Unless you want to include performance based options and shares,...

Unless you want to include performance based options and shares, that havent been released yet.
Im away from the office so dont have the official figures on me, but if management achieves all their targets over the next few years and all performance shares and options are released you will be looking at a market cap of around $33m.
Note however that we want these targets met, and the increased number of shares on issue will be insignificant compared to the value of the business if targets achieved.
For example, $3mill EBITDA py, 500,000 unique visitors, 60c share price, etc.

all imo, as I generally include future issues in my valuations.