I answered the "Why did it go up" question in another post... Most likely speculative buying before earnings hoping for a revenue surprise. The company has, in the past, kept mum over a quarter then put out unexpectedly good numbers. Seems people were hoping for the same results this time around, but were disappointed. The post-earnings drop off seems to confirm the theory.

Biggainer wrote: Thanks. The big volume and the price increase that happened on January 12 to 18 really intrigues me (where 36 million shares traded hands at a price between $0.025 -$0.04)
If we average the price at $0.0325, that's almost $1.2 million worth of stocks that traded hands.
Why did it go up? (See above.)
Who bought all those shares? (Speculators/Idiots.)
And why did it not break out of that $0.04 resistance? (Investors hoping for a surprise but were disappointed because earnings were crapbiscuits.)
Will they try to make it break out again? (Why is there always a mysterious "they" people think are pulling the strings?)
If so, will it finally get past that $0.04 and then the $0.05 resistance level. (Evidently not, but consult your Magic 8-Ball in case I missed something.)
This was a $0.45 stock just over 4 years ago. (Past performance is no guarantee of future results... blah blah blah.)