$3m @ 3c, page-21

You clearly are not the one in the know...

Gross margins:
30 June 2016: 90%
31 Dec 2016: 85%
30 June 2017: 60%

So to answer your question, yes you are grossly underestimating the business' margins.

In terms of purchase orders/sales growth, it's quite clear the company is on an impressive trajectory: $2m PO's this qtr, and a significant one on the horizon.
The team are in Asia this week chasing pipeline, and the bluechip clients are proof of a market fit of the product - Sales will continue to grow.

The last quarterly (if you care to read it) will affirm a cashflow positive scenario for 2018 is not only a likely, but in some people's opinion conservative.

And finally, dilution. Management have indicated they have a strong preference to not dilute. The latest company update (if th care to read it) will show you the performance shares avaliable to the team if they meet the hurdles. Management have a vested interest.

Any other questions?