Looks like it could be okay for a tiny spec hold at these levels. Needs a new and convincing business plan though, rather than just accumulating cash.
Just keeping it on watch - need to sell another spec if I'm going to touch this one! Two others I follow in a similar league are LRG and RZR - both micro's that turn a profit and have reasonable cash for their market cap. Neither are on such a low P/E though.