It makes perfect sense. The company just f****d them over immediately after a private placement. I assure you, they give zero shits about the test/results or anything else. They are in it strictly to churn profit from their "free candy" given as part of the private placement.
So, the fact that those are impossibly out of the money now...they don't care about the rest.
I've said this before but folks don't want to seem to come to this reconciliation: ZIVO management has chosen the "shitco using markets to raise money" path versus legitimate business enterprise path. Facts are facts.