I can't help but think someone is trying to shake out whatever is left to be shaken out. We keep seeing these scary declines intraday. I'm in no hurry. If they want give the stock away, I'll take some too, but like you say, I'd need a firm offer at or below 4. Looks to me like typical small cap bottoming malaise, the kind of thing that makes shaving seem enjoyable by comparison.
I think yesterday wasn't real - the volume was too low, and my bid at 4 and a small fraction wasn't taken. Today, however, someone seems to want to get out. I bid on a few thousand at 4 3/32 and got filled instantly. I don't know all of the restrictions, but I hope TSR is buying some shares back at these prices.
Don't waste your time on this one. The balance sheet looks great, but this company doesn't care about public investors. Prove it to yourself by calling their switchboard and asking for investor relations. Check out their website - for a computer consulting firm, it sucks. TSRI shouldn't be public.