Replies to post #15647 on Finjan Holdings Inc (FNJN)

[Det_Robert_Thorne]

COIN only did $1.5M revenue in 2012

You overstated 2012 revenues by nearly 2X.

Our Gonzales, CA facility is our sole producer of our fertilizer product. During 2012 and 2011, we realized approximately $1.5 million and $2.5 million of revenue, respectively, from the sale of fertilizer from this facility.

http://www.sec.gov/Archives/edgar/data/1366340/000138713113000775/cvog_10k-123112.htm

Gonzales did $400K in revenue in Q1.

Sure, doing this reverse merger was cheaper for Finjan than going public on their own.

COIN leases the land ($10K/month) for the Gonzales plant, and they valued the equipment and buildings at less than $1.1M.

I doubt that Finjan will net more than a few hundred thousand dollars on the sale of the fertilizer business, and then what will generate cash flow for them?

At today's close, Finjan's market cap was well over $500M, and they have about $30M in cash and no revenues other than Gonzales, which they are thinking about selling.

They don't show a value for their intellectual property, so there's no way to value their assets other than the cash.

Should $30M in cash be selling for more than $500M? I wouldn't think so.

Therefore, IMO, unless Finjan announces a big new contract or an acquisition that will be immediately accretive, I would expect the stock price to fall quickly once the DTC releases the new shares to all the brokers and this thing begins to trade on the fundamentals.

With 268M+ shares outstanding, I would expect $0.25, or less, and that would leave the old COIN shareholders at the equivalent of $0.0005, adjusted for the reverse split.