Current O/S = 35.7 million Current Convertible Notes Payable = $6.4 million Further Dilution at say $0.7/share = 6.4/0.7 = 9.1 million shares Total O/S after all notes paid off = 35.7 + 9.1 = 44.8 million shares Market Cap after notes paid off at current price = 44.8 million x $1.52 = 68.1 million $ Net Income (excluding "change in fair value of derivatives") from last 10Q (Sept. 30, 2019) = 2.75 million $ per 3 months or about 11.0 million$/yr Last 12 months P/E = 11 million $ / 44.8 million shares = 0.25$/share At P/E of 10 the stock is worth 2.5$/share... Ay P/E of 30 the stock is worth 7.5$/share...