IOU as a profitable business establishes itself so that the price goes up. That could give, you and I, a profit. That is what is meant by 'worth their salt' in investing. If success comes, the only way we can be sure is if the audited accounts show it - the numbers (App 4D and 4E).

This is what you suggested in your post: sensible contrary views'
"...As usual, all just my own opinion and research. Always happy to hear – and learn from – sensible contrary views. "

I am not judging IOU. They are a LT business with many income streams who is now on the BNPL road. My sentiment is not changed.

I am judging anyone's comments who accepts the slightest increase in the sp when no runs are on the board. Who sees the puff of coloured smoke as another magic announcement - spruced with band playing. Who by the way, jumped onto this company thinking it would match Afterpay's successful sp. Well the saving grace for APT sh is the TO. That and they are the early bird that catches the worm. But it is clear to all, if they didn't generate profits, the sp would eventually tank.

You have hope, mondyinvest. And that matches to positivism when IOU's sp rallys. Might I suggest when the sp was falling you had disappointed - well you said so at 21c in your post. Is it not the negative; as in the opposite of positive! And yet yours and our hope means very little to the next seller or buyer or for that matter IOU.

This is what you thought then and this would be my opinion on those same points:
There are no red flags here for me.
They are doing most things right except remember the rules to starting new industry: nothing can be taken for granted

Every ‘road bump’ I can see is Covid-19 related
Yes and no. The biggest uncertainty is that this BNPL industry doesn't seem to know how to make profits

The merchant numbers are already impressive.
Yes they are. But again how to convert this into profit

For those wondering about high TTV verses 773 customers
You added " I don’t really know, and I’m actually not so bothered at this stage ... I just want the actual take up of myIOU to be positive.". So the only numbers rapidly climbing are TTV and somehow NTR as well but where does any NBPL company make its profits (that APT didn't - is my major concern)

Areas of Retail Shareholder concern have been clearly addressed
They clearly need to make unforeseen changes and this is related to the newness of the BNPL industry. You said they said: "margins wouldn’t justify the capital required". But again if Afterpay don't make a profit how are IOU doing things differently. This is what I'm am watching for. In the meantime I hope the prices rises so my exit will be with profit.

iPay88 is still there.
I guess I think this is an issue like "not seeing the wood for the trees". They are very involved in the details and so they do not notice what is important about the business as a whole. I'd ask about the making of profit.

The cash management has been excellent.
This $524,000 paid out to merchants concerns me as well – I also would like to know what that is for, and why = is it largess built into the business model?

Lastly, a few obscured gems that might not get attention.
These matter - only not that much. You said, "Remember KLK talking about focusing on profitability in March?", and App 4E has only losses.

So nothing comes across as positive, just informative. BTW mondyinvest, I appreciated your thoughts which gave me a much more detailed picture of the company.