Where are the conversions to actual agreements?

Evening All....I have been conducting a fair amount of due diligence in the space over the last six months. Generally, it seems that in the industry of SaaS delivery it takes anywhere from one to four months for a potential customer to convert into a full agreement regardless of geography or industry vertical. I have gone through the press releases of all three publicly list companies. Yojeesaurus has lots and lots and lots of MOIs and LOIs, but hardly any follow-up press releases in the ensuing quarters saying those have been converted into actual customer agreements. That implies that those potential customers have walked away or went to a competitor. Red flag.