I agree that the S-1 will be the lucrative engine

I agree that the S-1 will be the lucrative engine, but let's wait on the first S-1 completion before stating numbers in public. Also realize there won't initially be a steady pipeline of business (say one S-1 per month for sake of argument).

The TA is necessary to offer full-service to the micro-cap market. It will be its own profit center. The primary advantage of the TA to BCAP over the "S-1's" is that it provides consistent monthly revenues and supports the company in that way.