Ann: Update on USA Operations, page-78

If they did not mention the deferred revenue then the sp would have been smashed, they highlight the deferred revenue because it explains why cash receipts are so high and revenue so low also due to the size of it there would be just a few questions why it was not highlighted. They continue to reiterate that cost of ongoing services are minimal so not sure what else they can do. Just the fact that the cash balance is $9.4M more than it could have been, because that many clients have prepaid for future services, goes to show not only the confidence in the company but also the rate of growth. Also if there was no deferred revenue the growth in the US would be very difficult without a CR.