as clever as ur comments are; I would think even the most...

as clever as ur comments are; I would think even the most pessimistic investors could find it hard to say the business is overvalued at these levels..

despite burning cash, I think most would estimate with the falling expense ratio- that 1 more round of 12 mths worth of funding should suffice to breakeven. that being said 3m MC for 20M revenue with limited further dilution does look very cheap on paper-- especially with the MC at just a fraction of book value too..

I think its clear right now, that administration is being priced in as base case here.. meaning that technically u are correct if administration were to occur; as the business would be worth pretty much $0,00 at that point. however, any divergence from this base case I think will produce quite a result- say for instance if cash were raised at favourable terms( eg 7m-10m @ 3% + float), which is not an uncommon result at the moment.