Market Cap Then and Now If we take June 2011 after the $ 1.00 pp there was 220 mill shares for a market cap of $ 220 million based on :
$ 50 million Saskatoon plant ready to produce Protein Isolates Vitqalexx and Isolexx
$ 10 million in solvent extraction equipment for the HFC-123 low temp non toxic novel patent process
$ 20 million cash from PP to burn for 2011 to 2012 during ramp up of sales and little debt
A signed deal wit Helm Ag Tao distribute and a signed deal with Hormel/Century to co develop products and sales distribution in USA
A second plant double size ready in Minot South Dakota passes environmental and feasibility and state subsidy
The 5 plant model for profits rolled into future larger plants with 100 % ownership
If we take Nov 14 2011 they announce Failure of the solvent system and TRY non solvent aqueous only
All of 2012 there is no revenues they burn the cash 20 million they auction the 10 million equip for half a million
they borrow 6 million from Romspen they borrow 3 million from debentures with further dilution
they have to close and sell the Saskatoon plant maybe 13 million from 50 but probably less in this market
they will still burn $ 150,000 after plant closure (CS salary is $ 20,000 monthly or about 14 % of that )
IF there is a deal in May
they will not own any plant outright but have part ownership when built in late 2015
they will not have any cash flow from revenue until salesin 2016 after a slow ramp up and full capacity may take years if there are no technical problems and there is EU approval and sales are accepted in the marketplace
Market cap as of now is 14 million based on what equity for all we know the intellectual capital may be transferred to new European holding company private or public leaving current BXI shareholders holding a shel company with debts only
Maybe Juanito saw this aspect or view point and got out last week
He did say (at 12 cents) we would never see 10 cents again......... He may be right at one cent