Ann: RECORD PERFORMANCE - 500% INCREASE IN REVENUE FOR Q4, page-28

I've got the qrtly expenses at $500K ( Say $2m pa ) , then the was another $500K in equity investment which you wouldn't count. Based on the current trajectory $2m of contracts for this FY for the fee for service division is a gimme, I suspect that based on 20% growth rate that it will be closer to 2.5M. What that translates into sales and earnings is hard to know. The equity investments/portfolio clients is a hard one to quantify - I can't imagine all of them will be successful but one of them like xTV could become hugely successful and gives me exposure to a market ( start-ups ) I wouldn't necessarily get into. I have know idea how to value Homeopen but only to say they have recruited advisory services from ex ceo of realestate.com so they have the right personnel there to grow the business.
Based on experience, I can't see them being cash positive this fin year but with a market cap just over $8M and cash holdings of say $3m plus equity investments I don't see that as an issue because they are in a growth stage and the market is certainly not valuing them on any earnings. S/P may come under pressure but surely over time the market will have to play catch up.