Taking a more private equity geared approach (as thats where i think this would head) i see 6x TTM EBITDA = $2.5m EV. add fair value of investments = $3m. add excess cash (assume $500k) = $3.5m market cap. BUT if EBITDA increases in a meaningful way (which it should once sales start to pick up after the covid drop) then we will see some new value creation. 

Another reminder - mgmt issued stock options recently at a $.05 excercise price. They will only share in the profits if stock goes up.

Once concern - given the good free cash flow and excess capital, why doesn't it appear management is doing more to grow the business? The fact that the mgmt thought it would a better use of capital to invest in other speculatyive companys indicates maybe there isn't much room to grow?

I'm long, not sure whwere this is headed.