It's not delineated properly. Apparently the spreadsheet s/w...

It's not delineated properly. Apparently the spreadsheet s/w they used didn't have the all-too-difficult "show 3 columns" facility so they decided to merge core GSW with BDP/Sch+. This was basically sleight-of-hand - disclose the big thing (LOGO) and hide the rest (maybe they can acquire something else next year and hide LOGO too?). The idea that GSW/BDP/Sch+ is now one smoothly integrated whole that can expect startup-levels of revenue growth doesn't pass the laugh test.

I have posted a tentative line of reasoning based on the payouts disclosed in this year's report and the formula for the payouts from the previous year's - this has GSW's core revenue at $2M. I might get slagged off as a downramper or a dog kicker but no-one seems to have any real argument with the numbers.

I actually think GSW has managed reasonable apparent growth in core revenue, but given that they seem to be losing money in more or less every single sector (as far as I can tell) it's hard to be that impressed. Growing a company to north of a million dollars in annual revenue from basically nothing is a good thing, but doing it while losing money is no great trick. You just wrap a pile of $$$ (free consulting services) around every unit/subscription sold.

It could be that they are doing better in their core area than we suspect, but we'll never know, as they've decided to lump everything together. And no, $3M is not a good revenue outcome if they acquired mature businesses in BDP/Sch+ and managed to lose more money than before.