awk more or less: 40 mm TPMs x 50% share = 20 mm TPMs wit ESC = $ 2.0 MM 50 KTM ES AD x $8’000.00 = $ 0.4 MM 4MM ETS x $10.00 = $40 MM (represents 5% activation) TOTAL 2006: 42.4 MM - 20 MM burn = 22.4 MM => .224 / share P/E 40 => .224 x 40 = $ 8.96/ share