I suspect they started with good intentions, hit some unanticipated challenges they weren't able to overcome, got used to their salaries, figured out they could keep getting convertible funding to keep the money flowing for awhile, then moved on.
Sure, they used a portion of the funding for their projects, but a large portion of it went to salaries. They deferred some of the money, but still paid themselves handsomely. It's in the filings.
Roger was in a position he didn't sign up for due to the passing of Joe. Regardless, he acted (and is still acting) irresponsibly. Not updating shareholders is irresponsible, unless he had a conscience and didn't want to pass on the apparently false information that Richard was releasing.
Looks like Richard isn't the upstanding businessman I thought he was either. David was there primarily to line up funding and collect his $150k/year.
I'm assuming they all agreed to the convertible funding, hence showing zero concern for the shareholders. Yes, they also had shares, but at some point probably realized they weren't going to be worth anything, and decided to get the cash.
I'm making a lot of assumptions, but that's because ROGER WON'T COMMUNICATE. I've always taken that lack of communication as a bad sign.
AI
