In order to calculate net present value of a company you need to have cash flow which is typically expressed as EBITDA, you really can't say something is worth 5X today with no actual manufacturing plants existing and generating cash flow. Todays (and until a plant is producing revenue) value is purely speculative and dependent on the simple economic model of supply (shares for sale) vs demand (shares being procured). The reason we remain at a nickel is that BION continues to release additional shares to keep operations running, share demand never gets a chance to increase because there is always an excess supply of shares.
At this point the gating activity for the business is obviously the EPC report, I have confidence this is going to happen (perhaps in January?). However from a share price perspective nothing will produce more downside risk for the shareholders than continued issuance of new shares from BION, we need clarity in that regard.
Is anyone willing to broach this subject with Adam? He is as good as they come for Investor Relations but slippery as an eel, I doubt very much he is authorized to provide clarity in this regard (because the truth in this case could be VERY damaging to shareholders). My hope is the grant provides monies to support operations but I have this nagging memory that I read somewhere our grant money could not be used for daily operations, I haven’t been able to find the reference though so perhaps (hopefully) I am wrong. However, if true then the big bounce we are all hoping for next year will be dampened by continued share issuance and that will remain the case until the first plant produces revenue in 18-24 months or they get additional funding somewhere else.
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