you are 100% correct sir, and it shouldn't be valued this high. It all has to do with the low float and insane short squeezes caused by that small float. The only reason it hasn't gone back down under $1 yet is because people are desperately trying to recoup their massive but inevitable losses, and have been refusing to sell, but every week more people realize it is futile, and that accounts for the steady decline in price as people realize, most people are not dumb enough to pay these outrageous prices. It is hard to get rid of insanely overpriced stock, when only a few thousands trade each day. Only a couple people are going to get lucky, and when the restrictions on shares are lifted, all the people that payed 25¢/share will be happy to sell for 50¢-1$, and the stock will plummet.
Now don't get me wrong people, I am not saying this company is a failure. I would not be surprised if this company because a great success in the future. But right now, is just not the time to buy this stock, anything over a $1 is probably a bad idea. IMO
