codes: Many M&As are based on net which would make NeoMedia worth $0. The only way to value NeoMedia is on revenue - you certainly can't calculate for user base. Their debt alone makes them unlikely candidate for an M&A anytime soon. Right now someone could pick up Scanbuy or Mobile Tag for less - and still get NeoMedia's IP portfolio.
NeoMedia has to grow revenue significantly before any new options become available. Anything less than $10M annually, with decreased COGS, is a problem for NeoMedia. They need $6M to handle basic operations. They certainly need another $4M per year to pay YA. At that rate, they will pay off YA in maybe 15 years. Once they hit $20M annually, they will become a real M&A target.
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