Forwardly Inc (FORW)

[MicroKing]

Take the current market cap of $4.2 million (JOKE). Then estimate the earnings. Put a multiple on the earnings based on growth.

Here is my pure speculation:

Subscribers: 100K
Average revenues per customer: $15.00
Annual revenues: $18 million
Shares O/S: approx. 1.2 billion

I'll give GRDO a margin rate of 50% and put annual earnings at $9 million. Divide 1.2 by 9 = .008

Now take .008 times fair multiple for growth
Add value like, IT property/cash/liabilities and value of merging with a Public company.

Now all math is pure speculation in my head but I will give the company half the average p/e of market or 6 times.

That leaves me at .048 a share based on earnings. Now when companies do deals there is usually a premium. So I will "GUESS" PPS value of .10. Bringing market cap to approx. $120 million or around 7 times annual revenue. Very Cheap in Wall St. dollars for a innovative software company that is needed by Institutions and Consumers.

Bottom line guess: .05 to .10 (min.)value per GRDO share in a stock exchange for new (combined) company. Alittle over 5 times the original high of .0169

Now that you've seen a trucker's math, how about someone with more knowledge chime in with their best guess. Beer time.