based on what exactly? the company currently has a profit of $1m...

based on what exactly? the company currently has a profit of $1m a year (which is very good), and is now valued at $40m+

if someone tried to sell me a business for $40m when it was making $1m profit.... (and yeah yeah I know people are going to bring up other, even worse companies, but comparing myself to hitler doesn't make me a good person).

I'm optimistic for the future of this company but I think this little surge recently has more to do with a few very keen buyers, than it is a reflection of broader market sentiment.

if I was a betting man, and I'm on the asx so clearly I am, I'd say that some of the recent cap raise participants will start finding the 100%+ gain a little too tempting to pass

all imo. not advice. dyor.