If they were a fraud, they would have to be pretty elaborate, fooling three utilities for example. Why would they enter into a pay for performance contract if their product didn't work?
In addition, people are pissed about the latest tranche at 2.10 + warrants, but if MCLD didn't do the second tranche, they would have been bankrupt. They released their balance sheet with 14M cash after raising 14M in cash.