"Bookings" as I understand it , and defined by Updater in their...

"Bookings" as I understand it , and defined by Updater in their annuals and releases , "most accurately reflects the adoption of the Company’s platform and the contractual obligations of its customers to pay the Company ... payment is only due to Updater upon completion of the underlying services"

So that $5M will eventually flow to the "company" (Updater) once contractual agreements are met, which could include "services" completed like the API work for example..