I'm not going to address the motivation stuff, that's really tedious and irrelevant.
On the cash flow, the reason why people say they have no operating cash flow is because whilst the line item "CFO" might be positive in the accounts, QIN have a habit of engaging in some very questionable transactions that serve to inflate CFO. Recent examples include:
- Selling grower loans with full recourse and putting the proceeds through as operating item
- reclassifying a purchase of land from 'land available for sale' - an operating item - to 'payments for land and buildings', an investing item, even though it was sold (through the operating line) in that financial year
- Buying mature trees at harvest time through an investing item but selling the inventory through the operating line
- Putting the call premium for the loan notes through as a financing item rather than operating
These sorts of shenanigans mean that those who know their way around a set of accounts tend to look at the financing requirements of the business - how much capital they have raised, rather than how the company claims to have spent it.
QIN have raised lots and lots of cash from the market in order to stay in business, and from the announcement that they are considering debt and equity financing transactions, they are likely to continue to need it because they sell so little product.
I'm sorry for your losses, but frankly anyone who bought after the announcement of the Galderma contract loss and non-disclosure, the writing was on the wall for anyone who wanted to read it.