When the quarterly revenue started plummeting, they changed what MRR meant: 'Monthly Recurring Revenue' was out and 'Monthly Recorded Revenue' was in ... because recurring revenue should not go backwards unless they start losing customers - which they apparently were not, which means the revenue was never recurring...
In the last quarterly they reported as a HEADLINE $836k "invoiced" for the quarter, then in the small print they confessed that only $536k could be classified as revenue for the quarter. Not sure how that works, but in the quarterly they lead with what was invoiced (rather then recorded revenue). Another pivot in reporting.
Seems in the latest update they have pivoted back to reporting revenue, rather than invoiced. So the $300k invoiced in June but not recorded as Revenue is now counted in the revenue of July. So invoiced in this qtr so far is $300 less than recorded (i.e. $725k - $300k = $425k).
Anyone confused?
Smoke and mirrors.......
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