I still think there is plenty of balance sheet capacity for...

I still think there is plenty of balance sheet capacity for acquisitions, for example:

Net cash of $1.4m + $0.35m in debt provided by Paul
Rounding down to say $1.5m and the acquisition is 75% debt vs equity would bring the potential acquisition to $2m (assuming equity issued at $0.03)
At a PE x of 3.0x would result in a pre synergies earnings uplift of $0.67m, adding to my mid point FY17 forecast of say $1.5m for earnings would see Npata of $2.2m

Pre acquisition eps would be $1.5m divided by 183m share = .0082
Post acquisition eps would be $2.2m divided by 200m shares = .011
The eps accretion would be 34%

The valuation would therefore increase from $10.4m (6x $1.5m + net cash of $1.4m) or $0.057 to $13.2m or $0.066.

Again, given the shares are trading at $0.03, I think there is some decent upside.