m thomas committed director, page-47

"Sure, we could be seeing ISN as a 10B company in 2026. But there's a 99.9% chance that we won't."

Your choice of numbers to illustrate a point are very bad. You do realise ISN has very little growth potential as far as forward looking earnings are concerned?

Think of mining companies with only one asset and a mine life of 5years. What PE ratio do you give them? Maybe somewhere around 3 because as a holder you hope they will buy new projects from free cash flow.

Now take ISN. Minimal sales now and expiring patents in 4years. Right now you cant use PE to value the company because they aren't making a profit.

In the future they might reach profitability, but how many years of the patent will be left? PE of 2?

Then Philips make a cheap knockoff of our device. Stamp a brand name across it and crush us.

The best outcome is ISN has first mover advantage. Becomes a household name. And competitors cant get a foot in. Or the market is profitable but insignificant and nobody bothers to compete, allowing ISN to make $5-10mil a year without competition.