Ann: Quarterly Cashflow Report, page-34

No need to apologise mate, I was being facetious with my comment about valuations and PE ratios not mattering with SaaS stocks given what we see on the Nasdaq. In my opinion, AR9 is in such an early growth stage that setting a price target is not warranted. I have faith in the product and team and macro outlook for cyber defence stocks. So if revenue is currently $5 mill per year and market cap is $65 mill then that's OK with me. They are targeting $15 mill of revenue. Let's say they miss that and only his $10 mill. Well, valuing a software stock on 10 times revenue is acceptable to me, again because it is early days with the Kojensi rollout. I'm a long term investor and willing to wait this one out for 3-5 years.