I see this same sentiment in every penny stock that I have followed along with........a refusal to acknowledge that a company's past behavior might, just maybe, be an indicator of what is still to come. I just don't get it but perhaps as a non-investor, I will never get it.
You are being way too pessimistic, IMO. Take your hints from the 4 million shares buying it up today. If the fundamentals and technicals don't agree, believe the technicals. Drilled into my head by a genius named Zeev Hed.