Ann: Quarterly Activities Report and Appendix 4C, page-8

So back of envelope stuff.

8x2.37mill 18.96
10x 2.37 mill 23.7

That is "expected" revenue.

Just going off the previous qtr for expenses and x4 (very simple) = 19.472 mill.
Id expect those to be a bit higher then that but at this growth rate it is hard for me to make a more accurate projection. The admin and staff expenses are high. The growth is what we would want to see.

The management do under promise and over deliver. They do also market themselves well and keep the ann's flowing.

Does this justify a share price of $1.20 ish ? I would expect it to drop a bit since we havent seen a profit yet and a profit is needed to keep this SP or push higher. Even a small profit as it would signal to the market they are making good.

539 mil share outstanding

2019 (projection, very simple)

Be a bit more conservative

4 x 2018 (projected revenue) 75.84 mill
4x 2018 (assumed expenses) 77.88 mill

By this time though we would expect UPD in full swing so RnD and other costs such as staff should be stable or lowering as they become more efficient.

4 x 2018 (projected revenue) 75.84 mill
2x 2018 (assumed expenses) 38.94 mill

Disclaimer: This is all very simple stuff, if someone wants to make a far more detailed projection I would love to see it. The next two Qtr's should begin to spell out if what they say is true or likely.