That is how you calculate it, however i think Verce was eluding...

That is how you calculate it, however i think Verce was eluding to the question 'is there any revenue to reflect the position of the mcap - being 150m'. Many tech start ups out there have little to no revenue however still boast decent market capitalisations. Usually at this point in the lifecycle it is reflective of the markets perception of the potential of the enterprise moving forward. Just because a company has no revenue doesn't mean it can't have a decent mcap. You only have to look at junior exploration companies. These companies have no revenue but can have substantial market caps based on what they discover in ground.