I don't see it as a scam... rather, I just see a common, dime-a-dozen, vanilla, average, run-of-the-mill porn site that is having a difficult time selling its product into a very crowded marketplace.
Consequently, without revenues its stock is falling and management will soon have no option but to add to the problem thru 504s... and selling off their CRVV shares.
It doesn't have to be a scam to fail... just a bad business idea.