Ann: December 2022 Quarterly Activities and Cash Flow Report, page-20

Sentiment seems to be in the pits, as some of you know that I have been watching since the run up well over 20c. The single ticket price isn't a great indicator to value such a small cap, but the revenue and DCF calculations. In my calculations, factoring in the huge bite financing took to future cash flows, I hit 6 cents as fair value (discounted due to risk by management). This company was never at a growth stage and priced accordingly. If DEL aren't disrupted, then it could rocket in the next 3-5 years. I will continue to watch the lack of progress of this company, with the hopes to jump on during the transition to growth (speculative).