It all depends on intent. Did BH ever really intend on trying to develop a business? Or, was the business selling stock and giving shares away to his buddies hidden behind a feeble attempt as selling a product?
As for whether LVVV ever had a business model is debatable. You can't be everything to everybody or try to ride a bunch of trends at the same time. The biggest reason is it makes a company look like it has no clue what it is doing. Every company has to have an identity.
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