Every company "hypes" their products so there is

Every company "hypes" their products so there is no ill intention in that.
Before the delisting, the agreement with Pasaca called for getting current and that is what seemed to be coming but the SEC decided to delist and that ended that phase. Would QMC have gotten current without the delisting happening?
That was Squires stated intent to you.
You wrote, "He continued with that line all the way until the delisting."
The goal of getting current wasn't "a line". The Pasaca deal required it.

Then you state there is empirical evidence, but discount it in the next sentence, saying, "There’s every reason for investors to have an array of negative views on Steve and QMC."

He told you he was working on getting current, and if you admit he seems to be working toward an S-1, while still conducting business as a private company, then stop being like the old wife in Lincoln's joke about the bear and husband fighting, that, not knowing who was going to win a brawl between her husband and a bear, decided to cheer for both of them: "Go it husband, go it bear!"

The empirical evidence are signs of life in the company. There's every reason to be positive about that.