Is this how penny stock works?

Question

If I buy a penny stock for ex. RSMI.OB (250,000 shares for $130) which currently stands at 0.0005 - Now if it goes bankrupt or goes down to 0.00 . Does that mean I only lose about $135?

Also, can I immediately sell this stock at any time, or do I have to wait for someone else to buy it from me?

RSMI - http://finance.yahoo.com/q?s=RSMI.OB

I used this stock calculator: http://calcs.cu-secure.com/calcs/stockcalc.html