Where to from here, page-29

I agree it's high risk but this isn't necessarily true.

In the announcement BIG stated that they are forwarded money from FCC and then can swap out a customer within 120 days or face penalties, which they haven't had to pay yet.

They also said once a customer agrees to pay that transaction is off the books with respect to the sponsorship agreement with FCC and becomes an agreement between the customer and FCC. My read on this is that they had already recognised this money on their books so they don't register it again once a customer signs, that then cancels out the previous advance. This means that even though they've drawn down on the full amount we have no way of knowing how many customers have actually taken up the offer just looking at these numbers. We would need to know more metrics about signups.

Does that make sense? That's my current thinking, but I'm going over it all again