Yes, the "Unable to find API adapter" message that you see is because LORS Mgt does not include a SCORM Run-time environment (yet). However, all the SCORM information to deliver and mange the course *is* already in the system.
The "delivery environment" for the IMS packages that LORS Mgt supports now, it is based on the structure given by the package (see the documentation as it explains how it is done). However, SCORM does it in a similar fashion as well, hence adapting it to SCORM wouldn't be as hard.
Anyway, the error message is because the page you are loading is trying to find the API adapter to communicate with the LMS, and since it's not being provided, you get the error message.
Jack Ramsey from Intellium is rewritting his Runtime environment so we can use it to deliver SCORM courses. The reason why he's taking his time is because he has much more important things to do now... like take care of his new baby-boy born this week! [Congrats Chip!]
As soon as we have his work finished, we'll added up to LORS Mgt.