Ann: Trading Halt, page-42

Maybe there is no "theoretical" COGS because they don't sell goods?

IMHO, you analysis is way off the mark. The company and share price would be nowhere near where we are at now if they followed your slowly slowly strategy. To say the company lacks focus and discipline is absurd. Not only do they have focus but they are executing their strategy successfully.

Perhaps you should have taken WZR off your watch list eighteen months or so ago, when Anthony clearly articulated to investors that the company was hiring and retaining the talent needed to execute a sustainable growth strategy. Perhaps pre-profit phase growth stocks aren't for you.