Given Clayton's email indicating that the HL PP has not yet closed....and then looking at the Beacon Report, it seems to me we might have a case of "premature valuation". 

The report has Shares OS at 174.6 million and 198.6 million fully diluted.  Obviously those numbers are not current, and won't be until the HL financing is completed.  

Perhaps this report isn't circulating yet, perhaps they're waiting on the customary closing conditions before sharing it?  I notice that its behind a "client wall" if you go to Beacon's website....I wonder how NoRetreat was able to share the link???