This is what you call great analysis, page-128

If you refer to clause 21 and 22 of the ASX responses it says that the Offer Amount is treated as deferred revenue it then says it is recognised in line with the 12 month membership, meaning if no 12 month membership is Accepted by the customer then it would sit in deferred revenue.

If that's the case and we have 791 Accepting Customers as mentioned in Clause 16 on page 38 there will still be a lot of deferred revenue in the HY.

Is that how everyone is interpreting it?