Price Rise, page-7

Hi Salty,
Good back of the envelop calcs.
But the financing situation gives anyone interested the upper hand in negotiations (as we saw with Jiangsu sale). If there is only one or two parties interested, they will wait until the Convertible Notes are sorted. If not, they will wait until November and then buy the company for a negligible amount.
Also, I really think actual cash is closer to $40 million once you account for $4.5 million loan, $ 4 million in accrued interested (reported in annual report) and a reasonable expectation of current quarter expenditure (i.e. >$2 million).

Personally, given management's desperation to gift themselves shares, I think their main play is to get someone to take them over and assume the Convertible notes debts. The advantage of this is that they might even get to keep their jobs.