Cause for concern, for certain.
However, there are only 17 days until the 10-K is due, I'd wait till then before drawing definitive conclusions. If 10-K doesn't get filed, that would be a major alarm bell.
My own research is not far off from what you claim: involvement of shady characters, questionable insider deals, borderline legal communication practices, massive overhead "burn", etc. However, there are also some kernels of productive behavior (i.e. competent farming activity at EOW) and Aloi is legitimate IMO.
Regarding the "friends and family" funding rounds: as has been discussed on these boards, they were done at steep discounts to open-market prices. The question is, how many of these certificates were washed-off in the retail market after the 6-month Rule 144 holding period? Was substantial portion passed at much higher prices to the ultimate bagholders - retired folks like hempspeculator, neal, Xpedian and others who would rather drink Johnson's cool-aid than read SEC filings?
If the early investors were able to get out with a profit, they may have moved on, and not be interested in EXDI's story anymore.
However, IF they are still "in", holding certificates at a loss, and IF EXDI is indeed in serious trouble (we still don't know that for sure, despite the warning signs that are out there), then they may be interested in putting more money to protect their initial investment. However, that latter scenario will likely require reorganization of the company into a viable and legitimate business and addressing all the issues that had led to it being in putative dire straits (again, if they indeed are in dire straits). That was the point about the "friends and family" that I had in mind.
You are correct that investors would probably not be that stupid to invest if nothing changes, only to see their new money disappear again. But I think that there is a productive kernel here that can bear fruit at some point, in an emerging industry, if a company is run as a legitimate business.
