Ann: Investor Presentation - CYCL Acquisition, page-8

Fair call. But they are issuing another 42.6 million shares before earn out and picking up another $14 mill op exp for $4.7Mill ARR and the $9 MIll is split between perpetual license fees (which the transiation away from was curiously the justification for the lack of historical financials) and not just services but with no transparency on the split. Giovne the earn out is dependant on a 69% increase in ARR you can pretty much bet that whatever component is perpetual licenses will evaporate at speed.