Peter Friedman

the people all working out of their homes across the US.

40 something states.

It doesn't make any sense.

But the company, even if you looked at it as just a services company, it would typically be valued at two or three times revenue and 20 times earnings.

And right now we're losing money, but typically it's 10 or 15% profit.

Oh, a million dollars a year, something like that.

We built up a whole bunch and we're doing some strategic investments.

But we can switch it back to profitable anytime we want.

Unlike typical social media startups, they're kind of on the concept.

They'll get volume, and most of them have to exit by getting sold or something like that.

This is a real company.

So that would be its valuation.

I'd make it 10 or 20.

Now, the software part of our business, if it was typical and not the history, probably tens and tens of millions.

But

The irony is, even though we have a proven business model and we survived where nobody else did, in the course of doing that, we kind of went into the backwater and as new phases came, because everybody went out of business, and then it all came back in 2005, 2006, and then it all went out of business and then came back.

So it's that world of venture capital, financing and funding and all that, we're just not there because we're here and we exist.

And the track record of existing gives me extraordinary respect

from people who know us across the industry, but it doesn't fit the capital models that drive those valuations.

We've proven we are the best at last man standing, delivering value and enough that our customers will pay us more than it costs us to do it.