Now... whilst I would love to provide you with a nice little table that shows MyFiziq's revenue growth over time... I can't in Bearn's case. There is also no deviation to an "original agreement", as user numbers were never previously mentioned.
That's because the Bearn business model doesn't work the same way as the vast majority of MyFiziq's other contracts. Bearn doesn't have monthly/annual subscribers at a consumer level. Bearn partners with employers, healthcare providers and other industry stakeholders to drive large-scale health and engagement initiatives.
It's an interesting model and should provide us with some interesting growth. I say that because, when you sign one business up, you're potentially signing anywhere between 1,000 - 100,000 new "users".
So... if we're not receiving a commission on every active consumer-grade "user", like we do our other partners, how does MyFiziq get paid? Easy... we get paid per scan! Bearn will pay us US$2 per scan, and I can only assume that fee would be passed onto the user or business partner (with a little cream on top for Bearn to keep). Users would most likely be paying for those scans with the credits / rewards they've accumulated, or business partners may simply be charged on top of whatever subscription they have with Bearn.
Now - that's a pretty darn unique model that diversifies the ways in which our technology is penetrating various markets - but it's also the exact reason why I can't provide any kind of revenue forecast to MyFiziq.
I would stress, however, that Vlado and the management team would have absolutely done their due diligence before entering into this kind of agreement. AU$645K is not pocket change (at least for me), and it looks like the terms agreed are very reasonable. I mean, hell, Bearn's CEO has put his 88% ownership on the line for this to work; he's going to want to make damn well sure it goes to plan!
Historically:
Binding Term Sheet signed 22nd Jan 2020 (link HERE for announcement)
Definitive Agreement signed 6th May 2020 (link HERE for announcement)
Marketing Expansion Agreement signed TODAY (see above)
(20min delay)