Ann: Operational Evaluation Agreement signed with Globalsat Group, page-85

It is a pretty educated guess to say that:

the CR amount raised of 15 million - 6% fee ie. $AUD 14.1 mill would not be enough to cover increasing operational costs (~8mill+/year) + 20 satellites (Conservative ~AUD $750k/ sat, more if EURO, a total of AUD $15mill) with a total of at least ~AUD $23 mill. So that is a sizeable ~AUD $8.9mill shortfall to begin with. Even if somehow SAS managed to get the 20 satellites up (maybe by being altruistic with no staff getting paid and everyone pay for their own expenses and buy 1 get 1 free deal from gomspace) they would need to increase expenses for EXTRA operational costs associated with any revenue generation.

That is extremely simple mathematic. SAS may eventually get the constellation up after a series of CR but not by 2020.