It's hard to accurately speculate future earnings/SP predictions...

It's hard to accurately speculate future earnings/SP predictions when management is secretive about current earnings/contracts.

Having said that; Assuming Rev comes out @ $4m flat and our MC is $20m (~6.9 cps), that'd put CRO @ a PSR of 5 - which is more than reasonable for a software business during their growth period.

If management can achieve inflows of 10m whilst keeping outflows similar to this year (~5m) then I wouldn't be surprised to see a MC around the $50m mark in the medium term, based on the same PSR of 5.

Sorry to reiterate to the obvious - but Hartleys wouldn't have come on board if they didn't see the same upside as we do.