In valuation terms, patents are depreciated over 10 years so my...

In valuation terms, patents are depreciated over 10 years so my reading of the company's history indicates the original core patents are not worth much, and the latter filings depends on what they consist of. If they are niche applications it very difficult to quantify.

The IP has very little historical revenue so there not much to expect there. It would have to be judged on if the buyer wanted the company or just the IP. As there is no staff and no development,i.e. no operating company, its pretty much back to square one and that means the buyer has to add on his resource cost to do something with the IP. And forget goodwill unless the CEO can show who the customers are and what actual order values are being cited. If these are real orders, why not get a commercial loan? and breakeven next year? Must be orders of greater than $3M? should be able to show that documented to the shareholders?

If due dilgence proves the above to be more hearsay then an arbitrary sum of $1M at a guess, may be generous.