licensees are new customers who have integrated Spenda into their business operations. This is an increase in customers based on the number already actively using it last quarter. I would imagine that whilst the number of fully integrated franchises may not yet be huge, I think it would be reasonable to assume that there would be significant customers in the implementation phase which is is why September will give a more valid view of Cirralto’ success .
Ann: Quarterly Activities Report, page-40
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