RE:Fair Value Torontojay, appreciate the analysis and discussion. If I can piggyback on your numbers and add the forward looking EBITDA calculation just for comparison:
Assume we just 4x last quarter's EBITDA for the upcoming year: We get 4x $2,221,965 = $8,887,860, so about $8.8 million.
If I replace the TTM EBITDA in your calculation with $8.8 million, I get an enterprise value using the same 12.16 multiple of $107 million. Subtract the $16.715 million in net debt to get $90.3 milion market cap, divided by 56,137,953 share outstanding yields $1.60/share.