$1 Club, page-20830

The above does not take into account enterprise value. We know IOU will likely have circa $35-$40mil in the bank. So you can add that to the calculations.

I also think a P/E of 25 is more appropriate, particularly given the p/e ratios of ZIP/APT etc - not to mention the 160 P/E of CRO at the moment.

If you take revenue of approx $5 million, annualized revenue of $20 million, that gives SP of $.91 cents.

Then need to add cash in bank of $40mil, for a SP of circa $.97 cents.

Will be interesting to see the 4C and the operational update, including how the roll out into Indonesia and PHIL is going, and to see if the market then prices in the next quarterly due in July and estimated revenues for the roll out and factors in 3 months of Malaysia launch - i.e. if IOU are doing $5mil a quarter without hard launches in Indonesia and PHIL it will be interesting to see if market then prices this revenue in ahead of time, and gets us well over $1.

Either way, with a current enterprise value of $200 mil, the market is assuming we will have revenue this quarter of approx. $2.4 mil.

Note, even if revenue is $2.4mil this does not mean IOU is "fairly valued" - particularly if the operational update provides details of the hard launch dates, customer deals etc.