Ann: Appendix 4C - quarterly, page-25

Yup you are right companies to raise millions off no revenue and other companies including the ones mention do have a higher burn rate.

However there is a lot more that goes into a valuation compared to just revenue... I can provide you examples of companies making millions of dollars in revenue and up 36% YOY for the last 12 months and yet their SP is about 1/3 and they had a positive qtr too.

Like I have mentioned before the businesses being compared different - yes they are in gaming in some sorts two are not actually developing the game and ICI is. Hence it isn't a good indication on what 'value' is.