Almost net net As of Sat Jan 16th Pioneering technology has a market cap of $4,483,340. I've calculated the net net which works out to $4,353,712. Just for clarity, I've discounted accounts receivables by 25% and inventory by 50%. Also, I added back long term lease liabilities (ifrs16) which didn't exist in Graham's time.
If the company can be cash flow positive then we can expect some nice upside.