Generally speaking I agree with your analysis, but I think that it's worth noting that it was only IFFCO's buying at .60 that kept the share price at that support level. The question here will be if there is another fairly large player that will help the retail interest create a floor. I don't know who that would be, but maybe they've been waiting in the wings waiting for a buying opportunity.
For my part I am not overly concerned. I believed in this stock at .60 and I would believe in it again at that price. There are issues with transparency and execution which have been discussed ad nauseum, but nothing has changed over the course of the last two weeks to warrant a change of attitude.
Either this company has the resources and is months away from production as it says or it is never going to happen and my shares will be worthless. I am prepared to gamble and will ride it to the end. The reward or the sword for those who have patiently waited over the course of the last 2 years is finally at hand.