Hi conix. Who ever is selling may just be wanting out. It would not suprise me if there were some older investors with a lot of shares who bought in at a higher price. Like you said I think them selling is keeping this price low and are keeping it from being $1.50 right now.
This company is usually late on their financial reports.
If the price starts significantly moving up then I would expect some contract or new developement news to follow. GLTU too!