But here is the big difference between your approach and The CEO running the company. The CEO know all aspects of the business and the most economical approach to go public, not you.
If you knew all aspects of their business then I would say your approach could be sound. But, since you don't have all the intell your analysis is at best a guess.
Depreciation, taxes, stock appreciation, cash projections etc. are all weighted between, shell, ipo, etc.
Time will tell.. GLTA
If there is a scam ... there is many inconsistencies, not seeing that in McCusker.