Ann: Quarterly Activities Update and Appendix 4C, page-18

But then look at AB1 with $3.6 million revenue and $200,000 profit and yet a Mcap of only $40 million?
I've learnt over the years that you can't compare micro's to each other to determine value. Look at QBL/AC8 etc. Different industry, but well over valued for the lack of revenue. FZO seems both over and undervalued depending on who you compare it to. So I don't think that is the best metric.

I am out of FZO for now, sold the morning of the 4C. Just didn't meet my expectations. I like the product, and I think they have plenty of growth room, but costs are quite high right now, and I think I'll be able to buy back in before 2019 at a reasonable price, so for now I have my money elsewhere.