To sell or not to sell, that is the question, page-4

I can answer some of these

In no particular order

The OBJ auditors have to make themselves comfortable that the revenue number is justified. This is what statements did they receive from P&G. That's about it. The validity as to what PG are reporting is dealt with in the contract and typically companies like OBJ are allowed to appoint an auditor to review PG numbers for accuracy. (this is very rarely done). If a 5% error occurs PG pay the cost, if under OBJ will wear the cost.

If there are multiple stocks, OBJ more than likely will get a statement from sk2 and one from olay etc. On this statement there will be a line for each product that is for sale. So 100 products 100 lines showing revenue and units etc.

What was expected by management, interesting if it was a distribution deal, good chance there would be discussion (but only if they were included in planning). As this is a royalty based license not likely past the initial order and contract planning. So it is a wait and see. You would think that a budget at some point must be part of their thinking.

Next qtr.
Some idea, why because they know when the standstill payments will be paid and how much they will be (monthly would be my thinking), They know what the upfront is and when that is due (I think it could trigger as soon as signed or 30 days later). As for the next license fee don't think any are due next qtr. Royalty well that should be due but they will have a wait and see approach as it is all guess work and they do not see that bothered at this stage.

yes it will be lumped in customer receipts as it is not a requirement under accounting standards to split it like royalties are. They should out of good disclosure practice to make note of it as every auditor I have dealt with in the last few years points to more disclosure not less (not that you always do what an auditor wants). But OBJ auditors might not be that challenging is the polite way of putting it.

It's about transparency, but it's also about the shareholder understanding the industry they are invested in. In this case fmcg industry, cosmetic industry. Royalties and the workings. The info we get is a bit light sometimes but it is not far off what most companies give. Sure we do not get forecasts estimates but a lot of companies do not give guidance.