From most recent 10-Q:
Total Assets (A):
2,423,393
Total Liabilities (L):
1,540,225
Subtract L from A to get Shareholders Equity (SE).
A - L = 883,138
Using 40M O/S, that would give us .02 in SE, i.e. if the company went bankrupt today, shareholders would get back .02 per share, theoretically.
Using 30M O/S, that would give us .03 in SE.
This SE is also known as Book Value. Most companies trade at a multiple that is greater than 1 times Book Value. For example, if we were trading at a multiple of 2 times BV, we would be trading at .04 (if 40M O/S) or .06 (if 30M O/S).
This is yet another way to value the company. I've already shown investors how to value the company based off of EPS and projected P/E multiples.
Under both of these models, we are extremely undervalued.