TEP, your points are well made except that I think the real...

TEP, your points are well made except that I think the real problem here is that the board and management have not done a great job of explaining the value creation until now this new investor presentation. At a portfolio lifetime value of $89m, this is what the company should be being valued at today, that is what these stats are good for. Raising capital on reasonable valuations would not have caused anyone any concerns. Raise $5-10m on a $89m valuation would be regarded as success. What the market needs to understand is how undervalued 1st is, and given the release of these new metrics now is a good time to be getting in. This was always a long term hold for any wise investor IMO.