I suspect that because the share price is at historical lows and...

I suspect that because the share price is at historical lows and the market is very weak they have made an effort to preserve cash until the macro factors facilitate a vend/growth better. Another explanation could be that because they went down the PaidbyCoins route, it saved them development costs (although this should have been borne by NCX anyway, so who knows).

Like you, I'm very curious about the SOAR tokens and haven't been able to dig up anything in my investigations. A theory I have is that because the offer was for "pre-sale" tokens, it still might be a while off trading in liquid market and the offer more closely resembled seed fund. Still if that was the case, you would assume we would have been paid for managing the offer. Maybe they have just delayed the float but I imagine participants in the offer would be jumping up and down if their capital was locked up for this long. Simplest explanation like you suggest it that it just never proceeded for some reason.