Mr. Day maybe a lawyer, but that doesn't make him smart, and it certainly doesn't make him a project manager.
This project (the development of the software) has been going on way too long with far to few results.
I don't see how he is benefiting from the constant delays and uncertainties, so I don't think he is trying to scam anyone.
However, he appears to have no skills or experience in developing software or applications. The result in my opinion is he has hired incompetent developers who continually string him along and bleed him of resources (cash / stock etc..)
I have never seen a product with such wonderful potential flail and slowly die such a long and painful death.
If Websafety was his idea it is one of the best, most useful and most needed ideas around. How can anyone argue against the concept? It is awesome.
Too bad it will continue to flail until money runs out or someone else steal the idea and gets to market faster.