Its hardly a revelation. Got to remember we are talking about a...

Its hardly a revelation. Got to remember we are talking about a $10M stock here. It has zero hype. The business model they have now has been generating positive cashflow for some 3 to 4 years now. If Netsuite cease the agreement with JCS, I recall that there's a clause which protects JCS to the sum of more than the current market cap of the stock.

Are department stores not a distributor of another manufacturer's products?
What does Uber own?
Has the move to paperless increased or decreased the power and market size for advertising?

The above three questions don't all speak to JCS, but they do show that you don't have to OWN an asset to generate value from it. In fact, it can be far more powerful to sell a service at scale, rather than carry the cost of the goods and assets to cover the cost of that scale ala a traditional brick and mortar goods provider.