I would guess that he is providing the emergency interim funding...

I would guess that he is providing the emergency interim funding package to keep the doors open and hence has joined the board.

At July 1st they had $259kt Plus the $1million they raised. Their quarterly budget was for a $1.8 million spend so they are $600k underwater right now. I would think that they approached their biggest shareholder for emergency funding and he has stepped in.

The cash crisis will be desperate because despite what people plainly misunderstand
Axiom get NO money whatsoever when Magna convert their notes to shares as they did the other day. I think there is a total misunderstanding on this point.

i wouldn't be surprised to see a follow up announcement with details of a placement to this guy in order to steady the ship.