This does not take into consideration the explosion in share price beyond $1.25 based on hype in regard to future potential as contracts come in.
I think some of the "hype" factor for the share price is baked into the calculation. Hiksan used an estimate of 35:1 for P/E. Typically, such a large ratio would only be used if there is a tremendous expectation for near future growth, which would translate into "hype," IMHO.