Reading through the previous investor presso it's clear EM1s own revenue is far less than total subscriber revenue
Not only is it split once but again divided by 3, in fact it's quite confusing how they present it (perhaps that's the point)
It looks like 60% of gross income but it's far from it once dissected
in fact it looks to be 60% of gross revenue is then split 3 ways and they receive circa 40% of the net revenue (not gross)
$113 at 60% $67 @ 40% $26 $26 x 25k run rate $650,000 pa
I also see as part of the agreement the marketing coorts pay the prizemoney out (but a educated guess) tells me this is taken from the margin on the backend hence "net revenue" is mentioned ie: after all costs
So even the $25 rev per annual going to EM1 is possibly overstated
Anyway just my initial review feel free to steer me if I'm incorrect
