The 4C statement shows CIO with cash receipts for the quarter of only $478K - I don't see that figure on the 1st page of their quarterly.
Also, they state they have a strong cash position but its only $1.425M at the end of the quarter and their cash burn from operations is $1.49M, so they have around a quarter worth of work capital (excluding net receivables obviously).
What am I missing that places a > $20M valuation on them?
