You're missing a key point. This is not a small exploration mining company, a couple of guys with an app that may compress data, a selfie drone business or any other 'idea' that has managed to bluff it's way on to the ASX.
This is a real business, with real people that have been providing this service to real clients for some time. The system works and has been for IPAC and a number of other clients for some time. The biggest two risks here are the ability to sign new clients and whether or not it can be scaled up to meet any future demand.
Perhaps you're trolling and trying to get in cheaper (Nice try) but I'm always keen to hear alternate arguments to my investment thesis, it helps me challenge my ideas, but trying to value this on 'chance of success' by discounting the cash flows is an absolutely ridiculous way to think about it. That method is only used in biotechs/pharmaceuticals and even then it is based on hard data, not a percentage that gets you back to the current market cap.
IAM Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
(20min delay)