I do agree with your thoughts here, and hope that this is indeed the way that it pans out.

I'm also convinced (MHO etc etc) that our PPS at the time will reflect a combination of the net income from PDS and whatever accounts receivable are stated in the April Q, and I'm resigned (happy, if you prefer) to hang my investment dollars on that.

However, I doubt that many of the large-cap companies we have on notice will be waiting until April to assess what the 'going rate' is for a licence. Each has there own product exposure, bugetary considerations and legal teams to help make that determination (as has PDS).

The April Q will hopefully be a good indicator for us investors and the market as to our near- and middle-term earnings potential, but is unlikely to indicate with any degree of accuracy what any other John-Q-company will be paying us. I was simply stating that there will not be sufficient information in the April Q for another company to help determine the cost of their own licence.

IMHO, the number (and size) of new companies licenced between now and April is actually a more important indication of future earnings potential than the size of our April package. A significant number of small signings would convince me more that we had a viable and sustainable business plan than a large one-off lump of cash. Of such things is P/E built upon.

Of course, both happening at the same time would be beezer.

Thanks for your thoughts

Cheers