It seems that it has to do with financing and keeping the doors open to get to where there at now. I don't think Steve is being dishonest. I still think shareholders will be rewarded who have stuck it out over the years. I also believe the hard times are over and better days are ahead. The filings had to become public record also. That said the -0- part is trying to be as easy as possible for shareholders.
Have you ever called the company on any matter? You also conveniently omit the "modest" part of the revenues coming from Dow to Nanoco. What does modest mean? Enough to buy coffee and doughnuts for their staff of 150?