I think he has problems in the way you "value" the company at .28 as do I. Your PE calculations are made for established companies, not year old high growth stocks. What if R/D costs were even more extreme last year and the company had no earnings, would you value it at 0? Run a screen for companies with 0 earnings and try to reconcile the results with their respective share prices according to your model...hard to do! I also have a question regarding your position on outstanding shares. If the company is earning .01 per share with 79 million shares issued would it be acceptable to you if they added 12 million more outstanding shares and doubled the eps to .02 because that could very well be the effect of the Mako deal. This is not dilution...I'll give the company the benefit of the doubt until May.
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