a) a company can make money by selling product or services.

b) a company can take in money by borrowing it from investors, with a plan to repay it later.

c) a company can borrow money with no intent to repay it by selling worthless stock certificates to unsuspecting idiots.

Yes, it is possible to raise capital by selling stock privately without going through a public exchange. This process is commonly known as private placement or a private offering. In a private placement, shares of stock are sold directly to investors, often institutional investors or accredited investors, without the need for registration with a regulatory body like the Securities and Exchange Commission (SEC) in the United States.

Private placements are governed by securities laws and regulations, and they typically involve issuing shares under exemptions provided by those laws. For example, in the United States, Regulation D of the Securities Act of 1933 provides exemptions for private placements, particularly Rule 506 which allows for sales to accredited investors. Other countries have their own regulations governing private placements.

It's important to note that while private placements offer more flexibility and fewer regulatory requirements compared to public offerings, they still involve legal and compliance considerations. Issuers need to ensure that they comply with applicable securities laws and regulations and that they provide adequate disclosures to investors. Consulting with legal and financial professionals experienced in private placements is advisable when considering this route for raising capital.