The 3 board members who have resigned are also Managers at SeD and we know that Trapp said he resigned because of conflict of interest per JP's post on IHUB. As a side note Board members of public companies almost never just resign on their own- why would they. They are paid in stock and sometimes also a salary for doing almost nothing. Especially in this case, since they haven't even got started or actually done anything yet.

I think either the way they are structuring the entities has changed and/or the way the funding will occur might have changed which has caused this conflict of interest. Conn Flanigan is SeD's legal council so easy to see a conflict there. Maybe once a deal is closed and funding is complete, they could sign back on as Board Members.