I don't see anything wrong with 50 cents.
At $55 million in cash and 217 million shares outstanding, GNUS has a little more than 25 cents a share in cash.
GNUS's IP is worth another $20 to $40 million.
Hard to value the company as an ongoing business, since it isn't profitable.
$55 million plus $40 million equals $95 million, dived by 217 million shares, you get about 44 cents a share.