I have no idea who is selling but would guess it's someone who's got the shares cheap one way or another. Problem that we're dealing with is that liquidity in this stock is still very limited (one of the problems being on the pink sheets) and hence any seller with somewhat decent share count at low price will depress the price if he/she wants to sell no matter what of has a hidden agenda or is short selling.
The dilution for the Ironridge deal was included hence the convoluted numbers as everything was stated diluted as well and that dilution was based on the maximum amount of shares set aside for the debt swap deal (just refer to the share numbers listed as outstanding and diluted)
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