RE:Income Nit pick but.... no longer 3.1 million, it's 2.75 million as at jan 31,2023 which is from the quarterly financials filed in March. There has been NOTHING filed since then. The 10 cent semi annual dividend would = $550,000 per year. That's a big assumption they haven't sold anything since then. The interest on the notes is payable in cash or kwg shares at kwg's option. Have they paid in cash ? The shares, warrants, convertible note, may all be worth ZERO. Time will tell but I wouldn't put much value on the 6% interest unless it's paid in cash. I don't recall any other transaction where the property owner (fnc) exchanges it's properties (mcfaulds) for shares,warrants,convertible notes "worth" $34 million BUT had to cut a cheque, for cash, for $1.5 million. That's just bizarre. Why not take $32.5 in notes instead? Or friggin $30 million instead of throwing $1.5 million cash into the pot? So, the 6% interest on the $34.5 million = $2.07 million seems iffy to me unless they pay in cash.
forget the investment income versus market cap comparison. If you assume whatever they get from cia and kwg , in cash, covers just a portion of the compensation burn, it's not worth putting a multiple on it.
but if, BIG IF, there are still 2.75 million shares of CIA in the treasury, at a recent price of $5.32 that's worth $14,630,000. At Jan 31, and again, who knows how up to date that is, there were 176.5 million shares outstanding. Ignoring any dilution from options etc , they are all out of the money. So at 8.5 cents , the market cap, is $15 million. Close enough to call it equal, and the rest of the assets, including kwg, are free. So yes, still cheap. The stock has been valued, roughly, at the underlying on CIA stock for years, so consider that, I will.