You will barely break-even on that if it is stretched over a year and it is not proven that you will be getting that much either (i.e. FPDS only says $21.5m). Also DMRJ made BAM and their non-convertible $20m the preferred creditor which means their own convertible debt is being shielded from being paid off early and of course DMRJ's $20m credit facility is right behind BAM's meaning you have to find $40m cash profits (not revenue) before you even start paying off the convertible notes.
I can't see you going anywhere near the convertible debt for years to come while it continues to get larger at 15% a year. The only way out is for Buldoc to secretly borrow about $60m and then pay off BAM and DMRJ overnight in one fell swoop. It's the only way you get to have a 100m share total rather than a 180m one. Other than that you will just have to grin and bear it and just enjoy the technology as it unfolds.
There's a ton of negativity around here lately. I can feel myself going down that path as well. But I refuse to believe good things aren't on their way for us. They just received a lifeline from the TSA with a monster IDIQ and initial order that no one expected. I've been invested in this stock for 3 years when their future was much less certain, and if I held then I might as well hold now. Under a hundred million market cap simply doesn't make sense. Even $250m fully diluted is way undervalued IMO.
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