why is vcn trading at such a discount

I have recently come across this stock and have noticed that it is currently trading at a steep discount to its cash backing per share (Which I have calculated at 12.5c)

Now I would have expected this 6 months ago as then most small caps were trading at a discount.

But in the current market I can not put my finger on why this is occurring, Especially when the actual amount of cash is a huge $28,000,000! Basically unheard of for such a small co.

Either something is wrong with this stock or the fact that its thinly traded could be contributing to this.

I would love to hear any explanations regarding this as I am looking at getting into the stock soon as I think at some point it would have to trade at a premium.