Ann: Flexiroam Begins Shipping X Worldwide-FRX.AX, page-11

Not a bad guesstimate... Let's say half are repeat customers so down to 2,000. I would expect a tour guide customer (especially a repeat one) would be more likely to purchase, and given the physical nature of the product, is does lend itself better to a bricks & mortar transaction.

Let's go for 50% conversion rate. (Probably ambitious, but I don't think too unrealistic).

1,000 sales @ $10USD? (being conservative, not data purchased to counter) the above bullishness.

$10k USD. Revenue.

Sounds small, but this is annual recurring revenue.

190 tour guides providing 10 tours a year. (If they can't do that number they probably won't be in business very long!)

That's 1,900 tours per year. Now these guys are tour guides, not travel agents right? A tour typically would be a group of lets say 10 people. (to justify the tour guide in the 1st place.)

There is also their networks, (every tour guide would deal with a travel agent(s), airlines, hotels... yadda yadda..

I'm sure there are many tour guides that are counted as members but are dormant, so again this would explain why they have only guided $3m AUD in revenue since inception.

Also, the tour guide may only count his/her fees as the revenue. The flights, accom, attractions etc, perhaps aren't counted as revenue (maybe they wold receive a smallish commission for these services, like they will with Flexiroam). This would likely be a smaller fraction of the total travel expenditure.

Either way, I'd view it as small positive, (I would say announcement) but it wasn't announced. So, obviously not earth shattering, but the fact they didn't report is a great indication that they are confident to motor along without feeling the need to huff & puff about small wins.

I saw the sellers have moved to 13.5c, but have we even traded since this "news"... hahaha.

I guess like ZIP, we know a thinly traded penny hopeful it won't take much volume to set them into flight mode.

It would only take $100k or so, to double the MC!