Another variable that could be taken into account

Another variable that could be taken into account is the execution of warrants once we are above the strike price. On one hand, it means an increase of the OS (but likely not the float as many of those "new" share will likely be held by longs or even institutions), on the other it means fresh cash for the company.

Anyway, I think that at the very least your figures indicate we are extremely undervalued!