"That means NTA = $21 million. Given that market capitalization...

"That means NTA = $21 million. Given that market capitalization is $37.8 million and company is consistently showing losses from operations in their accounts, it is a miracle that the SP is where it is."

Good post.

I agree with your point above.

The only reason it is still this high is because Gerry has been able to sell some serious blue sky to the small cap money managers who have supported the SP for the last 2 years.

I think we may see his welcome with them coming to an end.
These funds are assessed on a quarter by quarter basis...and they will be hungry for some positive numbers...which look too far away at the moment.

I am looking for signs the funds are exiting. However the low buy depth will make that almost impossible, hence why I think there will continue to be heavy downward pressure on the SP.

Kiril.

Kiril