1 00:00:00.100 --> 00:00:03.900 All right. Well, they didn't give us a whole lot to work with but it sounds pretty Grim. They 2 00:00:03.900 --> 00:00:06.500 wbl has suspended funding 3 00:00:06.500 --> 00:00:10.200 they did talk about the potential to Pivot to 4 00:00:09.200 --> 00:00:12.700 some new business model in the interim while 5 00:00:12.700 --> 00:00:15.700 they go and seek additional sources of capital to 6 00:00:15.700 --> 00:00:19.400 potentially keep your core business going at 7 00:00:18.400 --> 00:00:21.900 some point in the future. So it 8 00:00:21.900 --> 00:00:25.200 doesn't sound too good. I think that beyond what 9 00:00:24.200 --> 00:00:27.000 is written there. That's all the 10 00:00:27.300 --> 00:00:30.200 information I was able to get. Of course. I did have a few I think I'll be 11 00:00:30.200 --> 00:00:33.600 a questions. I wanted to ask there's some rumors floating around on Facebook as to 12 00:00:33.600 --> 00:00:36.100 the status of the company internally. 13 00:00:37.400 --> 00:00:40.300 But I think what's what's ironic about it 14 00:00:40.300 --> 00:00:43.700 is that wbl in particular in the past has 15 00:00:43.700 --> 00:00:47.500 been quite vocal about pointing out flaws. They 16 00:00:47.500 --> 00:00:50.300 saw in unsecured lenders and how 17 00:00:50.300 --> 00:00:53.800 unsecured lenders would fare during a downturn right 18 00:00:53.800 --> 00:00:56.500 not just unsecured lenders, but also MCA providers. 19 00:00:56.500 --> 00:00:59.500 They talked pretty openly about why their model was I 20 00:00:59.500 --> 00:01:03.200 guess kind of Superior or better prepared 21 00:01:02.200 --> 00:01:05.100 better equipped to handle some type 22 00:01:05.100 --> 00:01:05.700 of downturn. 23 00:01:06.500 --> 00:01:09.200 Something I listened to very closely because they were 24 00:01:09.200 --> 00:01:12.300 unique and kind of going around and telling people. Yeah that right. 25 00:01:12.300 --> 00:01:15.400 It was kind of very they're selling point that our loans at 26 00:01:15.400 --> 00:01:18.200 security against Real Estate and what are these unsecured loan secured against 27 00:01:18.200 --> 00:01:21.400 nothing. So who's better primed if things 28 00:01:21.400 --> 00:01:24.700 go bad and the point of view I think was valid 29 00:01:24.700 --> 00:01:27.800 when they put it that way. However, here we are end of 30 00:01:27.800 --> 00:01:30.400 2022. We are encountering some 31 00:01:30.400 --> 00:01:33.500 sort of a downturn people are not sure 32 00:01:33.500 --> 00:01:36.300 whether or not to call it a recession or not. But who is one 33 00:01:36.300 --> 00:01:39.500 of the first companies to announce that they are pivoting or 34 00:01:39.500 --> 00:01:42.400 basing some type of unprecedented issue that 35 00:01:42.400 --> 00:01:45.800 causes them to spend funding is wbl they 36 00:01:45.800 --> 00:01:48.200 are the first ones to announce that they 37 00:01:48.200 --> 00:01:51.400 are impacted severely but what is taking place in the 38 00:01:51.400 --> 00:01:54.300 economy? That is the irony of the whole thing. 39 00:01:54.300 --> 00:01:57.400 Of course, I feel bad. That's what's going on at wbl I 40 00:01:57.400 --> 00:02:00.200 don't know what's happening inside behind closed doors at 41 00:02:00.200 --> 00:02:04.000 that company. Hopefully they will come back at some point and resume 42 00:02:03.400 --> 00:02:06.200 funding because that is what they said. They 43 00:02:06.600 --> 00:02:09.600 Really hope to do but that is to be determined. Yeah, it 44 00:02:09.600 --> 00:02:12.100 is to be determined and it's definitely like I 45 00:02:12.100 --> 00:02:12.300 said. 46 00:02:13.200 --> 00:02:14.800 We've talked about it. It's it's 47 00:02:15.600 --> 00:02:18.200 It's very interesting situation that they have going on 48 00:02:18.200 --> 00:02:21.900 and see what ends up coming about from other 49 00:02:21.900 --> 00:02:24.400 pivot to whatever they end 50 00:02:24.400 --> 00:02:27.200 up doing a business model. You know, people would always 51 00:02:27.200 --> 00:02:30.400 say I say if a business owner doesn't want this particular 52 00:02:30.400 --> 00:02:33.500 unsecured product that they could always do wbl do 53 00:02:33.500 --> 00:02:36.100 they have real estate try wbl right. It was kind of 54 00:02:36.100 --> 00:02:40.100 like that that road to yeah that alternate option 55 00:02:39.100 --> 00:02:42.500 that always existed out there in the market and it seems 56 00:02:42.500 --> 00:02:45.400 like it's been taking off the table and they're not the only one the other 57 00:02:45.400 --> 00:02:48.400 alternate option out there in the market was loan me and loan me 58 00:02:48.400 --> 00:02:51.400 of course also, stop funding so you take alone me off the table you take 59 00:02:51.400 --> 00:02:54.100 wbl off the table at least temporarily perhaps permanently. I don't 60 00:02:54.100 --> 00:02:57.800 know. I'm not theorizing anything. Yeah, but you take the kind of the alternate options off 61 00:02:57.800 --> 00:03:00.700 of the table and we're kind of left with the products 62 00:03:00.700 --> 00:03:03.700 that everyone was saying wouldn't work during downturn course 63 00:03:03.700 --> 00:03:06.300 that is to be tested as well. We'll see how that all 64 00:03:06.300 --> 00:03:07.900 plays out too. Yeah. No, we definitely will.