Sorry, but this is going to be a quicky reply (but maybe that's a good thing!? LOL) re: share buy-back.

First, one "funny" thing  - I don't even care about the size of the float.  Reducing float is a side benefit.

I don't advocate a special tender offer to existing shareholders.  Shareholders will inherently benefit from the buy-back due to the increase in demand for shares.

So buy on the open market.  And they do have plenty of cash with which to pursue this.  They well over $10M net after taxes as of their last report.  Also at least more 8 more licensees since then.  I suspect they have AT LEAST $50M net after taxes right now or very, very soon.

And buy slowly, at best prices.  Act as a stablizer, and pusher to some degree.  No need to hurry, unless they see something coming - then act accordingly.

When to stop?  When they run out of money!  LOL  But, realistically, having all the inside info, particularly with internal finances, pick a P/E they're comfortable with (5, 10?) to determine a perceived, realistic value.  Calculate your earnings per share, apply the P/E to see the perceived fair PPS value.  Now divide that number by two (i.e., "fixing" an expectation of doubling their/our money).  Buy up to that value.

That share asset is in the bank, and could be used at any time to support an acquisition.

As for the acquisition candidate of my choice, I want them to find a company that isn't profitable and is operating at a loss.  We get their tax situation as a beneficial offset against our other earnings and effectively greatly reducing the net cost of the acquisition.  Find a company with obvious potential (product, people - all basic resources) whose only hold-back is a lack of cash to "make it happen".  That, IMO, is the ideal candidate.  Not instant earnings, but strong, substantial near-future earnings.  The inverse of buying a company with existing profits has its merits, but the price and lack of greater potential are pitfalls.  Perhaps a mixture with multiple acquisitions.

Yup, we do agree to disagree sometimes, but you're absolutely right, we're both here for the same reason!

JMHOs,

SGE