Ann: Investor Update, page-37

Sunny, I believe you'll find that RFN's billing terms are almost identical to any company supplying software as a service, I can't really see what the issue is with cash flow lagging revenues (this is the case with ANY and EVERY start up business, as you know from another company we have a shared interest in!) It is simply unrealistic to expect cash-flows to match revenues in a company's infancy.

I can't comment further as I'm not privy to the exact details of how their billings work although I can say this.... If we i) had the opportunity of signing company A because A prefers to pay yearly or ii) not signing company A because A rejects the monthly invoicing restrictions imposed by the company I'd take scenario i.

And well done on your earlier profit! I usually despise this kind of short term mentality although I also know you as one of the good guys.