"The current market cap of $50M looks way overpriced for a...

"The current market cap of $50M looks way overpriced for a reseller selling less than $10M p.a. in a competitive retail environment. There is no mention of profits - only sales. We can assume this company is still making losses."
How many companies make large losses for years with much higher mc's?
Competitive market or not, they are selling at a premium price for a premium product (watch and highly secure app) and have a high margin. Volumes will very likely increase at least threefold with the UK. That will build their international reputation. If they are going to the US as well, the next step up in growth will be even larger than the growth expected from UK.
The market looks well beyond current sales and profit when pricing a stock. With growth like that expected from UK alone, other European countries and possibly the US, $50mill mc looks cheap, not overpriced. We know MGM doesn't make the watch. It is made in China. I still highly doubt it is the same watch as the Korean watch. If it is based on the Korean watch with Australian design improvements and most importantly, with our own highly secure app - and that is what sets us apart the most, then we still have a unique product with a reputation that has given us strong interest from UK retailers and we are the ones that will be taking it into that large market - not Infomark.