Accounting Issues - Discussed here, page-23

In the 20 Feb respoonse, BIG claimed "Currently, only approximately 35% of the Company's customers are financed through this arrangement."

However, on 22 Feb they revealed :
For the quarter ending 31 December 2017 the Company had total cash receipts of
$20,438,164 in relation to Paid Membership Customers comprising:
(a) Paid Customers – FC Sponsored = $18,084,000 subject to sponsorship
arrangements with First Class who are Potential Customers. Cash receipts from
Accepting Customers are not included in the cash receipts as their payments are
either received directly by First Class or passed onto First Class; and
(b) Paid Customers – Non FC = $2,354,164 not subject to any sponsorship
arrangements with First Class. This amount relates to 468 US customers who are part
of two pilot sponsorship programs under testing for the US market."

Thus around 90% of their revenue was generated from financing companies. Very misleading, imo

In the quarterly report, they claimed "The sales pipeline includes 14,700 customers who have made a purchasing decision, of whom 6,800 have taken a paid membership (a conversion rate of over 40%)."
I now question the $ value of the customers who have taken a paid subscription, as its now clear the $ value and number of customers can be very different.

All my analysis points to high $ value customers being financed in advance and not taking a paid membership. This leaves BIG with a huge liability to FC.