When a company already has a finished product  then you can assess :

the cost of goods the sales and revenue with the expenses and the profit margins and earnings per shares and future potential etc etc

Bur BioExx is different in they do not have a finished product and the original extraction of Canola Protien by HFC-123 solvent failed and now the new water plus phytase enzyme based method is viable only on the paper of the paid for by BioExx GEA report for POTENTIAL feasibility on a large scale.

The existing now shuttered Saskatoon plant has demonstrated massive failure to produce any meaninful quantities of protein power (samples only) using the exisiting infrastructrue. Huge COST and LOSS.

It has never been done : from Canola Oilseed  a high purity Canola Protein Isolate on a Profitable commercial scale  24/7 continuous basis into a marketplace that accepts it.

Doing  DD on this company is like betting on three black boxes that you can not look into : One has a diamond  One has dirt and one has dung.

Even CS does not know for sure if the deal can be done and closed with cash on hand and construction completed successfully in 18 months on time for them to produce.

Trying to assess the merits of a BioExx company sales now is ludicrous and premature .

The only worthwhile discussion now is : Can a deal be done and what value going forward will it be for BXI.

A  deal may very well  be done but not necessarily very beneficial to Bioexx shareholders. Maybe only to keep them alive.

My hunch is that a soon as SOME deal is announced the resulting short term pop or “liquidity event” in sp will allow these debenture holders to get their money out  and ride the warrants. They will let the newbies hold the bag  for the next 18 moths while construction starts and the long time shareholders still wait and wait for possible success.

Then in 2 years time when and if there is meaningful production of saleable Canola Protein and the market accepts it then you can discuss what if any margins and earnings there are

As of now you can add 45 million more shares from the debenture (when converted with warrants) the existing  215 million plus how many other options there are and will be issued . BXI is a bloated diluted share pig.