Thanks, @Klogg I like that sort of reverse engineering of the...

Thanks, @Klogg

I like that sort of reverse engineering of the P&L exercise, so your your post provides a good ready reckoner.

It certainly "feels" like a business that could be valued a lot higher than its current mere $25m. A market capitalisation multiples of that level does not feel beyond the realms of possibility.

Trouble is, to get to the sorts of required Revenue outcomes your post throws out, I'm not sure the company is adequately funded. Looks to my novice eye like its going to be tight on the cash balance over the next 12 months.

I think the balance sheet needs to be bolstered by, maybe, $2m off additional capital which I think will see them through to the other side of the free cash flow valley with a degree of comfort.

The business looks bankable today, although a line of commercial credit won't come cheap, but equity capital for IME looks prohibitively expensive at this point.

The interesting thing is that management aren't even talking about funding adequacy being a consideration, so the internal cash flow budgets are are totally different to my crude modelling.

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