Long term hold, page-45

I've been checking past annual reports to get a better understanding of where BUD stands currently. Particularly interested in the ever increasing number of shares issued over the past years and the accumulated losses.
With a share price of 7 cents, and considering a P/E of 40, they will need to make a profit of $5.1 million in this financial year in order to justify a price of 7 cents. This seems easily achievable given the updates we've been receiving so far this FY.
However, the accumulated losses of $134 million worries me... it's more than the share capital!
What do you think guys?