Para 2) It is trading 30M below cash because of CA & ASIC...

Para 2) It is trading 30M below cash because of CA & ASIC pursuits. This still takes into the consideration the value the market places on the underlying technology. Please recall, 3 NE Directors just resigned from the company due to disagreements with managements approach, hence not willing to risk their reputation for GSW (ala Bane & Joel).

Para 3) GSW's average salary is 250K (perhaps more) -- for a company with cash receipts of just approx 1.2M. This is a pretty good reason to be at a company.

Para 4) Can we please stop referring this as VC. It is a listed company, with almost every institutional investor lowering their stake in the company. Plus, "not fully operational", GSW suggested that such enterprise contracts signed in 2017 would generate plenty of $$$$$ over the 3-5 years period. Spoiler: I doubt many (if any) of these contracts are active or still valid.

You are right though, all speculative theories about its projected value are just noise