Liquid: yes I do mean in the positive sense. I can't speak for others, but I think the reason is twofold. One is you know who, who is much less involved but still out there somewhere. Two is the fact that, while Fredy has done wonders for bringing the company to a positive eps and operating cash flow position, pre-tax adjusted net income has been in the $200-300k range (with one higher quarter) for the past 6 quarters. Perhaps investors are waiting to see if they can break out beyond this range before committing funds. We all know that this can happen - based on the announcements of the last 4 months - but there are probably a lot of skeptical folks out there.
Who can really know what's in the mind of retail investors sitting in front of their individual screens. My bottom line is that this is one very cheap growth company. Rightly or wrongly, I have purchased a significant number of shares over the past year, so my money is where my mouth is.