$30 Million Enterprise Value At 40 cents a share and an Enterprise Value of just $30 million, prospective investors should take a hard look at Blue Gold. Last week's purchase order for 23,000 cartridges worth up to $7.6 million over two years appears to be taken for granted or largely ignored. The recurring revenue from the follow-on replacemnt features could be $100 per filter. $100 x 23,000 x 15 years = 34.5 million + $7 million for the cartridges = $41.5 million. Still early days for sure, but if the Company were to get even one new order for 10,000 + cartridges by the end of they ear, that would be an additional lifetime revenue stream of $36 million. What smallcap stocks have this kind of revenues and cash flow at this stage? Most small caps are burning cash like mad and/or have dangerous levels of debt. Blue Gold is not a sure thing, no investment is. But it seems to me that both the Tailings segment and the SMARTSAN component opportunity COULD each be worth in the hundreds of millions. At a $30 EV, and the prospect for significant recurring revenues, fundamental downside in the stock should be limited. Technically, the stock could obviously go lower. I don't have a good handle on how much of the free float is looking to exit the story.