10x P/R multiple gives $0.092 undiluted (61M shares) and $0.07 fully diluted.

Company is showing traction with some small contract wins across NZ and UK.

Quarterly cash flow statements are lumpy with yearly and sometimes 2 yearly contract wins paid upfront.

As per recent investor presentation, an additional 52 new customer sites are to be activated by end of September 2023. Using $3,500 per site this adds a mere $182,000 to ARR.

With $1.6M in cash and free cash flow negative, I'd expect a capital raise in the near future.