Ann: SMX Collaboration agreement with BASF, page-187

Interesting analysis but I guess you are not comparing apple to apple.
Any start up company will never be in the vicinity of 30x/50x, in fact most established companies won't be in that zone. Have a look at alphabet it is barely 6x.

With your logic if the company gets $400K of revenue, the SP will move up accordingly increasing the market cap.
If SMX gets $400K of revenue, I assume the SP would go up to $2 and with 100m shares the market cap would be $200m giving you 500x.

The positives I get from the upward movement in SP are:
1. share holders have tremendous confidence in buying at this level
2. getting more funds from institutional investors (if needed) would be easy based on current average market price

But I am with you on the point generating revenue. I think one commercial contract is a lot better position than having 5 MOUs in hand!
If any of their pilots gets successful in next couple of months, those buyers at sub 50 level would miss the boat.

IMO, please DYOR.