Ann: Research & Development Tax Refund Update, page-29

With all due respect, I think you’ll find that recession or no recession, investors would be prepared to pay more than 1.5x ARR, especially is when ARR has increased 10x in the last 2yrs and continues to grow rapidly.

And given that a recession is at least 6mo away (needs 2 consecutive quarters of negative GPD growth), ARR is likely closer to $60m - so we are talking <1x ARR valuation at single digit share price.

So ultimately - I agree your sentiment that a recession is not good for the equity market and share prices - but your actual share price assertion is a bit silly.