Ann: AGM Presentation, page-27

so yeah, the biggest problem with those figures is WC. To generate that much revenue per year would require almost $15 mil WC at their current asset turnover rates. But their balance sheet is negative and they are currently losing around $1 million in WC each quarter, not gaining. No internal funds generated here.

This CR might pay the loan. Then IF they get more customers - Then there will be another CR to raise the necessary WC.

At the end of that will be $3.5 mil profits that even at a 20x PE will only be MC of $70 mil. Dilute down to 1/3 after 2 CRs for today’s equivalent MC of $23 million
- and this is a best case scenario.