Your looking at it wrong. They went from a company with no revenue to a company with $23 million and growing annual revenue owned mostly by its board of directors. They didn’t give away half of the company, they used the companies shares to create a revenue generating subsidiary without a diluting S-1. 44 million shares were transferred into the creation of a $23 million subsidiary. Let’s use those to figures. That’s an earnings of over .50 per share annually. Add in a PE of 15 and you have $7.50 valuation per share for that deal.
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