I am basing this on two factors:
The huge number of shares the company has issued as "currency" over the past 1-2 years
The market maker VNDM specializes in small cap stock "liquidation".They are known for selling large quantities of shares from either institutions or large investors.
If you have the ability to watch the Level 2 sales, you will notice that VNDM is now the lowest ask...usually only showing 10K shares for sale. Even though that ask gets hit repeatedly...usually in blocks of 10K and higher, VNDM doesnt move off the ask. Once they have dumped their current allotment, they will disappear for a few minutes, then re-appear with another batch of shares to sell.
This has been going on with regularity for awhile now.
What would be your explanation for the share price slowly moving down even with no bad news and some positive news?
Market Data 
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