Really don't understand how you reach that conclusion but I see it so many times:
1. S Thomas earned $93900 directors fees - I presume US$ so that is around $128,000 AUD and spent $100K AUD on shares all the rest took up $10K or $5K but received vast amounts more as directors.
2. There is enough cash in the bank to keep earning each month for a reasonably long time.
So their investment has been bought and paid for already and considering the tax regime in USA even after tax...
Then we get to good value - in fact, I hate shares in this area between 10c and say 30c as each pip is theoretically 0.5c which on a percentage basis is huge it's 3.7% just to bid up or go down.
I also don't understand the logic that it has to be good value at these prices. It can still go to zero. It has to increase revenue by about 70% at the same margins, not increase other costs in doing so just to break even. A company breaking even has no real value to shareholders so to get to say the $48 million market value it would have to generate $4 million profit which at present margins means another doubling of turnover again. That means roughly US$38 million @ 20% from its US$11.9 million. This is still even at these numbers a high-risk high reward play with the emphasis on high risk in my opinion.
