the R&D isn't that high and I'm not sure why you are taking 50% off because revenue is revenue. if they have $9M rev and $10-11M expenses they have a gap of $1-2M to make up. I agree they will need to raise more capital but I don't think it is as much as you think
FZO Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held