Yes I think you're right. If every single customer were to...

Yes I think you're right. If every single customer were to decline their video, and no replacement customers could be found, then my understanding is they would have to refund the funding.

However, remember that the customer has already signed a pre-agreement that they want a video made. The final step is the formal acceptance and contract.

It's a bit like when you sign up for insurance but there is a 30 day cooling off period. You have already paid and they probably record it as deferred income for that first 30 days, but there is still a small chance they may have to refund it if you change your mind.

I guess that's where is gets a grey area, in terms of the relationship between that pre-agreement and the following assumption from BIG and the auditors that the revenue is probable enough to class it as deferred income and not just a advance/loan. That's why this is a bit of a mess and I'll leave it to smarter lawyers/accountants at the ASX to make their decision.