Sorry about the typo but you get the main point out of it if you...

Sorry about the typo but you get the main point out of it

if you look at their cash flow, they raised endless capital to fund their marketing machine to acquire whatever customers they can
to juice up the revenue headlines and customers acquisition

but headlines only works for so long, the game is now up with those customers coming back as bad debt and it growing every quarter.
from the cash flow statement I can conclude that, because their bad debt is SO bad, they need to dig themselves further into the hole
and keep acquiring more customers at any cost so their ratio look respectable

remember there is 180 days lag before they come back as bad debt, so if you can get new customers and whoever onboard
the ratio look better, oh it only 2 or 3% of revenue or customers or whatever ratio they want to use.

that why I said throw away the ratio, throw away the percentages and follow the dollar.