"the PO was for $0.36/share which included a warrant, if you want to buy a share today, you can get the share for $0.31 or so, and of course, no warrant. So it stands to reason that $0.31 is a resonably fair price to pay to get a share without a warrant."

That does not explain the share price. That only explains why people are buying. Who is selling at this price? Hardly any shares have been bought below this price for over 4 years.