StockWatch45, unfortunately your .54 price should be divided by 12 for a price projection of .045 because it looks like the $54m monthly in the 2018 PR you are getting that from was an error -- it should have been annually, not monthly. This seems corroborated by the 10k -- which says:
"Assuming we are able to build and deploy 10,000 units, revenues will hit $36 million annually within three years"
$36m for 10,000 equates to $54m for 15,000 -- annually.
So all of your projections need to be divided by 12. The 10% penetration calculation would be roughly $5.4 million for a price of .045 using PS of 10.
Of course, we may get far more than 10%, but right now we don't even have one radio station yet that is paying so projections are like shooting in the dark since there is great uncertainty on the timing and rate of deployment.
Pre-income the revenues are often used for projections, but since they will likely be high margin I think PE should also be used, which would calculate to higher prices down the road than the PS calcs, and why I'm still very interested in the pace of the rollout execution.