TED- this company went underground for a year...the NOL, the value of the IP, the ongoing business all were buried deep in the vault, heck- we even had a mgt. guy try to deny where the share count was coming from--all problems that have to be resolved and they are being resolved...the share count fully diluted is NOW more easily estimated.
And you can look at the conversion levels that drive those fully diluted estimates as sort of thresholds...work your math wonders from there on up.
But at the end of the day, I would rely on Percy's very well written outline that points to potential value, which is ABOVE the threshold conversion levels ( min. bids for EV)
OR
IS ISC WORTH MORE THAN MORPHO / FULLY DILUTED?
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