Are all penny stocks overvalued as hell?

Is it just me or are a lot of these pennystock way overvalued.

I mean maybe I'm looking at this wrong but let's look at some favourites:

Cr8 - Essentially a company who's pride and joy is a piece of software that sells insurance online. I expect it to be marginally better than a simple if-then loop that a 14 year old could code up, I mean sure it uses machine learning but people especially old people now just assume anything online is trying to scam them, they want to talk to a real person that doesn't have an accent.

Price? 30Million Market Cap?
I mean if you had 30 million would you think buying this company is a fair trade?
Be honest.

Or would you rather take the 30 million and dump into a blue chip portfolio?


Let's look at another one:
IAM:

Same thing; producing automated statements of anything from excel data is something I coded up in my spare time working a 9-5 as an Engineering doing something completely different. If it's even in the same vague BALLPARK...

It sure as hell isn't worth 36 Million. To put this into perspective.. That's 36 Bugattis. Any serious company that want's financial advice won't go to a bot. It will go to a live person with experience.


I mean when evaluating these companies I figure the process is to look at the company first, without looking at the price.. and 'guess' what they would be valued. Then look at the price and ask if the speculation is justified.

Is that the right way to do this, or am I missing something major?