This is the way I read the whole story - JMHO:
- their LOI was based on NCII's ability to provide the 2M funding;
- the way NCII had to raise the funding, was through selling shares;
- while doing this, they were pumping PR's that would make you think they were the owners of the PVT technology already (I know there are disclaimers at the bottom but nonetheless);
- for some reason, NCII wasn't able to raise money (dilute) fast enough - or they were at least trying to dilute as less as possible??? - or they had an agreement with PVT that the funding had a maximum dillution allowable? (I tend to believe it was the last reason);
Probably at this point if the technology will really have success, it is a better option for PVT to obtain private funding (or they have already gotten it). A few months back I requested information as a potential interested party in doing an investment (PVT's site had/has an option for this) and never got a reply or information from them.
This is all IMHO and I might be wrong. It upsets me the way they deceive folks. Obviously I do not think the delays had anything to do with the audits.
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