Zoleo Units in Use, Subscriptions, Royalties and Profits, page-3

If we are at say 60,000 units in use world wide by end of Q4 of 2022 and we said $400 AUD on ARPU a year that is $24 million in recurring sales.

Some will go to Europe set up, other costs etc but surely $12 of this is flowing out at which point the JV entity makes a profit of $12 million a year which on a PER of even 10 values it at $120 million a year - of which we own half of the rights.

Sadly our distribution from majority US sales may only be small but on those numbers it still could be $2 million a year in clear royalty payments I would suggest. This will of course pick as as AANZ kicks in and Europe takes off. Not to mention Asia.