Peter Friedman

In a lot of different ways, including cash.

Not more cash than anybody, but I put cash in it.

So you have to look at all those things and say, what could you do?

Millions of dollars, we wouldn't even bother looking, because we know the intrinsic value of the company and where we believe we can get it is much, much higher than that.

Now, if somebody came along with a certain number and it was all cash, yeah, we go, well, that's a fast discussion, but there's an in-between number where you gotta go, hmm, we know and believe that over the next several years, we can build out the value of the company to a certain level,

Why doesn't the market see that, though?

There's time, value, and risk elements.

Well, I'll make that even worse.

We have $2.5 to $4 million in cash.

We keep adding that fraction of our cash.

So why?

Because they don't know we're here.

And because the stock market is not the efficiency thing that people say, unless you want to say, well, they don't know you're here.

And essentially, most internet tech companies, most, first off, most are valued on a private thing that's a function of investors driving up from round to round independent of the value of the business.

That's just true.

Now, they go public, and a lot of things like that is still often based on kind of hype and where it's going.

We fell out of that world

In 2001, when we survived, nobody did.

And there have been points, like when our revenue jumped 70% one year, the stock went from $0.05 to $0.70 for a while, stabilized out at $0.40.

But when we didn't see the growth again, and then we started losing money, even though it's on purpose, it fell back down to the sort of $0.05 range.