[YuliyaG]

please explain your math

The math is not simple. But here's a screen shot based on our formulas...

Screen Shot.jpg

One thing to keep in mind is that the money is going out as fast as it's coming in. So, you're putting money out as it's being paid back. So it's not as a simple calculation as you might expect - it's completely algorithmic... Really took quite a while to even figure where to start... It's based on a lot of assumptions. One of which is that a default is when a merchant pays $0

[Michael I]

but are you calculating broker commission , cost of capital and underwriting fees . also no one does 60 days deals anymore

[YuliyaG]

but are you calculating broker commission , cost of capital and underwriting fees . also no one does 60 days deals anymore

Yes I understand no one does 60 day deals anymore. Screen shot just shows what is possible if that were the case. Broker commissions and overhead costs are not calculated in this shot. This is just the most rudimentary thing we did before building out more focused models... just grabbed it and made a screen shot.