Amadeus,
I agree with your assessment we are in a "show-me" state and what it will take to for shareholders to get out of that mindset.
One thing to point out, however, was that the market cap was approximately the same in 2012 at .60 as it was in 2016 at .23 because the increase in outstanding shares.
In my opinion, the most recent lackadaisical "jump" to .09 is the primary indication that this stock is in wait and see mode.