>> think you need to check your figures. The water plant initial payment was $460,000, as described in the March quarterly (p3). SSI generated revenue of $535,000 in Q1, and $500,000 in Q2 (detailed in the 4Cs). That's $1.5m in total. The year end report just issued says software and licencing revenue was $1.85m for the whole year to 30th June. We know they included the water plant revenue as "licencing for the VSN product" because it says so in the investor presentation from May (p7). So there is only about $350,000 unaccounted for.
I couldn't find the specific information to support your statement. The May presentation only mentioned there were sales but no allocation of the to specific category.
I would presume the Water Plant design and implementation revenue should have recorded under "consulting, design and implementation" category - otherwise they wont be able to get through the coming up audit. SSI is not generating licence subscription revenue as far as my understanding is - so why would they classified the whole $1m revenue from SSI to be included in "licence revenue" - there would be some (possibly) but it wont be whole lot. - i know you are good at IT possible not got at categories allocation in accounting term.
This proved that the $1.85m licencing revenue mostly generated from licence subscription - also in the April and May presentation - they did emphasis that the initial revenue would be mainly from "consulting, design and implementation" and we will see the big buck of subscription payment start from Sept onwards
You are in the IT world - would you implement a new software without going through the consultation and implementation stages?? it takes time isnt it? There is testing period as well, would you pay something that you unsure if suitable to your company? obviously no.
It has clearly stated that India partner will generate income soon, Japan division is finalising the contract - NDA (non-disclosure agreement - in case you dont understand) signed so no information can be disclosed.
You tested the software ages ago - in IT world technology changed in speedy lightyear speed where i believe the VIN has evolved to something different and powerful - if you are base in Sydney - why dont you drop into the headquarter to request a trial or put you into the Fancy IOT Lab to understand the new functions?
I will take you words after you walk out from the IOT lab - either satisfied with the new functions, or it is still a trash to keep you comment on.
NET Price at posting:
6.2¢ Sentiment: Buy Disclosure: Held
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