Breakeven no of users, page-3

Hey,
Here is what I've put together based on the last 9months worth of announcements.
Quarterly costs run at about $5m, and seem to be relitivly stable.
The annual payments from the white labelling agreements with Barclays, suncorp and Deloitte runs as $3m a year. from the latest announcements we can assume the agreement with a RBC, OCBC, the kiwi bank and the soon to be announced US bank will be on more favourable terms, so let's assume that that gets us to $10m PA by the end of the year.
The revenue to date from the 10k users to date runs at $120k, now given that most of these users have only signed up in the past month or so let's say they will generate $1.4m a year. Based on that we'd need 70k users to get to a break even point.

Sounds like a lot but remember that Barclays has only rolled the platform out to its northern England customers to date so London still to come on line, and if the us partner is Bank of America or Wells Fargo the uptake potential is massive.