Looking at those numbers and knowing how the FCC arrangement...

Looking at those numbers and knowing how the FCC arrangement exploded in usage once it got into full swing, I wonder if those reported numbers are the opposite of what a normal reader would think them to be.

"Video revenue" in 2016 of $1.7m increasing to $12.8m in 2017 is a profile similar to what was described with the FCC arrangement. We know that hit $19m at the time the ASX questions were answered.

And the $570k in 2016 to $680k in 2017 of "Sponsorships" sounds about right for the 791 paying customers. And "Sponsorships" sounds like a good euphemism for accepted customer now being sponsored by FCC, rather than the other way around which is what one would normally expect.

So assuming a similar 20% growth this year, perhaps we can expect about $811k in revenue from accepting customers. And perhaps the "Video revenue" is taken off the financial statement and instead put on the balance sheet as a short term liability of a working capital loan.

Of course, it's only a guess, but if the FCC arrangement is reported as a loan instead of revenue and the other revenue behaves as previously, then perhaps we'll see a mid-year report with about $450k in revenue. They'll be running at a significant loss but that is to be expected from a startup in rapid expansion mode. It was only the accounting treatment of the FCC money that made BIG look so unusually good. Otherwise they look normal.

So then valuation comes back to the regulars for startups: potential market, competitive advantages, etc.