Company Valuation

Can someone explain how this company has a market cap of over $20mil?

Haven't they just:

- bought the non-exclusive right to use the script for the defunct 'razer arena' for an upfront cost of $200,000 with an annual payment of $50,000, after a failed investment in the unpopular challengeme platform, and launched it as 'mogul arena'?

- Launched 'esports elite' which already existed on 'razer arena'?

- brought over the user base of 'razer arena' to 'mogul arena' (contributing to the 360% spike in users from the other week)?

- used the existing user base of 'razer arena' to help achieve their performance target of 300,000 users, and then increased director remuneration?

I see a lot of cash burn here, and a difficult road to achieving revenue. They've definitely added value to the old 'razer arena', but there doesn't seem to be too much user activity on 'mogul arena'. Surely the partnerships they have (which we are not privy to the terms) are not worth $15+mil. Maybe some clarity in the upcoming quarterly?

I'd love some constructive contributions here. How is it worth over $20mil? In my opinion, at this point in time, I put it at about a tenth of that.