Ask 100 different people, you'll get 100 different answers...
Mine are:
1.
Simply - why it's worth $100 million + is because that is what the current share price multiplied by the shares on issue equals.
Who knows what it would be worth if it was private... maybe less, maybe more. What would it be worth if it was listed in the US? What would it be valued if it was private and someone wanted to buy it? What would it be worth if they sold taxidermy supplies instead? Endless hypotheticals are possible, and noe accurately value the idea.
Market Capitalisation and "value" can be and often are two very different things. Do you think it currently represents less value on the market than it will in 2 years? 5 years? If you do, hold. If you don't, sell it. "The Market" doesn't always get it right at any point in time. And there are no guarantees. "Safer" companies have failed; "riskier" companies have succeeded.
2.
From memory, 1.6 billion shares approximately multiplied by 5 cents puts it about $80 million MC a year ago. About a minute later, it was over $300 million MC. If "the Market" was wrong then, and it did get way ahead of itself, it seems to be wrong now. A bit like tipping over a coke machine... it doesn't go over in one, it swings back and forth. Hopefully when it does go, it's the right way for those who believe in the vision and the team. They seem to be making the right moves, just not reflected in SP currently. You'll go mad focusing on just that, though. But that damn irrational market doesn't always do what you want.
(20min delay)