My thouhhts exactly. They release monthly reports where the FUM...

My thouhhts exactly. They release monthly reports where the FUM number includes the market movement. There burn rate is not going to decrease but instead will increase due to the indonesian expansion.
A large parcel of shares coming out of escrow and the need to raise capital in the next few months to fund the expansion, looking like a bumpy ride for the share price.

Also valuations are great when buying and selling businesses but dont help your operating cashflow and strategy. There is so much IP built into those numbers that it is all theoretical and you may not get close to selling a asset for its valuations once you have tried the model and it hasnt panned out the way you thought it would.

IMO