So looking forward to when SCL don't have to split fees with...

So looking forward to when SCL don't have to split fees with ISS. The loss for the half was $945K but ISS fees were 958K and then add back depreciation and amortisation of $482K and share based payments of $116k. So without ISS profit would have been $622k. This is the slowest part of the year for SCL with the peak selling period in the second half of the calendar year and without the expected growth from the Faria partnership.

If we assume conservatively that SCL can add 400 schools now with Faria onboard (3000 schools to sell to) we can assume a doubling of Advantage sales or an extra $4m without selling extra modules. This extra revenue will drop to the bottom line as they won't have to split revenue any longer and overheads are fixed. So SCL should be on a conservative run rate of $5m in profitability in 12 months if they execute as expected. They would deserve a PE of 20 conservatively so that is a market cap of $100m. That would translate into a share price of around $0.08.