They spent too much early on without developing a working...

They spent too much early on without developing a working prototype. They had no focus and hence delivered nothing that could be sold. When they realized they needed a product, cash was low and they lost investor confidence to sink another $100m which would be needed to develop a weapon and produce commercial quantities. Oh well. Someone will buy the technology. I'm sure MOD is kicking himself for not selling some of his shares earlier.