If that were the case, they wouldn't have needed a complex, international JV to deal with what would have essentially been a standard IP licensing agreement. And the S1/A wouldn't have specifically addressed the failure of Movychem to perform certain key responsibilities of the JV.
AS PER THE S1/A: "After working through Movychem over this period of time and experiencing a number of issues, including supply chain interruptions, mechanical failures, and the general inability to produce an industrial-sized composite wall panels made with Retacell®, we have been in development of an upcycled wallboard panel that can be produced in the United States at industrial scale. This approach will enable us to unlock existing demand indicated by several homebuilders and developers. Industrial production requires the panels to be cut in varying thicknesses and sizes, including standard 48” x 96” sheets, economically and with consistency and efficiency."
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