POET’s business model makes it similar to fabless semiconductor companies. Third parties would provide the production of its devices and we expect it would have margins similar to those companies below. They now trade at lower valuation resulting at an average of 8.7xs enterprise value to estimated 2022 revenues. Currently POET trades at an enterprise value of $222 million using a fully diluted share count. We need to look further out to where we think revenues would be by 2025. If we say the joint venture is able to reach $200 million in revenues by then and the rest of the business can ramp to $100 million that would be $200 million in revenues for POET in 2025. Using 8.7xs gives us an enterprise valuation of $1.74 billion, a market value of $1.76 billion or $46.00 per share by 2025 using today’s fully diluted share count of 38.3 million shares. This would be a present value of US$20.94 or CN$26.87 per share discounted by 30% per year.