WowSo at $2.25, Waterous Energy Fund lost about 90 million in share price valuation. Not sure if Waterous acquisition made the price drop, though I guess he should've waited longer to purchase his 67% ownership if it was not the Waterous acquisition that made the price drop.
According to Cona's Q2 report, the company should be able to pay back close to 30 million per quarter and/or generate ~30 million in FCF every quarter. They may have overstated their FCF, though it should be over 20 million per quarter. So, 100 million in FCF per year and the market cap is around 200 million? It should take the company two years to pay back about 50% of their debt, in a conservative estimate. After that, the return per share price basis is close to 50%.
If Waterous is not offering to buy the remaining shares, the shares should be trading at least double the price in two years.