Ann: Half Year Results - Presentation, page-19

And with respect to the 5 mil performances shares issued. They won’t vest till 2020 subject to completion of 3 years tenure and EBIT / revenue targets ( see yellow highlight). The ones to keep an eye out for are the 1.25 mil options ( circled in red) that will come out in October 2019 as part of tranche 2. Tranche 3,4 and 5 are again 1-2 years away from vesting.
So if you actually exclude these from the calculations then you can safely put 6 odd million shares out of the calcs - resulting in a low to mid $30 mil mcap . For a company growing this quick, it’s pretty cheap. Whether they deliver on the acquisition I think second half of FY19 will tell the story. I think $45 mil revenue should be feasible .