From Razo Report - Valuation Impact of Additional cash and only the $2.5 Million Investment
From Page 4 of Razo Report:
Public Companies
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EBLD - 100,000 Warrants - Exercise Price for TSSW = $1.00
Price at Report = $4.50 Market Value = $450,000
IPO Candidates:
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Partsbase.com - $650,000 Investment - Cost Basis = $2.50
Estimated IPO $14.00 - Estimated Value - $2,912,000
SupplyAccess.com - $510,000 Investment - Cost Basis = $1.50
Estimated IPO $20.00 - Estimated Value - $5,440,000
Total IPO Candidates = $8,352,000
Estimated Cash And Equivalents = $3,100,000
Summary From Only Ecommerce Investments
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Est Cash & Equivalents: $3,100,000
Total Public Company: $ 450,000
IPOs - Only 2 - $8,352,000
Total = $11,982,000
Shares Outstanding = 11,340,000
Estimated Net Asset Value Per Share Before Sale = $1.06
Valuation Method for other companies = 5 Times NAV
5 * $1.06 = $5.28
NOW ADD ADDITIONAL CASH ( $6.5 Million ) and $2.5 Million from investment = $9.0 Million
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Total $11,982,000 + $9.0 Million = 20,980,000
$20,980,000 / 11,340,000 = $1.85
$1.85 * 5 = $9.25
Unknown Information:
1) How much TSSW has invested in other ecommerce companies other than mentioned above?
(TSSW has invested only $1,260,000 in the above mentioned 3 companies that are now valued at $8,752,000)
2) GIVEN TSSW's Buying Power of $12,100,000 from Cash/Investment and Sale of subsidiary, What kind of return can we expect given prior returns?
3) When will TSSW conduct an IPO for TSG - Touchstone Capital Group?
4) What other investments does TSSW have?
5) Who else has provided funds to TSSW?
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