Earnings were low, but in line with expectations. It's hard to...

Earnings were low, but in line with expectations. It's hard to know whether the revenue came from existing users topping up or new users - I think it's probably existing users and I'm somewhat incredulous about net-net earnings to marketing spend piece. That said, it's obvious that as you build a base, you make more money, which allows more to be spent on marketing in a virtuous cycle. They could ramp up marketing are refining the discover section to maximise advertising revenue. The potential is there - advertising alone could contribute $3M in revenue if they could achieve 1M DAU. But my view is that Zipt won't get there without an injection of marketing monies which would have to come from another source... Like SDA. Speedcast is obviously progressing - albeit slow. SDA are a serious company and they'll take the time they need to get it right but it's taken long enough in my view and we were owed more of an explanation.

One thing you have to give these guys is their ability to cut deals, and this was the highlight comment for me: Progress further agreements per the Enterprise business strategy with companies in key industries which require low bandwidth, calling and messaging solutions i.e. maritime, airlines and remote communications providers.