You need a refresher on enterprise values.
You deduct cash and cash equivalents -- not inventory. VBDG has a scant $145k in cash, and no short-term investments that could be considered cash equivalents.
Also, your math is wrong. VBDG's enterprise value isn't "roughly equivalent" to its market cap. VBDG has $14,400,000 in total liabilities. And in its ~$3,000,000 market cap and you've got $17,400,000. Subtract out its $145k in cash, its $5,769,000 in AR, and its $503,000 in "other current assets" and you get an enterprise value of $11,128,000.
That's assuming that VBDG will actually collect on all of its AR. In this economy, that's not a sure thing.