I figure after all is said and done, after a year, there would be enough money capable of being raised through convertible debt to pay the owner a nice salary for a couple more years until it even a toxic lender figures it isn't worth it. Then the company goes dormant. Doesn't file, and if the SEC doesn't delete most likely it gets hijacked or bought on the cheap.
The Nasdaq's third tier, the AMEX can be just as bad, and last but not least, the OTC, it seems, are financial venues that reward failure.