Very well put. I too have never thought it to be an intentional scam. My issue has been with all the items you accurately listed which are directly related to Adams. The buck stops with the CEO and he doesn't seem to be moving the ball down the field. I understand this is a relatively new and unresearched field (for the most part) but there have been a lot of hiccups along the way and they cunningly change the presentations to make it appear as the milestones have been achieved when it actuality, all they've done is moved the goal posts back.
Barring any major unforeseen news, I can't see this as getting pumped. There's nothing there that's "pump worthy"....