Ann: Sale of Consulting for $15 Million, page-38

No, your calculations are incorrect. A listed company is never valued at its cash backing. It is valued at its profitability or future revenue generating ability.

We may have $15million now but that diminishes everyday if we don't start winning substantial contracts or if the Envirosuite business model is not proven to work.

If anything, and based on the fact that there have been no new announced developments on Envirosuite, I would argue that we are currently overvalued.

Hope they have more positive news to announce otherwise, the share price is going to keep dropping IMO.