Solid report with the numbers all heading in the right...

Solid report with the numbers all heading in the right direction. As mentioned in a previous post management alluded to a valuation of 7 times ARR (annual recurring revenue ) $18M x 7 = $126M. Current market cap is $35M. Land grab for world handicap system federations significantly ramped up now with 49% of revenue spent on R&D and S&M. They snuck this in " In line with normal market practice, the Company has updated its policy of expensing 100% of R&D costs during the period and will capitalise approximately 30%of R&D costings in FY19" . A cynical observer would interpret this as ensuing they met guidance. However you could argue the benefits from the ramped up R&D will extend over years and even decades if they manage to snare a substantial number of international golf federations. Looks like the sale of Zuuse shares is providing the cash required for the expansion. Dubber has revenue estimated for FY 19 of $3.5M and is valued at $186M....they need to maintain explosive growth to justify their valuation of 53 x revenue. MPW on the other hand is quietly chipping away on a valuation of 2 x revenue. With the slew of wins of significant golf federations the share will re-rate.