My calculation was that price was 3.5 times cashflow, calculated as follows: $5.8m cashflow/quarter * 4 = $23.2m/year.
Dividing by 400 million shares and options gives cashflow/share of 5.75c.
With a price of around 20c, this gives a price/cashflow ratio of around 3.5. While higher than 2, it is still very cheap.
I don't own them yet, but they look tempting financially if not morally.