They have a 13 million market cap because they have issued millions of shares on top of millions of shares and options with piggy-back options. Times that be 3 dreadful pennies and you have built a 'valuation'.
If you went to a field and found all the rabbit droppings since 1972 and stacked them end on end, then you'd have something impressive but similarly unstable and ultimately made of shit.
Ann: Response to ASX Query and Continuation of Suspension, page-20
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