I said this 3 months ago tooThere isn't 80 cents worth of cash in this company/share. There is 48 cents cash/share ($16,317,167 CAD). Under these market conditions (poor), I could easily see this test the 50 cent mark; especially considering the market's negativity towards reverse splts. Also, their recievables went down 12M, even though the loan book grew 20M. Meaning the amount drawn by customers decreased, while the amount available to said customers increased. Not a good sign... as this negatively affects profitability. Also, concerning risk, they haven't, to date, factored for any potential losses on the loan book.
With all this said, I believe this stock should be trading at a discount to cash, as the metrics of the business have diminished since the last quarter, the negativity towards a reverse split is very real and likely, and they don't have enough past data to properly discount their loan book.
My guess this trades down to 40 cents or more now to get a discount to cash of about 75%..