Would agree with this. In future funding rounds, new capital is...

Would agree with this. In future funding rounds, new capital is introduced and Novatti share is diluted - always going to be cheapest to get in on the ground floor, and they seem to have maximised this with their 91% shareholding.

Interestingly, at $3 million for 9% of the IBOA holding group - the post-money valuation looks to be around $33 million for the bank (with Novatti 91% share worth a little over $30 million, and others 9%).

NOV's shareholding in RKN is currently worth circa $28 million.

So between IBOA shareholding and RKN shareholding -> $58 million total out of the ~$90m market cap.

So rest of company "valued" at ~$32 million by the market, or about 0.6 to 0.7 x sales. Which is not far off current value of DOU, which has revenue of less than $1 million.

Could very easily be valued at 5 x sales for existing business conservatively + IBOA + RKN = circa $270 million, or 80 cents per share.

Without getting carried away with any of it.