IMHO This is a massive Buy, page-11

Thanks for all the replies.

In regard to fully diluted shares on issue most of the outstanding options are out of the money and therefore non dilutionary.

Ordinary shares 305k

All options are either at 20 cents - 14m or above meaning they should be excluded in your calculation. If they are triggered then they are worth more to you than those that trigger them.

Therefore market cap is $61m less $12m cash = $49m / $24m cash flow = 2x.

Simon