Yep makes sense. If you read back through my original analysis I did suggest they should be providing some sort of cancellation/refund provision against the deferred revenue. However, BIG have also stated that the cancellation rate to date has been zero, so I think they are using that as a reason not to provide any provison.
Hard to really know though, I've given up trying to second guess too much and just waiting for outcome of ASX investigation.
This is what you call great analysis, page-151
Currently unlisted. Proposed listing date: WITHDRAWN
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