Leaning on traditional valuations like that on pennystocks only goes so far.
The only question that matters with these sort of stocks is the following: to what extent will future expansion be dilutive? If the answer is: to a great extent, then there is basically no floor below which the PPS can't drop. PPS /revenue ratios etc all become irrelevant. If you think the answer is: not at all, then the next question is: are you sure? If by luck the company in question can expand without significant dilution (and here, you need a good deal of luck), then questions of price / revenue ratios etc. become relevant.
The only question that matters here is: to what extent will UPIN need to rely on / choose to use dilution in the future? The answer to that question is not really clear at all.
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