Present valuation does not include the 2018 CB...

Present valuation does not include the 2018 CB conversion....let's hope a better offer surfaces............

Valuation: $0.26/sh (DCF, 10% discount rate)
Dilution has reduced our NPV by 40% to $0.26/sh, but does not include the further dilution from the CB conversion due to its 5-year term. Our revised price target of $0.15 (was $0.12) is derived from a 0.6x P/NPV basis. On a fully diluted basis, our NPV would be $0.20/sh.