DS -- I agree that in early stage companies, 'emotion' probably plays a larger role in pps than standard discounted cash flow with a risk factor -- although arguably the 'emotion' simply impacts the perceived risk in the eye of the investor and we therefore end at the same place.
The fact that some dollars (apparently $100K from two different third party entities, plus $1M or so from one to pay off some of the payables) have actually flowed into 'bankrupt' (no cash, lots of debt) EEGC would result in a reduction in perceived risk.
If risk of failure moves from 99.999%% to 99.995%, say (I'm sure some will say it is higher, some lower, not the point), that means likelihood of success moves from 0.001% to 0.005%, which could account for a 'five bagger' improvement in stock price such as we've seen.
