I mean has anyone done and posted even rough bottom-up analysis?...

I mean has anyone done and posted even rough bottom-up analysis? (i used to wrong conversion rates above) - but the message is the same and I still struggle to get here from bottom-up. I get the top-down logic. the performance shares kick in for years with over $1m in sales or $7m in 3 years - and they are at like $350k after almost 2 years... and we are still supporting a market cap twice as high as when it IPO'ed (and sales were similar pre-IPO).