It seems you are getting your "projected revenue of [A]$800k for...

It seems you are getting your "projected revenue of [A]$800k for the whole of 2018" from the US$0.6m of contracts that have been signed to date. The revenue target for 2018 (Jan-Dec) is US$8.3m.

The vesting conditions - which could release up to 99 million additional shares - include revenue milestones for US$2 million and US$5 million, but more importantly the SP must also be at least 40c and 60c, respectively, for each condition.

The Directors only have 4 million performance rights, WhiteHawk US employees have 10 million, the Corporate Advisor who facilitated WHK listing on the ASX has 13 million. The original US shareholders stand to gain 72m shares (in 3 x 24m tranches) as part of the Exchange Agreement.

If they do hit their target revenue of US$8.3m - which the sales reps have been incentivized to achieve - the Corporate Advisor will be doing everything in their power to also push the SP past 60c. That said, the conditions are valid for 5 years, so there is no guarantee these SP targets will be achieved this year.

Considering WHK listed with a MC of A$14m, it also means that by the time SP hits 80c (the third vesting target), the MC will be at least A$135m after dilution - A$150m if you allow for the 19 million options on issue. The company has a long way to go before justifying these valuations.

I don't intend on commenting on this stock too much either. Only wanted to set the above record straight.