Your thoughts are very well laid out and I am far from an expert. However, you used a "conservative multiplier" with the bottom line figure you obtained from using the Market Capital analysis.
The "conservative multiplier" is the PE Ratio or the growth rate to determine the expectant rate of growth for that particular Sector or Industry in which a stock trade. That ratio is multiplied by the Earnings Per Share (EPS) of a company.
Still, from doing some thoughts quickly in my head, the .035 per share you mentioned is still undervalued for taking in the full potential for RVGD.
I must depart for a bit, but I will post some thoughts for you and all to correct me if I am looking at these things incorrectly. Hopefully it sheds some light on the potential with RVGD.