future revenues and valuation

like most i am seriously confused as in my opinion only this for a long while now seems to be extremely undervalued based on recent valuation reports and basic stated company expected revenues however the share price has only continued to get worse due to the continued selling and lack of buyers.

What I can find - Mikohs current market cap is just $7.7 mill. After the current cap raising is completed and the Kolokorn deal is completed and all new shares are issued the mkt cap will be, based on current share price around $11 mill. (513 mill, shares)
A March 2011 independent U.S. valuation report based on the above share deal being approved and current Thai EVR deal values Mikoh at a Mid point valuation of 20c a share and or just over a $100 mill $$$ company. refer Arrowhead BIS report on Mikoh website. Since then Mikoh have reduced ongoing cost by selling the printer business, have announced a joint venture for a hopeful future Malysian deal and have announced a U.S. sales apparel deal.

My basic numbers - In March 2010 Mikoh announced a major Thailand EVR deal with stated expected revenues of a minimum $25 mill over a 3 year time frame.
In the 14 months since that statement Mikoh have announced revenues from all their businesses of $2.4 mill.
Therefore if the Thai deal numbers are still current and expected within this time frame then within the next 22 months (under 2 years) Mikoh are potentially expecting rev's of a minimum $22.5 mill just from the Thai deal.
I suspect that the major portion of these revenues would always come towards the back end of the 3 years as the first 12-18 months were preperation of the gantries, readers etc. I expected the tags sales would not begin in large volumes until the early work was finished.
These expected revs are just on the Thai deal and do not include any new business that Mikoh may or may not secure.
Perhaps my above basic assumpations are totally wrong and I would be very happy to be corrected by anyone however if i am only half right it would still seem that the current share price slide has been greatly overdone based on expected future revenues in the next 2 years in my opinion.
all the above is only my opinion and my assumptions and opinion could and are probably very incorrect.