There is no seasonality in the ARR and if ARR is deals signed...

There is no seasonality in the ARR and if ARR is deals signed and live then it should come through in CFs quite quickly as receipts unless more deals are signed and not paid on a quarterly type basis (i.e. semi annual or annually). Expenses were on point at $13.5m based on last qtr report estimate but the company. However, the lack of cash coming through is somewhat concerning as it raises questions on what ARR represents and how it translates. ARR last quarter was $15m which implies quarterly revenue of $3.75 and receipts this Qtr was $2.4m, which is 64% conversion. Best case there is an implementation lag, worst case not to sure atm.