To justify the current stock price it has to bring in 4 million dollars PROFIT (Revenues-Liablities/Debt) annually.
So if you think htey can pull it off then the current price is fair..if you dont then its over valued.
I think the actual share count is about 37.5M.
IMO, your P/E of 5 is WAY too conservative, as the S&P 500's is currently between 15 and 20. Also, POT and MOS's current trailing P/Es are over 20, and their forward (2010) P/Es are 15 - 18.
IF COIN was earning $4M per year, I think their P/E would be very similar to those other companies.
I don't know how you come up with that calculation, but I do think that based on your $4M profit criteria that:
$4M in annual profit would be nearly $0.11 EPS. At a P/E of 15, that would price the stock at $1.60.
Of course, we have a very long way to go before $4M in annualized profit will be achieved.