Thanks@Access2020. We are close on many aspects. I reworked my...

Thanks@Access2020. We are close on many aspects. I reworked my Table for your JV Cost of Sales of 30%, instead of my 25%. The good news is it makes very little difference if we keep using Beam's mid-point value for their Operating Profits from Royalties of $1.65M. Note Beam's Operating Profit Margins are higher than my earlier Table, as their Operating Profit is the same for slightly lower Royalties. Here is the revised Table:

Projections for Beam Operating Profit Run-Rate from Royalties (Beam Territories) as at June 2023
	Scenario 1	Scenario 2	Scenario 3	Scenario 4	Scenario 5
Subscribers (Beam territories only)	15000	15000	15000	12000	18000
ARPU (ex-GST)	$29.09	$40.91	$45.45	$45.45	$45.45
JV Total Revenue (Beam Territories) pa	$5,236,200	$7,363,800	$8,181,000	$6,544,800	$9,817,200
JV Cost of Sales (30% of Revenue)	$1,570,860	$2,209,140	$2,454,300	$1,963,440	$2,945,160
JV Gross Profit (70% GP Margin)	$3,665,340	$5,154,660	$5,726,700	$4,581,360	$6,872,040
Royalty Payments to Beam (70% of JV GP for Beam territories)	$2,565,738	$3,608,262	$4,008,690	$3,206,952	$4,810,428
Beam Operating Costs	$915,738	$915,738	$915,738	$915,738	$915,738
Beam Operating Profit	$1,650,000	$2,692,524	$3,092,952	$2,291,214	$3,894,690
Beam Operating Profit Margin on Royalty	64%	75%	77%	71%	81%
Yellow highlighted values have been provided by Beam

One thing I am looking forward to beyond June 2023, are improving margins from the Royalties due to Beam's largely fixed operating cost base before EBITDA (i.e. they spend very little to get the Royalties in).