You forgot the bit about how they cannot run a business without constant cash investment from investors. Unlisted businesses like from your local idustrial area with around 20 employees have to actually turn a profit using the cash the businesses activities generate or they all lose their job.
Where as a small/ micro cap stock listed on the ASX borrows from a bank and also takes from investors giving free shares of the business in return. Under these extremely favourable conditions if they still cannot have a successful business plan it shows the lack of ability of the current business.
Generally speaking IMS was very unfortunate, though the DCB product was unethical to begin with imo.
