good effort I like your thinking. My calc is slightly different...

good effort I like your thinking. My calc is slightly different

their operating profit is 1.6m for 2 quarters plus assume another 5m in each of next two quarters (ignoring growth).
they spend about $1m in financing/intellectual property so assume $4m per year outgoing

so earnings are 1.6 + 10 - 4 = 7.6
EPS is 7.6/309.1 = 0.024
so PE is 0.67/0.024 = 28

on a forward PE ration can also easily assume they can generate 5m in operating profit going forward so making 20m less 4m out giving you $16m earnings
16/309.1 = 0.0517 EPS
Forward PE is 0.67/0.0517 = 13

lots of assumptions and no growth factored in but forward PE (the one I'd use for valuation) looks attractive and I believe company is going places.