Thursday, September 29, 2016

Spending and Income Report from January 1 to August 31 2016

Demand Note Posted on Date Shown

5 comments:

Anonymous said...

Does that mean that you owe over $200,000?

Greg said...

to himself.

Bob Crowley said...

Greg is almost right. That's primarily what I took out of my savings to make up for the loss of money and time relating to the coating problems, mainly, and then other costs ran way over what we expected. If nobody had stepped in to add cash the project would have stopped and we would have never released any product. I had to add the money to Soundwave (not New55) because soundwave is the employer of people and owner of the space that is provided to the project at a discount. New55 couldn't pay for that after it ran out of money, after the coating disaster, so it was recorded as a loan with a note, which is a contract of sorts or perhaps an IOU promising to pay on demand. Notes come in various forms: The note(s) are so-called secured notes that are secured by the assets of New55, whatever they may be. We've been so candid all along about the money that I thought I would risk putting this bit of information up if someone asked about it, which you seem to have done, since it completes the picture from the Kickstarter to today. What is not included are the four years of work with paid interns and research costs leading up to the Kickstarter that was nearly as expensive. Polaroid spent millions and took many years to accomplish their first sheet film products which were supported by a robust polarizing filter and glasses business and government contracts, and outside financing. We had none of that. Also, neither of the founders of New55 have ever taken any pay for what have been full time jobs. $200,000 is a huge loss to me and will have to be repaid.

Anonymous said...

DO you think that the project is in danger to stop?

Anonymous said...

It is the dispicible loss of all that money that your responsible for and nobody else. Mr. libtard Manager is alright saying he wants 400 thou but when it comes to his own money he won't spend a cent. He wants your wallet and in return you will get nothing as usual.