I think there is a big difference between accepting that many intended outcomes have not been achieved in time frames that have been in accord with the announced intentions, and that somehow those failures amount to anything like fraudulent claims and untruths designed to mislead.
These are the most recent, starting with the expectation that the demo boards would be equipped with finalised working production chips prior to demos to potential sophisticated investors and the AGM, made on 13/4/22.
"... Management is pleased to inform that after delays resulting from what has been defined as the worst outbreak of Covid-19 experienced in China since 2020, the
initial production MEMS wafers have arrived and have been measured, tested and qualified to meet our electromechanical requirements and specifications.
The company is now awaiting receipt of a few critical components that are required to package the chips and assemble them into our newly designed demonstration systems...."
This was followed on 30/5/22 by this acknowledgement off the failure of that intention:
"... Among the many activities conducted by the company during the reporting period, there has been an intense effort to transition our development environments to portable demonstration systems - that among its many purposes would have allowed us to demonstrate the technology at this AGM.
Unfortunately, as the deadline neared, this proved to be impossible, as the global pandemic induced unimaginable disruptions and delays to our supply chain particularly Shanghai which has been in hard lock down for several months as well as other component suppliers in China.
Upon receipt and integration of the missing critical components,
we will call a special meeting whereby our shareholders will be invited to experience our ground breaking technology firsthand. ..."
These are straightforward statements of admission of failure to achieve the objective. I imagine that they would have been difficult and embarrassing admissions to make and have to announce. But there would seem to me to be nothing deceptive, misleading or anything that could be called fraudulent in these announcements. If you go back and look at every other similar announcement you will find similarly reasonable admissions and similarly frustrated announcements that make pretty clear statements of fact - basically saying "we were wrong, again, things are taking longer than we hoped, but we are trying our hardest to get the job done."
While every holder will readily acknowledge their own frustration at the slow and tangled path to getting to this point, I do not imagine that many will see these as having been fraudulent in content or intent. The proverbial often happens when you are doing something incredible for the first time, and I believe that the management can be given a little bit of slack as they work through the process to the best of their ability with the limited resources that have available. Cash being one resource in particular that has been lacking, and one which has been personally underwritten consistently by the chairman of this company you are attributing fraudulent intent to.
(20min delay)