The underlying business seems to be heading in the right...

The underlying business seems to be heading in the right direction and whilst still in the turnaround stage, produces cash (some $3.5m). Maybe new stock/lines will require some increased working capital usage but that can easily be funded.

I agree possible corporate activity is the area to watch - seems the large holders see value here and keep buying. Just think they could offer 10c per share ($22m) and then get $10.5m back straight away in cash. Over the next 12 months another $3.5m in cash flow is generated (assuming no improvement). Sell off the brand and IP and then they probably have their money back (and likely some very good profit if the current performance improvement continues).

Then line up another profitable acquisition in a similar industry to take advantage of the hidden $9m tax credits.

Just my speculation - but that's what I would do.