That's a well thought out message. I agree with your analysis.

I think in terms of market cap, not stock price. The market cap is now absurdly low -- if Jim is right about Hay Mountain. Even with an almost vanishingly low price per share it's interesting to ask how many multiples of current market cap are possible, and at what cost in new issued shares.

A reverse split accompanied by a justified large increase in market cap might be possible. Each of us would retain exactly the same percentage of that market cap as we currently hold, modified only by a possible share increase as the cost of new capital. If the new capital was applied to substantial development of the company, rather than to running in place, it would increase market cap and therefore justify the cost in shares.