BB, don't over complicate it I say.
Net cash inflow has been around $2 million for each of the last 3 quarters. Cash flow does not like like some EPS figures companies can get creative with.
The product is in high demand, it is scalable and the recent 4C states they are selling new subscriptions daily. The annuity style set up is a big thing that fund managers love to see these days also.
They are yet to ramp up marketing for the product.
The risks to me are really just Google or someone offering a similar product for free, however NEA seems to be seeing no problems and their product has a great deal of value add that this risk may never materialise.
quaterly questions, page-8
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