Licensing and services revenues - more than meets the eyeIn Q3 2017 Covalon had a spike in licensing revenue of $1.35 million, since then their "services" revenues have been up significantly, running at $400k last quarter. $400k divided by 40 hours, divided by thirteen weeks in a quarter, divided by $200 hourly rate could indicate that about 4 of Covalon's personnel are being kept busy on a development contract....IF we can assume those revenues are all from labor. In any case, this is a much higher level of effort than we have ever seen since Covalon began breaking out Services revenues. This time peroid also coincides with when Covalon told us about their new Centaur medical device coating platform, to reduce particulates over uncoated devices, which is quite a strong area of interest in the intravascular medical device companies since the drug coated stents of a decade ago were found to be causing more complications than they were preventing due to coatings flaking off over time. With this in mind, I held 90% of my position through the big spike because I thought maybe someone out there knew more than we did about what is behind these numbers.....and I want to be holding a large position if/ when we do get any further details about what is behind this increased level of "services", which typically relates to work on "development contracts". Long for over 4 years here.