How cheap is Investsmart!!

I thought I note down a few reasons why I think investsmart is so cheap.
1. The company currently is valued at $40 mill.
2. The company is now profitable and the profitability is growing .
3. Fum is over $500 mill and growing .Every extra $100 mill in FUM $600,000 per annum goes to the bottom line .
4. They have substantiated tax losses so tax should not be a problem for some time .
5. They recently sold AWI ventures for $3.2 million so they now have approximately $7 mill in the bank .
6. The company has over 700,000 subscribers to their newsletters so that is a fantastic data base .
7. The directors are very well credentialed in the financial services area .
8. Based on industry valuation the Fum should be worth at least $50 mill without the value of the 700k of subscribers included I would be very surprised if the company has not had numerous enquires about being taken over as a lot of the hard work on rightsizing this company has now been done .In my opinion this stock should be worth a minimum of 50 cents presently !!!