I do not need to, the stock market is based on the future potential of a company which is why you can have a company like Tesla lose a crap ton of money yet have a market cap in the billions because people see the future potential, same with a netflix and other stocks.
So if there was a projected bright, profitable picture for these companies the valuation would be much higher, that obviously does not seem to be the case for Animoca as they are drifiting lower and lower. As you stated, if there were such future profits to be made, they would be scooped up right now for $10M which would be 2.5x premium over current price.
The issue with FRZT is they have a horrible balance sheet and need further debt to fund operations as they are not making any profits so it does not make for an attractive buyout target. It would be eaiser and less costly to the balance sheet and from an acquisition standpoint to develop the tech yourself as what FRZT and Munzee have is not anything other high tech companies are not already developing themselves.
So in an acquisition, what does the acquiring company really get? Any large company could get a license from Paws if they wanted one, so that's not it. Garfield Go is certainly not worth any company buying as they could create another AR game with a currently hot IP like Walking Dead or GoT os even the Marvel/DC properties.
Just because a company is in an industry that may be the future or about to explode doesn't mean they will be succesful or worth anything. FRZT is so highly leveraged and needs further debt to operate that no one would want to buy them out for what they have to offer.
Their hope is to grind it out, take on more debt, dilute, build more games and then reverse split again when things seem to start turning the corner after the balance sheet is cleaned up. If they can do that they may be successful but none of the current shareholders will have any value at that point in time. Remember, their is a reason all of the important people get preferred shares that convert to common shares, it is because they get preference is a bankruptcy and are not impacted by splits