Ann: Half Yearly Report and Accounts, page-8

Most of those users are ANZ, and yes it's obvious they dramatically underquoted in order to get the business - a common mistake many services-based startups make. Their relationship with ANZ goes back to 2010 when Knosys was a private company, so given the continued low license fee it's doubtful KNO have the leverage to make ANZ pay more, even though the platform seems to be well embedded at ANZ now.

The key is how much per license they're charging Singtel/Optus. If once again it's $35 per user per annum, all I could say is KNO are idiots & haven't learned anything. If, however, it's a much higher and more reasonable amount, it'll bode well not only for future contracts but also natural user growth within Singtel.

It's also not in any of those companys' interests to see KNO running at a loss & eventually going broke. They should be endeavouring to help KNO start to turn a profit, which will fund future development of the software and a high level of user support. ANZ did pay a year early to tide KNO over, which is unheard of.

This remains a speccy company until KNO can prove they can turn a profit & continue to grow. That's why the market cap is where it is. Sign some more contracts, show substantial income growth in quarterlies, and things will change.