The market cap of $220K(not $150K, the O/S is 8.8M per the 10K) is by far the highest since the price started diving right after the O/S. And the market cap may actually be considerably higher based on Iliad's convertible debt facility. The 6 month anniversary of the first tranche of the $450K credit line opened on 10/17/14 brings the first installment payment due on 4/17/15, last Friday. The first tranche of the credit line was $105K. Not sure if that whole amount is currently due, but let's play Best Case Scenario and say $30K is the first installment payment (over the past 2+ years Iliad/Fife typically converted around $30K per month). Go back 15 days from 4/17 and you'll see at least 3 days where the stock price was still around .002, the bid being .0015-.002. This means that Iliad would be converting at .001-.0015(67.5% of the closing bid on the 3 lowest of 15 previous days) and would receive 20-30M shares. Add that to the 8.8M outstanding and you have 28.8 to 38.8M O/S, which corresponds to a market cap of $720K to $960K. And that is best case. If the whole first tranche of $105K is converted, you're looking at 70-100M O/S increase. This puts us at 78.8M to 108.8M O/S, which corresponds to a market cap of $1.95-2.72M. Still think the company is UNDERVALUED? Incidentally, we won't know how big the O/S is for another month when the 10Q comes out as the T/A is gagged.
Assets/liability is currently 1.5/1, down from 3rd quarter's 4/1. YOY revenue declined 47%. If you look at 4th quarter revenue of $58K, it is down 93% from 2013s 4th Q. -$150K of the net revenue is due to a large return(adding to the inventory) presumably from the closing of Russian operations. Take that away and the 4thQ was the worst revenue quarter of the last 5 years. Typically 35-40% of annual revenue is 4th Quarter. Add on now approximately $800K of convertible debt due to hit over the next year.
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