haspete chart please, page-277

Its positive expectation. Obviously as you say, a delay will deflate that expectation and the sp will fall.

But it is also an educated guess based only on what the market knows.

$7mil cash = no further dilution.

60 interested companies. Law of averages says they cant miss all of them. Even some might be small, they will add up. Some of the 60 might be real outside chances only. But to convert none?

Its definately got 'blue sky' factored in. All companies do. We are forward looking. Is it realistic amount? I believe so.

Remove the cash from the market cap, and use a 10xPE ratio and you wouldnt need a big contract to justify the current sp.

String a few together or land a big fish and the mc is cheap. The cash should see them through until such time. Will their be weakness in sp? Possibly if delays or overall market flops.

Directors and staff hold nearly 18%, plus you have some large majors. The registry looks strong and faithful imo. Certainly more positive than negatives.