I have read 'again' the 20k today and I only can come to the conclusion that they are worth at least 0.20 even if they would issue all the 300.000.000 shares.
I don't find any negative point in the filing concerning the future, we all know they will have much more revenues this year because of the 'few' PR's they did, and there are even more projects then that.
There are not many western company's that have a profit margin of 69%. with that rate of growth they have now and even if they would issue all they shares they are allowed to do, we will be worth a dollar next march or even more.
I wouldn't care if they went private, they will have to pay what the company is worth anyway.
Ok, the goodwill seems high but very reasonable if one uses the most common formula's to count goodwill because most of them use a 7 year timeframe, and that I can count they just used a a small growth for the years to come in this formula.
Anyway, I have read everything again and again, my opinion is they are way undervalued. And to behonest there is really no need for a reverse split, and if they would do that by march 2006 a 2 for 1 would be enough to go to amex anyway...
Please if somebody has another opinion about the company's value please message!
AI
