VR1SOI: 830M. Board holds 40% top 20 holds 20% , insto holds...

VR1
SOI: 830M. Board holds 40% top 20 holds 20% , insto holds 16%, Floating about 24% = 200M floating ( quite tight registry)
At 4c, MC is $33M less $1.6M cash = $31.4M EV

Consistent net cash outflow of $300k for last 4Q, $1.6M cash -> no CR apparently in near term - except they decide to have an acquisition

On the surface, it looks they only generate a small number of Rev, some ann says $40k, some says as little as $5k, I am quite surprised they actually receive $2.8M FY20 (97% YoY growth)

Slowly on the track to migrate to pure SaaS service with their 360 Suite (2022). Approximately $4M in revenue FY2020, if they can convert these sales to 80-90% ARR, $31.4M EV/$4M = ~8x multiple. Not too high, but reasonable for a small cap. It looks to be a Buy from me at current level, however, I will have my buy order below 4c.

Hopefully it will fill the gap down