In the last 2 quarters, the company has achieved cash flow before changes in non cash working capital of $3,230,211
Net capex expenditures of -$380,108
Free cash flow in the last 2 quarters works out $2,850,103
Over the course of the next 12 months, the company is likely to achieve free cash flow of twice this number which works out to about $5.6 million.
With a market cap of 34 million and forward free cash flow over 5 million, I would say the company is very much undervalued. If we assign a 15 times multiple to free cash flow and a diluted share count of about 28 million, we get a share price of $3