TAS undervalued - EDE and CNJ Interests, page-23

I'd be thinking you need to make decent allowances for Selling and Marketing costs - the current team of 9 would cost a minimum of $1m to $1.5m when you add in the extras. Then I 'd suggest doubling that (minimum) to allow for an extra team. Allow $2m to $4m for corporate costs, overheads and adninistration. Remember, in 95% of cases, costs are underestimated and not overestimated - dangerous because cashflow is the stuff that will keep us in the game long enough to claim the prize. I'd also allow the interest costs of a working capital requirement for at least 4 months worth of WIP and the running of a book of debt, governments don't necessarily pay fast.