I've been thinking about the valuation and I do see things...

I've been thinking about the valuation and I do see things a bit differently.

It should be 18m rev instead of 30m since the service division is gone.

The company has a strong tendency of giving away cash to shareholders so we should expect to see the cash level remain around 15-20m.

At this point we can all agree that AVA's growth strategy is strongly relied on sales individuals with the right connections due to the nature of security industry. I don't think the cash is gonna boost the sales. You can't promote your product on Super Bowl commercials if you are selling security solutions.

I don't see IMOD type of deals as a conventional component of this business. It's more like winning a lottery. If it happened, we get another special dividend. Nothing more nothing less.

The doormakaba deal hasn't played out yet. The sales contributed by BQT hasn't increased much comparing to the days when we only have access to ANZ market. Maybe it will boost dramatically next year or not, we shall see.

It all comes to Aura IQ. If it didn't create meaningful sales, as the management promised, I'm sure the sp will drop back to around 14c. I know AVA is doing much better than many complies out there with much higher valuation, but I don't think any institution would want to pump this stock.