I've reviewed all announcements and results over last 18 months...

I've reviewed all announcements and results over last 18 months and I struggle with this valuation. They actually made a $900k loss before a tax benefit of $500k. A loss after the acquisitions contributed approx $500k (if I'm being kind). So the core business lost about $1.4m this half. It should at the very maximum be only valued at the valuation of these acquired business, which is about $10m, even then the core business is draining cash and could put it in a situation where liabilities can't be paid. If I could find a compelling story around IP, or confidence in future profit, then my position would be different.