VR1 provides the VR/AR software platform which it developed in house and is called FrameS. The platform is very flexible and their business model is to sell custom versions of the software to suit the customers requirements, and then charge an annual subscription fee which may range from say $2000-$5000 per licence. This is the recurring revenue part.
VR1 also charges one-off consulting fees to develop the customer solution, these can range from say $50k, to much more. For example, if VR1 is developing a whole suite of VR training modules to a client, the one-off fee may be in the hundreds of thousands.
In this instance, if the hospital trial is a success and adopted by tens or hundreds of other hospitals, VR1 will be paid for an annual fee by each, plus I would imagine ongoing development and customisation fees.
VR1 provides the VR/AR software platform which it developed in...
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