No, I still disagree as your view of the numbers doesn't factor any of the growth looking forward. Back to the trailing though - numbers are numbers - trailing PE is what the company has done in the PAST on paper - its right there in black & white in the filings - for 2007, they did 0.62EPS (0.51 through actual operations). That is just one gauge of value. The other obviously is forward PE (no earnings have happened yet at 18m O/S). The way I see that, yes, shares now are at 18 million, but also look at the growth. NET $$$ grew 170% from 2005 to 2006 and then 70% from 2006-2007. Even taking it a notch lower - if you drop that to 50% to 2008 on TRUE earnings of 5.8m, thats 8.7m net next year, or 0.46 on 18m shares - thats still ONLY 7.6PE. Hell, add another 12m O/S over a year - 30m o/s, and thats STILL forward PE of only 12.
So i've taken what I'd say is the worst case scenario, and we still have FROM OPERATIONS, a trailing PE of 6.7m and a forward PE of 12. This is a $7-10 stock easy, and thats the bottom line, regardless how we look at past numbers and todays.