That's an interesting idea, Bmrboy. I have done some stuff with these low floaters in the past. Like you alluded to, patience is key. When the market is in high spirits these low floaters can just fly. On the flip side, when the market is in the doldrums, they can really languish and bleed down especially the more sketchy ones. So much depends on the mood of the market since it doesn't take much to move these stocks. If you're in the right one at the right time, you can profit handsomely.
I just saw your post this morning. I was on a mini vacation in D.C. for five days. I got the pleasure of seeing my favorite team, the Commanders, get blown out by the Dolphins, 45-15! It seemed like at least half of the crowd was Miami fans. Ugh.
I have seen lots of $1 stocks with strong earnings and solid balance sheets triple, quadruple and more, but I have yet to see one go below zero.