RE:RE:RE:RE:RE:the sp drop the 2020 financial must be near You're right, the warrants do have a direct impact on the company if successful and should be included. However, you included the warrant count but not the revenue from them in your EV calculation. Assuming about 75mm warrants outstanding at about 12 cents is an extra $9mm in the treasury which brings your EV down to about $32mm rather than your stated $41mm.
Your rev multiple is now 9.5x and is a trailing metric. Newer software companies trade at 15x 2022 rev all day long...