I updated fair value due to their incompetence at communicating the story. I placed fair value at $3.90 which is their cash position of $2.90/share plus a buck a share for Finjan Mobile.
I'm placing no value on current litigation and licensing negotiations. If they bring in more revenue than their burn rate, my value will rise. If they burn more cash than they bring in, my value will drop.
They are accelerating downloads at Apple Store and the reviews are much better since latest version. They went over 500K downloads at Google Play Store and reviews are good there. Hence, buck a share valuation for Finjan Mobile. If they begin breaking out revenue for Finjan Mobile, the valuation could rise quickly.
So $5 or more is very possible, but requires execution. $3.90 is easy to justify. Anything less than that is a bargain... for now.