Ann: Integration ahead of schedule as strong growth continues, page-6

I’m not sure of the reporting methodology or the rules when a company is acquired like this; although I found the second footnote regarding the combined annual contract value of Smoothwall and Family Zone for the quarter to be interesting.

They have only accounted for the Smoothwall contracts between July 2021 and 16th of August; which is essentially half a quarter.

According to this data, Smoothwall only signed contracts with an annual value of $340,000 in the quarter ?

These numbers are clearly missing some considerable revenue generated by Smoothwall after the 16th of August in the remainder of the 3 month period from July to the end of September. Most notably, the contract that was announced on the 19th of August to provide cloud reporting services to the Public Sector Broadband Aggregation (PSBA) in Wales. This contract had an annual value of $475,000 and a total value of $1.4 million. It appears this revenue source was omitted from these figures.

As I said I’m not sure why Family Zone’s is omitting this data in this announcement or how the reporting should work. What I do know is that if you factor in the revenue generated just In this PSBA contract and the likelihood for more substantial revenue that was generated in the remainder of the quarter after the 16th, the overall numbers for period are even more impressive then communicated in this announcement .