RE: Pumas FC20 Mar 2023 11:37
guzzler, please feel free to re-read the RNS as delivered by Mobile Streams on the 4th July 2022.
"The Board further believes that, noting the expected recurring nature of NFT revenues, it estimates that its maximum net exposure, under all but the most extreme worst case commercial assumptions, including the upfront cash fee, would be approximately USD310,000 over the first 3 years of the Agreement"
The $310,000 is a three year worst case exposure - it can clearly be understood that this 'exposure' is reducing as each Pumas NFT is sold...
Again, worth highlighting that the $310,000 is a three year exposure and NOT the amount paid to Pumas up front...
My estimate - and I absolutely hasten to add these are simply my guess - is that the upfront fee for year 1 was maybe $80,000 with year two being maybe $100,000 and then year three being $125,000 and hence a total exposure of some $310,000....
I would also point you again to the wording of that RNS - 'including the upfront cash fee' as it suggests - well actually states - this was not a license fee but upfront cash fee.... Think that one through guzzler - 'upfront cash fee'...
In summary, I think The Pumas revenue to date has already recouped the outlay for year one.