Most reverse splits do not go well. The company based on their many irons in the fire, including Gambit and Bally should easy generate USD $ 20 M.  This is based on the assumption that these deals are accreditive to revenues and earnings. Otherwise what was it all for with the massive dilution ?
The valuation calculation you did did not account to divide this by the total number of shares outstanding, and where did you get 6.25 ?