You could be barking up the wrong tree on how or what to value here. My understanding is the value is in the technology and the licensing of the use of that technology.
For example
A shrimp farming business in Texas generates 300,000 pounds of shrimp per year. Through a licensing agreement with RSHN, RSHN agrees with the shrimp farming business that they can use their patented platform design to increase shrimp production. The business implements the new platform and production increases from 300,000 pounds a year to 1,000,000 pounds per year. In return for the usage of RSHN's patented design, they pay a licensing fee. Either it be a one time fee, monthly, quarterly, annually, or a several year deal.
So I think the right question is....if you are the shrimp farming business generating 300,000 pounds of shrimp per year at $4 a pound and generating a top line annually of 1.2M, how much would you value/pay in a licensing fee for a new technology that would increase your production to 1,000,000 pounds and improve your top line to 4M annually?
The "arm" of which RSHN provides in this organizational structure seems more like technology company that provides that technology to aquaculture businesses, and in particular shrimp.
Another example:
McDonald's. They don't necessarily sell just hamburgers. The franchise owners do, but the company itself acts more like a landlord. It owns the land and leases the use of that land. Their menu/processes/name are licensed to the restaurant owners that sell the hamburgers. The operator of the restaurant keeps the profit the restaurant generates, and McDonald's gets their licensing fees and lease payments.
