EVIO Inc (EVIO)

[tarballmonger]

yearly revenue seems to be ~$4M

no reason I can see to believe this. Down to a couple of fully owned labs??? and some license pennies (no pun, intended).... The best (and admittedly optimistic) I can fathom at this time is $2.5M. One quarter reported over a year ago does not suggest growth to me. If one ignores the preferred share overhang and only considers the remaining 5M (rough) conversions coming from the Canadian debenture deal that would calculate an O/S share count around 32M shares. This leads TAR to a .41 full value.

I've shown TAR assumptions before, but here we go:

Rev of $2.5M x 15 multiple (average for biological testing labs) X .35 margins / 32M O/S = $0.41

If one is more conservative on the revs and uses $2M
and throws in preferred shares and other potential convertibles = ~40M O/S = TAR value of $).26

JMHO until I see something factual to change the calculus. Then TAR will adjust and so will I.

GLTY

TAR OUT... (that does sound a little stupid, but I couldn't resist)