CNO, even with a 228% gain this year, is still only $37M market cap, and we have not followed it closely. It has minimal cash, minimal revenue, no earnings but marginally positive cash flow. Insiders own 16%, OML owns 15%. Nano structures are interesting and a growth area, and CNO has recently commissioned a new facility for future opportunities. But there is very little to analyse here, and we would prefer to see third-party confirmation of its products through a much larger sales base. As it is, it is too risky and speculative for us, and more capital is going to be needed. EVMT is just $6.9M market cap. Its stock is down 45% YTD. It has a decent sales base but high debt and minimal cash flow. We would consider far too small and speculative to be investable.
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