While I won't disagree with you that they don't have 21 mil of revenues yet, I think your view on IF is overly pessimistic. Quiet frankly, they are in the beginning phases of distribution of the product so your assessment is also a what if scenario. Only time will tell whether hybrid is legitimate or not and this will occur after significant events occur in April, at the coatings show, and when the SNUR goes into effect (expected in June). Also, California is cracking down on pollutants, from isocyanates to other chemicals as well. I would listen to Jerry Brown's interview on Bloomberg (where he attacks Trump but also talks about the environment)
