Thanks for sharing Jonathan. I've modeled June '18 with $24m...

Thanks for sharing Jonathan.

I've modeled June '18 with $24m cash receipts and $9.5m operating cash flow.
With trailing 12 mth ocf of $31m and run-rate $38m at that point.

If BIG hits my forecast they should be worth around $800 million or more. So on a fully diluted basis around a double from here.

Possible upside, BIG could grow faster and improve margins.

I'm long with a 2-5 year time frame.

Until BIG matures I won't even bother considering earnings, as deferred earnings will continue to muddy the waters.

Your share count is a tad low, you might want to use a total of 163 million shares. Here's my figures from the last 3B

	Column 1	Column 2	Column 3
0	{colgroup}
1	{col=100x@}{/col}{col=100x@}{/col}{col=100x@}{/col}
2	{/colgroup}
3	Shares	141,556,827
4	Listed Options	10,551,256	25c expiry 2017
5	Unlisted Options	10,903,640	0.245