There is nothing explaining expenditures at all. They state they downsized and eliminated development of VOD. They also said they probably cannot secure additional financing.
I don’t find it that hard to believe they burned through that cash. It’s a lot of money but they probably signed massive deals with overpriced, incompetent consultants that subcontracted to overpriced, incompetent outsourcing.
They probably also went nuts on infrastructure again through a few layers of b.s., each of which took a cut.
Anyone who thought a site like this was going to be profitable in first few years, or really ever, is nuts. I mean the man ran a casino into the ground.
There is nothing explaining expenditures at all. They state they downsized and eliminated development of VOD. They also said they probably cannot secure additional financing.
I don’t find it that hard to believe they burned through that cash. It’s a lot of money but they probably signed massive deals with overpriced, incompetent consultants that subcontracted to overpriced, incompetent outsourcing.
They probably also went nuts on infrastructure again through a few layers of b.s., each of which took a cut.
Anyone who thought a site like this was going to be profitable in first few years, or really ever, is nuts. I mean the man ran a casino into the ground.