Also current PE's are different from forward PEs - ie: look at the current PE for Facebook (58) and 27 for forward 2017 PE. I think the same thing could happen for POET as there will could only be NRER in the first year and future earnings on Ryoalties will be anticipated and calculated into the value proposition driving the first 2 years' PE higher then when POET is actually functioning as an operating company with actual royalty revenue.