Great insights from danbradster and MJB. Thanks.The only caveat...

Great insights from danbradster and MJB. Thanks.

The only caveat I might place on the cash burn for this quarter is one-off fees associated with the listing of the ETF (e.g. listing fees, legal fees etc). Perhaps this will be reimbursed by via the capital raise. Usually however, it is borne by the issuer. Regardless, the listing will be great marketing for the company and is timed well with the launch of the Advisor Platform.

Also, I had assumed that some of the trades this quarter would have been ‘free’ trades from the upfront payment of 12 mths of premium subscription that they offered at the end of June. Looking at the June financial accounts though, there doesn’t appear to be any significant unearned income so I expect that any ‘free’ trades this quarter have been minimal.

As I have said before, one of the great things about the business is the predictability of its income streams. It makes the analysis much easier.