RE: LVL 2 Ordinarily, I'd agree with you outright.
I've had this issue on my front page for several months now, as I'm a food supplement nutbar, and with Neptune having blown up (literally) this one looks to be a plausible front runner on the venture stage.
But there's an elephant in this room.
A big public offering has collapsed, to be replaced by a smaller PP at, what? 14, 15 cents? Forget.
Now the stock collapses to the point where that 2nd dog won't hunt.
There is one special case, and one case only, within a well-managed company, where priviledged buyers have unreleased info.
And that's when a PP is being offered.
This issue is struggling for finances. I haven't done enuff DD to know whether its financial condition is critical, as yet, but I'm not all that eager, despite the high volumes.
As to the Bid/ask ratios, be careful. Sophisticated sellers will always 'iceberg' large dumps.