Your annual sales number is too low. If you look at the recent addition of distributors (Mclane's and TDR) and YOY earnings, ECIG should produce $200+ million in 2015.
Mclane's is a Berkshire Hathaway company that distributes to over 50,000 retailers in the US. TDR distributes in Eastern Europe. TDR has a 60% market share in Croatia. Both companies have "JUST" signed agreements. Mclane's on 11/07/14 and TDR this month.
I find it helpful to fully dilute shares then calculate earnings. ECIG has around 50% margins. With those kind of margins and triple digit growth in revenues, using a forward looking P/E of 20 is fair for a conservative analysis.
ECIG is a growth company with significant growth in revenues YOY. How many here have had a chance to buy a company who withdrawls an IPO only to land in pennyland. THIS IS NOT A PENNY STOCK and should have never traded below a dollar.
If I read the 10q correctly, the convertible notes are directly related to acquisitions. Is someone trying a back-door takeover by driving the PPS down in order to gain a controlling position?
Not very smart, our CEO ran Walmart and I'm sure he knows a lot of people on Wall Street. ECIG will get to the bottom of any BS manipulation of PPS.
