Oh, it is 100% a scam designed to enrich Lenny and his friends.
The entirety of the company consists of a small water plant that was shuttered for
several years and needed massive repairs. Lenny would have you believe that a company of this size requires several billions of shares and different classes of shares to boot.
Imagine the owner of a local gas station attempting to get thousands of investors to share a small percentage of ownership of the gas station with the knowledge that he could dilute your ownership out of existence at the time of his choosing. There are small gas stations and repair shops that have INKW quarterly earnings monthly, and they are not public companies.
I shall make this short, hundreds of companies will attempt to sell water this year... most will fail at it.