I mostly agree with your assessments. I still think however that if WSTI can show ONLY $1.5M earnings on the entire year (and the O/S remains ~3B), that the share price will be in the range 0.005 and 0.01. If that is done with any reasonable reports of contracts for bigger projects, you can double those numbers.
I know, for certain, that they are producing and selling units in the US. I don't know how many.
Crude prices are down, most solar stocks are down, most world economies are down and India is having trouble with the Rupee. So, indeed, if anything in the economy can click and turn things up some from this downturn, there could likely be some positives for the company. (I think the overall world economy has probably added weight on the company)