Cannot parse single characters

[photonstorm]

I know this project is dead, so I'm leaving this here more for anyone else that runs into the issue, rather than expecting it to be fixed. But the parser fails on single characters, for example:

Am **I** bold? will not properly place the I into bold tags. You can observe this on the test page.

This appears to fail for bold, italics and delete. Maybe others, but those were the ones I tested.