Natural Health Trends Corp. engages in the provision of direct selling and e-commerce. It involves the sale of products via a multi-level marketing member network, as well as through an e-commerce platform for the Chinese market. Given the loss of the China Revenues (88% of revenues), the firm is dramatically overvalued. We believe that the cash on the company's balance sheet offers investors little security, as the company's recent $32 million buyback program is currently being used to purchase Director George Broady's shares - the buyback program is roughly equal to the market value of