As i mentioned this a long while ago, these forecast which got them in trouble in the first place were never looking like achievable. And of this was what that continued to underpin the lofty $109m market cap. Assuming an annualised revenue of $3m , an appropriate market cap to revenue ratio of 10 (which is still higher than its peers around 2-3x) that gives underlying valuation of $30m translating into about 2.6c based on outstanding shares issued. $30m valuation is still higher than Energy One (EOL) which already generated $10m annual revenues and ebitda positive and BIQ trading at $10m market cap.
This is what i have been telling all of you the last one year and now the emperor has shown he has no clothes.
So they may have to use their cash hoard to buy some revenues from a small acquisition or raise more capital to dilute existing holders.
As i mentioned this a long while ago, these forecast which got...
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