BlackAdder: I am not sure the current diluted share count …

Yes, Pellegrino 2 gives us a good lower limit for what our little company is worth. And given that the report includes only what has been accomplished until 2014-03-01, I wouldn't bother too much (if at all) about the diluted share count.

Remember things like having reached the 100 nm target, having reached the 40 nm target, having made progress in the lab to fab transition, having Ajit Manocha etc. on board, as well as much more is not included in the Pellegrino 2 and adds to the company's value outlined in the report.