Red Isn't the 2.5% in the SMM deal a royalty. So paid on the...

Red

Isn't the 2.5% in the SMM deal a royalty. So paid on the gross revenue. Where AVQ deal is a 20% equity stake in the company so 20% off the bottom or net result?

I think the $$ amounts are not going to be far apart because of the "off the top" or "off the bottom" base for calculations.

I thought the attraction for the SI landowners was to own 20% of the company itself rather than just have a royalty interest.

So they don't get 10 times the $$