If the trend of business continues like the third qtr, soon we should be hearing about share buyback. I wonder how much of that A/R portion is collected during the 4th qtr. This can make a huge difference. If it's reduced and move to cash, this can very well be a jackpot stock for shareholders.
If one to think that the LT debt holders have been converting. I would if I see price this low and the business is growing. At .0006 a share, it's about 1 billion share added. However, I doubt that all the convertion would be done in the last few weeks. They probably converted in 4th qtr and some this qtr. If I have to do a quick avg out of the price conversion, I would put it around .0012 - .0015 a share. That means about 500 million shares were added and the company is no longer has LT debt.
So total maximum share O/S would be about 2 billion. However I think it's more like around 1.5 billion shares.
If 1.5 billion shares, book value should be: $0.0136 per share
If 2 billion shares, book value should be: $0.01 per share
If we are to use a multiplier on to the book value .. say of 3, then price will be around $.04 a share at 1.5 billion shares or $0.03 a share at 2 billion shares.
Cash: $4.1 million
A/R: $10.3 million
Inventory: $3 million
Advanced to affiliate: $3 million
Current Liabilities: $4.3 million
L-T debt: $625 K
Revenue: $19 million
Net Income: $1.5 million
Cash Increase: $170 K
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