Pumper and Sano believe STWA is a scam. They may be right. If you make that assumption many of their arguments will ring true. If on the other hand, you think STWA is the kind of company that should be inside someone's venture capital fund, but somehow found itself in the penny stock world then you will see things quite differently.
Given the companies history including current management statements about profitability as early as 2009, you can;t really argue that the company has not lived up to its promises even with a NEW CEO. Seriously current management has done nothing but spend money hand over fist and switch the direction of the companies products 180 degrees from the relatively easy entry truck and auto after markets to a high pressure pipeline transport. Whether its a scam o not really is not the question. That just a matter of whether they are intentionally misrepresenting the facts. I can;t tell you that for sure. They can always say we were mistaken or the product works but they just couldn't get any sales...yeah right.
Your point about the venture firms rings true. The reason a venture fund hasn't got involved here is because they likely have looked at the company closely and determined it would not generate enough revenues to warrant the risk. If AOT could achieve 30% of what is claimed they would be in with both feet.