Many questions remain unanswered., page-5

Because at the end of the day, the FCC arrangement is a factoring deal. Cash flows back to BIG. Over time, that $19m sitting in the Security Deposit account gets paid to BIG. And then they can begin financing their own customers.
Factor financing has been described as "crack cocaine for business" - it speeds a business up, but at some point you do have to wean yourself off of it. Usually once you have enough cash of your own to do so. I suspect BIG may be at that tipping point. If $20m is the cap, then in order to grow BIG has to start spending their own money - from that $7m "real" cash in bank and the 46% of the $19m that is supported by customers who sign up which will be paid soon. Dont forget when they started out, they had zero cash in bank. So they have grown into the $20m cap (in fact only hit it in the last month) - which is exceptional growth. The business model clearly works. Now we need to see that the financial model works as well.
All the brouhaha about the factoring arrangement has actually highlighted to me why the company didnt want to disclose it in the first place. It is a complex arrangement, and it has been completely misunderstood (especially by people who cannot read a legal contract!). I do think BIG has responded well - they have disclosed the actual FCC agreement and all their customer numbers so that is something. Compare the GSW response of "we havent done anything wrong, this is just how SaaS works" bullshit and you start to appreciate that BIG is at least fronting up and telling shareholders what is going on. I think if it had been disclosed 12 months down the line, when BIG has pocketed even more cash from FCC to spend, and growth is even higher, I dont think we would have been so concerned about the non-disclosure.
As for the non-disclosure - BIG will have to take its medicine in terms of ASX and ASIC penalties. But I'm sure BIG can get past this - lots of companies have been forced to restate financials. Its just a matter of how much time it will take to regain the market's trust.