Believe it or not, I made money on this turd before the last split. But I was aware of their game and did exactly as you say. But I only played it once as I was leery of holding the bag.
I don't see any opportunity at this level because any news will drive the demand right into the hands of the "investors" who got lots of free shares to dump. I see a reverse split coming very soon. When you have 137+m shares trading in a day, does not take long for OS to reach 5 billion.