One last thought... you keep saying 19.6M to go and that if they JUST sold the S-1 shares, everything would be better. How? They would have 24M shares outstanding with a raise of 2M dollars. Doing it this way, they'll have the same 2M dollars with only seven million shares O/S, but someone or several someones will be taking a portion of grow revenue each month and the company remains debt free. Seems to me your hangup is the individuals getting the new preferred shares. As a shareholder, I say BRAVO!!!! BRILLIANT. To me they are looking out for shareholders on several fronts here. If that's your beef then why don't you see if you can scoop up some of those preferred. I'm sure with your background and expertise, they would love to include you in the mix.
Do your own DD. My opinion only.