EV coverage using Spookfisk systems (currently EV fly 750k sqm...

		EV coverage using Spookfisk systems (currently EV fly 750k sqm with their systems)	% revenue from new areas, customers or products	Total Coverage eligible for revenue share	USD/sq mile	USD rev share / sq m	Total Revenue Share USD	Flying Royalties USD/ sqm	Total USD from Eagleview	Total AUD from Eagleview	Aust Operations	AUD Expenses	Upside China / Eurpoe	EBITDA	multiple with takeover premium	mkt cap	shares		Share Price Cents
1								$                5.00							6.7%
2	fy19	900,000	2%	18,000	225	18	315,000	4,500,000	4,815,000	6,506,757	4,000,000	-       14,000,000	?	-                          3,493,243	15	-      52,398,649	1,703,000,000		-            3.08
3	fy20	1,250,000	5%	62,500	225	18	1,093,750	6,250,000	7,343,750	9,923,986	8,000,000	-       14,000,000	?	3,923,986	15	58,859,797	1,703,000,000		0.03
4	fy21	1,250,000	10%	125,000	225	18	2,187,500	6,250,000	8,437,500	11,402,027	15,000,000	-       14,000,000	?	12,402,027	15	186,030,405	1,703,000,000		0.11

My take on the above comments....I totally agree with GSAD1000's take on what is happening with regard to EV's motives for takeover....though I disagree with the numbers....as we are getting close to the finish line ...I tought I'd share my numbers with the group...my numbers are above....accounting for full dilution 2nd milestone shares 

I don't see any commercial need for EV to capture all of the US...even over the 7 year period. They spend money on capture when customers are willing to buy the data ...not for fun or just to have complete coverage...so I would completely disregard the $49M figure.

My understanding is the total annual coverage of EV is was 750,000 around the time of the agreement and is still under 1M now......and although they will look to increase this over the next few years to maybe 1.5M or even 2M ...this does not tie in with your assumed 9M sq Miles (750,000 x 12)...so I'd say best case would be $10M per year after a couple of years.

The 5% of EV sales has a major caveat which is it ONLY applies to new,customers, new areas captured or new products to existing customers (outside core 750,000 already covered when the agreement was signed)....so this has a lot of uncertainty around it ...and SFI don't just get a cut of their core business going forward just because it is captured using SFI technology....in summary I have SFI earning initially around $4.8M USD....increasing to $8.4M over a few years....   giving a share price of $0.11 per share in FY21.  As funding to ramp up the Aust operations....and success of the sales team and management are big unknowns....that is why I've concluded best accept offer now.  Good luck to all holders ....I suspect it could have been a different ride...but my view is management negotiated poor deals with EV in the first place. Cheers