market cap 23MTotal net equity 6.3M (you would get if you were...

market cap 23M
Total net equity 6.3M (you would get if you were to liquidate the business... Everything is very liquid)

So you buy the business and fork 23-6.3 = 16.7 (or you could substract -8M which is the total current assets)

Maintainable earnings on a Quarterly basis were last quarter 1.56M an increase of 6% QoQ (or 0.16c per share)

Assuming a year is just 4Q, that would make it 6.36M or 0.64c -> 0.0064$

So if all R&D and so on stopped that would mean a PE of 0.028/0.0064 = 4.4

But there is the spend in growth which in theory gets us a return on incremental investment of 85%

Problem is that these numbers are not standard... So you need to trust management on these.