"• US$2M in cash, payable in four US$0.5M instalments ending on...

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noramando

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05/10/23

15:58

Post #: 70192786
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Originally posted by Tekvest: ↑

There is scant proof of more than the extract below from the half yearly financials:

Settlement of customer dispute
Also on 26 July 2023, the Group announced that it had reached a formal resolution to an outstanding customer dispute.
In exchange for a comprehensive release and indemnity, along with no admission of wrongdoing, Splitit will pay the
customer the following:
• US$2M in cash, payable in four US$0.5M instalments ending on 15 June 2024
• 6 million ordinary shares of Splitit, issued on 26 July 2023
Splitit has filed a claim with its insurance provider and expects no material financial impact due to the loss of the
customer.
Within the accounts for the period ended 30 June 2023 a US$2 million operating expense, and associated provision have
been reflected in relation to the agreed cash settlement. Furthermore, a US$0.32 million share-based payments expense,
and associated provision have been reflected in relation to the equity settlement, equating to 6 million shares at the
closing 30 June share price of A$0.08 (translated to US$0.0536)

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"• US$2M in cash, payable in four US$0.5M instalments ending on 15 June 2024" - Splitit's "pay by 4" is made into good use.

"• 6 million ordinary shares of Splitit, issued on 26 July 2023" - a massive dilution

3.4¢ is still better than 1¢. SH should be laughing all the way to the bank.

Last edited by noramando: 05/10/23

SPT Price at posting: 3.4¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

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