But your analysis and prognosis does not mention or include the possibility of a significantly larger AS, OS, and convertible note and restriction schedule.
Yes, what if they have large sales, limited losses, but end up showing an expanded AS (say billions) and increased OS (say billion), would that override the benefit of the high sales and limited losses? And perhaps on the nice side, is that the stock has been high enough that it may not have needed such large share increases to fund it's activities as other stocks that do so when share price is ~0.0001-0.001 requiring zillions of shares to result in any sizeable amount of money.