Ann: Half Yearly Report and Accounts, page-12

Well put @mal85. I'd also add that cash receipts are growing faster than revenue $2.2m vs. $1.5m. There has been a clever strategy to get customer's to buy in advance with the wallet, gift cards, etc so that the customers can fund the businesses growth as opposed to further capital raisings. It's in stark contrast to someone like an AfterPay who have to have a large rolling line of credit that continues to grow as they expand.

It is also important to note that not all of the deferred revenue will incur a cost. If a customer doesn't use all of their data within the prescribed timeframe of their plan, the revenue will still be recognised but FRX won't incur the network cost.

Mal, do you believe S&M expenses (partner commissions, etc) would be incurred at the time of receipt rather than when the revenue is recognised?