Your math is a bit off as the O/S is 155M, the float 35M. Normal P/E calcuations are with O/S figures.
P/E and $1 pps IFXY example:
Some food for thought going into the 10-K. Technology sector P/E average: 17.38, industry P/E average: 30.4 (per yahoo finance).
IFXY:
7,000,000 (est.) earnings
155,000,000 O/S
= .045 pps (7m/155m)
.045 x 17.38 = $0.78 pps
.045 x 30.4 = $1.36 pps
split the difference and you get $1.07 pps. The key here is that we have real revenue unlike most pink sheets who often trade at ridiculous levels and dilute like crazy.