This is a very good post. However, LHL did announce a release candidate in Sept of 2017....so they had something....unless it was not true. If what you assert is true that they chose this continue instead of refunding, then this is also on IGG as well...no oversight and no caring about backers. Obviously they had no internal controls as it is evident they have no idea where the money went....including to "normal" sales bonuses and salaries.
It could also be the case the everyone and every transaction was paid in cash, thus the planning and cash issues....if there are no records there can be no planning.
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LHL originally marketed Wave to as being ready for prodction in the IGG campaign, only needing money for production. I have zero trust in their campaign updates, which have been nothing but lies from the beginning.
I have zero background in electrical engineering, but give me 6 million dollars and I will sure as schiit produce something from scratch in two-to-three years.