I actually used your estimate for BDP/Sch+ in my previous post,...

I actually used your estimate for BDP/Sch+ in my previous post, I just rounded it down to $3m because the contingent consideration figure was based on the 2020 calendar year and as we are not at the end of it yet it wouldn't be fair to use the upper bound limit for revenues as they would have been building through the first half of calendar 2020 - especially given the end of year last mile rush that occurs. So I agree that core product has seen some decent growth whatever way you dice it. It is just off such a low base people dismiss the absolute number. Really GSW was still in VC territory when it listed.

Bundling of DBP/Sch+ with "core" I've spoken about before so won't re-hash. I can see how they can have interconnected revenue so don't mind this. Especially since, as we have done, you can work backwards from the contingent consideration.

The loss is part and parcel of the sector play. XRO delivered 7 years of net loss peaking at a $74m loss in 2016. If you only invest in companies generating a profit that is the safe option, but this is the high risk/reward end of the market. Might mean more capital will need to be raised, but dilution doesn't worry me at this stage given legal coming to an end will reduce the cash burn and we don't have much of a MC anyway. Think its a good move to change the exchange before this is required as well.

IMO, DYOR

MJ