Ann: Quarterly Activities Report & Appendix 4C-TV2.AX, page-30

And if the JV or Singapore uses the money to reinvest in the technology then no revenue (because no dividends are paid or revenue distributed to TV2 ASX accounts) will appear in the quarterly (but will appear in the consolidated accounts). A question to holders - how many people does TV2 actually employ on a global basis (including Singapore and IT/IP development staff - more than the few implied in these TV2 quarterly accounts). Who is paying them? Singapore?