Sorry, but your assessment doesn't hold true in penny land. If restricted stock or otherwise unreleased shares are hitting the market, it has quite the dilutive effect. I've seen other companies in the past state (MLHC comes to mind) that they would not increase the outstanding for a period of time, thus attracting shareholder's interest. But during this time, the number of shares of held at dtc (the theoretical float) increased each week, thus causing the share price to fall. About a month or two later, once the held at dtc neared the same number as the OS, they again increased the OS. It's a typical penny play with some companies.
Not to say you can't get those new shares gobbled up and eventually get this to head north. I'm just offering my perspective as to why this has not been just retail selling. Good luck and happy trading.
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