Perspective, page-12

My comment was made under conservative assumption that there would be people crazy enough to participate in an upcoming CR. My believe is that any future CR would fail and SAS would go bankrupt by end of 2019. For the sake of an argument lets just assume that SAS can pull of CR after CR and no revenue.

By my calculation, based on operational life of 6 years for each pearls, SAS needs at least 51 million a year to get a full 200+ constellation up by 2025. That is for a launch of 50 pearls per year.

So lets play around with hypothetical numbers and the like based on above assumptions and that each CR is done at 25 percent discount each and market cap stays at $100 million;

0.75*0.051 is 0.038 per share so at 510 million shares minus 6% fees then that is $18.33 million. Total no. of shares would be ~2.310 billion shares at 0.043 per share that I expect would go down lower to ~0.038 cents or lower. Last CR was at 0.12 per share so it is only logical to think that the SP may go down to lower than 0.035 this time.

Still $33 million to go...

0.75*0.035 is 0.026 per share so if $33 million is needed then SAS would need to issue ~1.346 billion new shares to get ~$33 million after fees. So total no. of shares would be ~3.656 billion at ~0.0273 per share. Again I would expect the SP to go down lower to 0.025 per share.

That would wrap up 2019. So lets go 2020 and more CR for another $51 million.

0.75*0.025 is 0.01875 per share so if $51 million is needed then SAS would need to issue ~2.88 billion shares to get ~$51 million after fees. So total no. of shares would be ~6.536 billion at ~0.0153 per share. Again I would expect the SP to go down lower to 0.013 per share.

That would wrap up 2020. So lets go to 2021 and more CR for another $51 million.

0.75*0.013 is 0.00975.....issue of ~5.538 billion. Total no. of shares ~12.074 billion at 0.0083 per share...down to 0.007...

Then 2022...

0.75*0.007...0.0053...issue of ~7.285 billion. Total no. of shares ~19.359 billion...

then do two more for 2023

+~15.43 billion shares...total no. of shares ~35 billion shares

and 2024...

+~28 billion shares...total no. of shares ~63 billion shares...

Tadaaaaa 200+ pearls by 2025 and only 5 CR and not 50 like you said. As an interesting note that 51 million I believe would be recurring.

So as you can see that 30 billion share I mentioned is actually very conservative...

Just mathematics...