It's neither theory nor fact - but it is ridiculous. Dilution is a way to get money - but that is not a business model. A business model is the 'why and how' of a company. Its structure, strategy, and operations, sales, marketing, etc., etc. I will grant the following, however: it could be a business model, IF the sole purpose of the company is to sell shares. Is that what BIEL is in the business of doing? Selling shares? Ah, didn't think so.....
It's a way to get cash; if it becomes the only way to get cash, BIEL investors are screwed. Pennyland is filled with companies that have sold nothing but shares - and littered the landscape with disgruntled, and poorer, shareholders. I am not even objecting to BIEL's dilution at this point - but continued, sustained dilution, without results on the actual business model - ultimately and always ends in failure.