You're right that ultimately the responsibility lies on Ed. But it's not just a question of 20-20 hindsight.
The expectation was that the price would be much higher than it has turned out to be, even on the basis of having a line of credit that is much bigger than any anticipated expenses would be, up to and including the point of first sales, plus other news that was expected to be coming soon which would raise the SP. So there would be some dilution, which is inevitable when there are vital production costs, but it would have been reduced by the higher share price.
Obviously, it hasn't worked out that way. Hence the change in tactics.