all this for just one cent, page-18

asf,

I cannot follow your logic at all I am afraid.

The share price of EXS is 65c.

There is 64c cash in the company as at 30th June, (and as lionel has pointed out, probably closer to 65c now given the income that the company is producing on a weekly basis).

There is no debt.

65c-64c equals 1c. That is what the market is valuing the assets of the company other than the cash in the company.

Tax will have to be paid, but when that tax is paid, the cash is reduced but simultaneously there is a non-balance sheet asset in the form of the franking credits generated by paying the tax. The value of the franking credits cannot be ignored.