Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4

50K subs with an ARR of $3.5m and assuming they're on target, by Dec they should be at 60K+. Just looking at valuations for SaaS companies with growing ARR, at $18m Mkt Cap, IMO this company is undervalued (even without the installation revenues and margins). The ASPs for the subs can/should be increased, something Mgmt should be considering. It will test the stickiness of the clients but I'm pretty confident the churn will be low given the track record so far. Agree though, its been a long journey ....