By 2023 or 2024, a dividend yield of 13.3%? Looking at the latest Financial Statements, there is a good possibility that Westbond will realize at least $12,000,000 in revenues for FY ended March 2023. If Westbond maintains a margin of 15%, than net cash from operating activities would be around $1,800,000.
Westbond has a term loan that will be reimbursed on August 22, 2023. The monthly payments are $59,524 or $714,288 on an annual basis. By FY ended March 2024, net cash from operating activities could reach $2,500,000 ($1,800,000 + $714,288).
If the payment from the term loan is diverted to increasing the dividend payment, then by 2023 or 2024, the dividend payment could be $0.03 for a 10% yield ($0.03 / $0.30 share price) or $0.04 for a 13.3% yield ($0.04 / $0.30 share price). At $0.04 the dividend payment would be $1,425,000 ($0.04 X 35,625,800 outstanding shares) while cash flows would be $2,500,000.
Market cap is $8,906,000 ($0.30 X 35,625,800 outstanding shares) and enterprise value is ±$10,700,000. The current valuation is cheap.