Yes, P/E of 30 based on $0.045 sh price (I used a s/p of $0.043 for my calcs). Yup, share count does need to be watched, however, they were operating in the red on an equity basis so I can understand the jump. Revenue was down about $300k Q4/Q1 and their margins do jump all over the place but Q1 net income was about 4x Q4 #'s ($200k vs. $50k).
Bottom line is that the stock is incredibly undervalued (assuming insignificant future dilution) based solely on a steady track of current business, all bets are off if one of the big deals gets inked. I think you're right though in that the share price has had a huge run and until one of those big deals gets announced we may languish for a bit.
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