Hi Malkazoid, Thank you for getting that clarity from...

Hi Malkazoid,
Thank you for getting that clarity from management. My calcs are based on the following:
eBook Sales 2017 - 2018 delta = $1527672 - $454373 = $1073299
eBook expenses 2017 - 2018 delta = ($1290463)-($196525) = ($1093938)

To me, this is the 'transaction' based portion of the revenue. More usage = higher volume. That's what prompted me to question the gross margins.

The license fees are excluded from the calculation. This is the recurring revenue, that customers need to pay to use the platform.

Clearly there is a difference between how I see the numbers, and how management/other investors sees it. That's ok. Just 2 different opinions.

If this is a SaaS play, and the margins from eBook transactions are negligible, one should value them on License fees revenue which is recurring in nature. My valuation is a lot lower than the current valuation, which is why I sold.

Good luck to those holding. I'll continue looking at future results to see if things change.