i can't say I've read the 10k very carefully, I basically lack the interest to do so as far as what portion of what is payday loans. I did think in what I did read that the 1.7 was not leveraged based on the wording as rwk described. But I do mean ALL give or take a million, not just the net. So new billings +/-1, expenses +/- 1, non-cash +/- 1 and so on, it gives a final range of several million, and given my rather consistent record of significantly underestimating end-of-Q cash I gave them 3. e.g. the 2.1m end of last I find very suprising.
** reading what you pasted does make a good case for that being leveraged but they did say cash does not include the 1.7 which to me means that 1.7 was not leveraged, otherwise it is effectively included.
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