Ann: AR9 Awarded $528k Contract with BAE Systems Maritime Aus, page-138

An intrinsic valuation on a company in this market, with these interest rates for a company that doesn't make money isn't great. It can never be defined as an exact valuation and any successful or famous investor would agree. It's a low risk payoff at 15-25m. At 35-45m it's above current fair value and has a higher risk if things don't go well from here... which is an unknown unknown to everyone especially management who you all are getting your indicators from... therefore by context if you are using a management's tone and expression as a reason to buy the company.... You are making a choice that doesn't provide much sanity.