Some analysis

July - September Quarter = $321,000 Revenue.

Almost NONE of this has come from the UK BOOT'S stores...

They only started rolling out BOOTS early September / October. So even if sales were recorded revenue lag would put receipts in the next quarter. In October the initial store build was underway and they were rolling out the training program so it's highly likely the company is only just starting to see revenue from the UK.

So... $321,000 looks to be from the 300 stores within the Australian market. This gives us a base to work from for rough estimates.

If 300 stores deliver $321,000 revenue, we can assume on average each store provides $1,000 per quarter in sales. Remembering, this is a tiny market compared to the UK so per quarter sales in individual UK stores should be much higher.

Todays presentation shows 'Mute' is now in 600 BOOT'S stores with 1,911 to go for the roll out.

AU Market = $1,000 per store per quarter
300 stores = $321,000

UK Market = $3,000 per store per quarter (Estimated 3x due to the UK having 3x the population of Australia and higher density)
600 stores = $1,800,000
2511 stores (full roll out) = $7,533,000

This is per quarter... $9.3mil!!!

This isn't even taking into account scale-up in Australia, or the roll out in the US and Asia.

UK national advertising campaign about to kick off.

$17m market cap right now. WTF are we missing?

So by those calculations 1/2 a year of revenue is the current MC.

What am I missing???