"Once reported in the 10K there is no reason to report a term sheet again in a quarterly."
Of course there's a reason to, if it's true and if it's important. No one said that they HAD TO, only that it would have made sense to and they didn't.
"Not reporting an active term sheet in a Q after reporting it a K is not in any way proof of its demise."
Did I say proof? Not hardly...
"But not even mentioning it in the 10-Q, a fact, tends to support the former".
(The former being a poster's expressed belief that "the signed term sheet is of course gone".)
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