Hey Storm, no dramas. There are two reasons I haven't included...

Hey Storm, no dramas.
There are two reasons I haven't included profit from the sale of the machine by FBR to the WAAS entity:
1) We don't know what the cost of manufacturing the HX will be and therefore without any guidance on this from FBR themselves, it is speculative to try calculate profit from the sale.
2) I am trying to be conservative. You want to protect your downside as much as possible and to do that you need to make what you believe are conservative assumptions.

Of course we are dealing with the unknown future where anything can happen so conservatism is important.

For some background, I have two sets of models on FBR.
My personal model, which I don't disclose, is more involve. It includes margin from service and sales contracts. It includes time value of money calcs, probability analysis, market share analysis, etc. For one it is too complex for most people to handle and two I take greater liberties and it cannot be considered to be conservative as it's based on more than just known facts.
The above is more conservative in my view. It's an easy way to give away some information without overcomplicating things for the average person and without being to liberal on assumptions. It tries to under promise and over delivery.

But, since you would like to make and use some of your own assumptions, feel free to have a go at adapting what I have given you.
I have probably given you enough to start thinking about your own assumptions and how that might change your expectation on value.

In any case, again, this is not financial advice. It relies on assumptions that could be wrong. Do your own research, etc etc. GO FBR!!!