You might want to deduct the liabilities of 1.1 million, leaving 1.3 million in net value and then divide by the actual share structure of 437 million shares -
that gives a share value of
less than 0.003 Currently, the pps is overvalued by 300% not undervalued.
I guess if a company had 5 million in assets and 1 billion in debt and no revenue, it would be a buy based on your calculations.