The only thing I think we have got wrong (and I'll be the first to admit it) is how willing people are to throw money into this thing.
As I've said before with a deficit of current assets vs. liabilities they continue to survive on the good will of creditors IMHO.
Nothing seen or heard suggests a turnaround to profit or cashflow positive any time soon.
We may well be saying the same thing in a year's time if SL can continue to persuade someone to throw more cash in, but in the meantime more shareholder 'wealth' will have destroyed at the expense of his salary.