itsa figures for oct to dec 2011, page-20

Now PickEm,

Don't let this line of questioning discourage you - this is easily the most informative thread I've read about one of my stocks in the last 2 years - but you've sent me scurrying for an Annual Report to check a few things.

This is from Note 8 in the 2010 AR:
"...debt agreement fees are receipted on a pro rata bases..."

I understand that as meaning fees for each agreement will accrue annually for the life of the DA.
i.e. I've read Tim saying each DA will contribute approx $100 per month in fees for its duration, which on average is 4-5 years, so we'll accrue approx $1,200 annually for the life of each one.

PickEm you explained it thus: "we immediately accrue the full fees due over the term of the agreement."

which I took as meaning - using my previous example - we'd accrue the full approx $4,800-$6,000 as soon as the DA was signed.

15,000 DA's paying $1,200 a year is $18M. I think that fits better than the figures your scenario would generate, which leads me to conclude you are incorrect.

I'm happy to be disabused of this conclusion.

Thanks very much for your posts.