Ann: 2014 Annual Report to Shareholders, page-10

Your analysis also values the 1.5% VXL royalty at $0. Although it may not be a 'solid liquid asset', it has to be considered when valuing the company. I think it's worth every bit of the unaccounted for $5m.

Personally I think the graphene IP (in particular the super-capacitor) has the potential to be worth many times the current MC, imagine where a bidding war between Samsung and Apple could go. The potential spinoff of Graphtech should start crystallizing some of this value.

I've held both SER's and VXLO's since early Jan, and happily I'm in multi bagger territory on both, gradually I'm shifting from VXLO's into SER's since the VXLOs leverage on VXL has diminished significantly from the early days, and SER gives me the added bonus their graghene work.