Trading at a 43% discount to cash The market is asleep. The guaranteed SICPA earnout receivable is as good as cash. It is shown on balance sheet at its discounted value and is equivalent to holding a high quality bond with a 10% yield.
Cash + marketable securities + earnout receivables =
8,543,242 + 4,216,922 + 1,500,000 + 4,766,975 = 19,027,139
o/s shares = 90,750,238
Cash per share = $0.21