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Monday, November 06, 2006 5:52:03 PM
Like I said before, I am not trying to be negative for the sake of being negative. I just find most on this board pump up this stock, without much justification, and there needs to criticism to balance out the pumping. I just think we have to look at Rushnet for both sides of what it is.
Especially the share price, alot of people here think it should be 0.01, but if you look at the # of shares based on prior level pps and assets. I want to make an argument that the share price today might be overvalued as it is already.
For a long time the pps was trading around 0.0005 from 2005 to March 2006. If you do the math having the O/S at 4 billion X 0.0005 and the company is worth about $2 million dollars book value. Lets use todays numbers of 3.4 billion X 0.0019 and we get $6.46 million dollars.
Do you see why I think the pps may be overvalued?
What does Rushnet really own? I think they rent their office space. They don't own the Brewery, I don't think they own any storage facilities or land, or buildings either. They might get Garden soon, but even if they do, they are part-owners.
They own patents/trademarks for the Rushnet products, I highly doubt the bookvalue for this is very much... since the revenue per year is barely over $1 million in sales (the goodwill couldn't be worth very much, since there brand name and sales are very minimal as of yet.)
So, all I think they really have is their inventory of drinks, and goodwill to use as assets. Contracts so far could come into play, but I still stress their yearly sales as a factor to which I don't think its worth too much. And possibly $700,000 is capital, they recently acquired.
So this is why I think 0.0005 was a good judge of the pps for a long time, it shows the company as a $2 million dollar firm, and I see just cause to show it like that.
At 0.0019, I dont see Rushnet being a $6 million dollar company, I just don't think they own in enough in assets to justify this price. This is why I feel the pps could go lower too.
At 0.005 or higher like some would say, hmm, 0.005 X 3.4 billion = $17 million, I doubt it will be a $17 million dollar company for a long time.
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