Of course. They need to in order to keep manufacturing the story while hedging around the red flags. It's not by accident that pink sheet CEO's never seem to answer the real, pressing questions, and instead defer attention to the next development. They always have time to complain about bashers and Tweet some hype, but never have the time to answer a simple, direct question.

This, in my opinion, is the real reason why the shareholder letter is delayed. The many inaccuracies are starting to reveal themselves, and traders are catching on. You can't tell the same tall tale when it has been exposed as a falsehood, and you can't make up some new ones without some kind of legal review to make sure you don't get yourself in hot water, which the CEO is apparently having a hard time securing.

There's also a couple of things that, at this point, have been outright lies. Like the reason the CEO gave for the yield sign. Like the obvious obfuscation of dilution and debt. These things are in plain sight now, and trying to spin some "keep hanging on!" pocket full of hope shareholder letter is becoming increasingly more difficult when the stories you are telling have inescapable plot holes.