The vets day event was of course insignificant, but the optics of raising money, including a go fund me campaign, then failing to provide any report, simply doesn’t reflect well on Moran or the company.
Your arguments may have been valid five years ago, but not now. He’s been given plenty of time to deliver. Remember, it was he who declared his hope to have merger by end of year. If there are valid reasons why, that’s understandable. But why not inform shareholders or come clean that the merger is off.
At this point, we don’t even know how many, if any, people other than Moran work for the company.