"I am a bit surprised that the pps is dropping even after the news. Any thoughts?"
Yes. ITNS is a share-selling scam helmed by a recidivist liar (Mark Cheung) and a convicted felon (Charles Hensley).
How could the trajectory of the pps possibly be otherwise in the long term, when it becomes clearer and clearer with each passing day that the whole thing is just an elaborate skein of total lies?