Ann: Trading Halt-IOT.AX, page-126

I've just been crunching some rough numbers here based on this info.
Assumptions: corporate costs are from the Mar-16 quarterly report with cost annualised, and assumed some additional cost would arise... assumed no other additional revenue (e.g. from watches, OTT etc)... used the gross margin of 65USD/unit as worst case scenario.
Have fully diluted based on recent capital raise announcement ($8M @ $0.07 = 114m extra shares on top of escrow shares).

My conclusion is that basically any confirmed orders greater than ~150,000 the current share price would undervalued. Take not of the blue sky potential for profits - i.e. if in fact the 440k indicative orders are realised, number units sold grows over coming year, Smart watches sell well, and OTT etc.