You don't factor in outstanding options or performance shares...

You don't factor in outstanding options or performance shares because they don't exist in relation to the current business. They come into play only if & when significant value has been created.

Run cables through the Kalahari Desert? I don't the cost to value of that ever working out. The significant reduction in cost is what puts SAS so far ahead of the pack.

The first trickle of revenue will come as soon as the initial contracts kick in and won't cover costs, but it will open the door to MoU's and LoI's and the buy criteria of institutional investors will be satisfied. I don't know what remains to happen for that first dollar but it's only a formality now if SSG and the others are satisfied. I hope your 15c comes back to fill my orders but it might take a war in Korea for that to happen.

You can't compare this to ResApp - their testing was riddled with problems. The hype around SAS is a long way from dying down. The only ebb is going to come from Johnnies-come-lately who don't actually know what they've been holding, which is a small proportion of the register. Sure, the board could flood the market but I am confident that they have no intention or need to sell before 2020. I heard it ftom them and I believe they were speaking in earnest.

Extremely low cost to build, launch, operate and service the network is the differentiating factor. Low staffing and real estate costs, versatility... If a big satellite fails, you're screwed. If one of these doesn't work, the network is barely affected. Software and hardware can be upgraded incrementally for maximum efficiency and minimum risk & cost. The list just goes on and on and on and on and on and on and on, just like I do.