i think we could assume maybe 2mil (for the 16mil in annuity...

i think we could assume maybe 2mil (for the 16mil in annuity contracts for the year?)

so even if we move that to cogs, and then our ebitda goes down to 14mil. With net cash of about 16mil the ev/ebitda is 2.5ish. Looks very cheap.

The director pay is high but there is alignment with decent insider ownership.

Dipped a toe or in the water here. Market obviously remains sceptical and there’s obviously high political risk.