Are you not tired about all this?, page-25

@ajbhu If you're puzzled then you are certainly in the wrong place - it's not a difficult concept to grasp. The tick size isn't relevant; market cap is, assets on hand (cash) is, then the discounted expected value of any future projects they might deliver is the residual. Currently that expected value (or Enterprise Value) is trading at a negative, which, given the depth in the board, low cash burn, and accumulated tax losses, is a fundamental mispricing to my eye. I'd say .4-.5c reasonable currently, giving a low probability of any future value. If they actually make some traction and increase the probability of the future value then obviously that value starts to increase from there.
Understand you got burned in the past - might be best to just move on if you can't put that behind you and consider the investment at present (or don't understand it).