I would agree, the company is worth more than it's current share price. Absence of revenue, price volatility is driven in large part due to human psychology. How much do retail investor believe in mgmt and business strategy. General investors really don't understand how to value companies. On the demand side, I suspect people are waiting to buy just before 3rd/4th quarter earnings release knowing with confidence that the price won't go up before then. And those who chose to purchase now, are bidding at the lower amounts to get the best value (btw, I don't blame them, I'm doing the same thing). On the supply side, you have retail investors selling at a lost, who may have purchased in March on the run up in the stock price thinking that they're going to quickly make a lot of money without knowing the kind of the long term investment they will need to make in the company. In addition, there are the vendors/contractor who are selling as the lock out period expires. Something that people don't take notice of, is the schedule release of stock from the escrow account, which allow some early investors/paid consultants to sell their shares. The last release was for roughly 9 million shares in April and next release is in October. And lastly, small orders can cause share price to swing wildly since volume is so small.
