Need help / feedback from fellow investors:

Am I correct to assume if one were to back in estimated March revenue from US trading and FX revenue, one would gain a reasonable insight into gross margins going forward?

If I were to conservatively assume 33% of US trades, and 33% of FX transfer margin (assuming 33% gross margin on FX charge) for the quarter were carried out in March, revenue invoiced but not received (and recorded in Q3 C/F statement) would be $175k and $125k respectively.

Adding this onto Q3 receipts, I get $6.1 M in revenue. Assuming CoGS is booked on execution, I come up with gross margins of 45%. SWF booked gross margins of 38% last FY. I can't believe it can be this high.

What am I missing?