"But there is no bid."
Or is there? My understanding after making phone calls about this to brokerage houses is that when a BID is under $0.0001, it doesn't display on on any trading platforms like Ameritrade, ETrade, iHub, etc.
They did however confirm that his stock has been trading below $0.0001. So bid is somewhere between $0.00005 to $0.00009 (or 5 decimal places).
A call to FINRA also confirmed that the MMs can trade in that area.
Take care.