I suppose we have to start thinking about this with the FY '18...

I suppose we have to start thinking about this with the FY '18 coming on the 23rd August or thereabouts.

I'm guessing with the extra rnd spend and FY expenses estimated at about $48 mil there won't be much profit, if any but i think we all know this but the $66.5 mil cash in Bank (31 Dec '17) and last half's small $3 mil or so net profit made me wonder where this large cash balance came from, was it created by profits??  So i thought i would go back and have a little lookie but only went back to early 2012, not forgetting that NAN has basically a $1 billion Mkt cap so surely its been making money in the last 6 years..... or has it?

I would aprieciate any help on a valuation method or reasoning for this $1 billion as i think i'm missing something because i can't get anywhere near that figure even with the chart TA looking strong.

I'm no proffessional but this is what i came up with just to try and get past all the noise that bean counters seem to create these days.

The Cash balance in March 2012 was about $7,400,000.
GE Healthcare coughed $7,500,000 for convertible notes not long after.
Then on 4/5/12 there was SPP @ 53c for $5,000,000 and a placement to soph's for $15,500,000
Later on, on 5/3/2015 there was another placement to soph's for $25,000,000 @ $1.65 and an SPP for $3,000,000 @ $1.65 aswell.

So adding up all this dilution and cash we get $63,400,000 worth of cash on the balance sheet over the period from March 2012 that never came from revenues, profits or other loosely used descriptive words and terminology.

As at Dec '17 we had $66.5 mil as per Wilsons investor presentation... https://newswire.iguana2.com/af5f4d..._Presentation_Wilsons_Rapid_Insights_May_2018

Now just keeping this simple or getting too involved with the accounts if we subtract the addition of dilution and cash from last known cash balance we get .... $3,100,000.

To my mind this means that NAN has made, what i call Net profit, from March 2012 to Dec'17, which is 5 or so years and 17,000 units plus consumables sold only produced and increase of $3,100,000 to the cash balance, does this make sense to anyone or am i mixed up.

If so, and that $3,100,000 is the profit it has made over 5 or so years how do we have a market cap of $1billion, can someone please explain this to me or is the market just being silly with NAN and overpricing it?

Thanks in advance.