"Let's assume 6.5mm is in the recurring revenue bank."
maybe not the best point of departure for an objective analysis...lol
or, you should add, "and let's assume there will be no dilution." which is arguably an equally shaky premise.
also, as i pointed out, ongoing dilution will serve to rein in pps appreciation.
when i first came across apdn the mark cap was apprx $28M and the pps was nearly $5/sh (r/s adj).
apply that same pps to the current o/s shares and you get what, $150M mark cap?
there could be some more "runs" base on news/euphoric responses but a sustainable advance in the pps will have to be supported by a high growth rate off a revenue base of greater than $12-15M in recurring revenue imo.
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