TechKnow Conference, page-44

Because they were only listed on the ASX on December 30, so have only reported income for Dec 17 to Dec 31. Which was $121,800. Extend that out for a year and if no contracts were signed and things stayed the same then that is $3.2 million. However, they had a couple big contracts signed around that time where income would probably not have started flowing and I estimate these to be annual million dollar contracts. Most of the contracts they are chasing are minimum $450k PA in USD. But fully diluted MC got up to $200 million, so based off a few million in revenue it was overvalued. Cash on hand was quite high though with about $14.68 million in cash and equivalents at Dec 31. Because they are going after Fortune 500 companies and government, contracts can take from 3 months to a year to sign once talks have started, so there is a big lag between getting companies interested in the product, then getting revenue into Buddy.

PSF is in a similar boat with revenue and MC. With $2.3 million cash on hand at Dec 31 and revenue unknown, MC got up to around 100 million at 4.8 the other day. The contracts that Syntonic can sign with global carriers though are big revenue generating beasts, and once one carrier has their product in one country/region, competitors want to lock down other territories, so contracts and revenue look to be able to grow rapidly. With AT&T and Tata on board, as well as Orange, it gives them global "proof of concept" so other telcos will have no trouble with committing to sign.