| Chula Vista |
08-15-2017 01:45 PM |
Quote:
Originally Posted by Mrs. Tristan Rosenstock
(Post 1864789)
Please do tell, I'm somewhat curious
|
Back in 2006 Linda and I (and a half dozen other empoyees of our old company) invested in a start up that would use our patented technology, we would be the manufacturer, and would be marketed and have sales run by a major icon in the professional electronics industry. The products were super high end studio monitors with some very innovative and trick technology.
We did demos of them in LA and New York and they got rave reviews. Will.I.Am from Black Eye Peas was at the New York demo and bought the demo units on the spot.l
We're talking $4K to $6K each!
We placed large production orders and started taking advance orders.
The way it was suppose to work is that our investment ($44K - we took out a second mortgage) would be paid back in monthly installments with interest. I think we got maybe 4-5 checks before BAM!!!!!!!!
The economic crash. Sales died almost overnight. We're sitting on tons of inventory and the factory wants to be paid. We're sitting on $100K of tooling orders that aren't getting paid. The checks stopped coming.
The company has lost massive amounts of money each year ever since and is currently on the verge of bankruptcy. We do have a couple of Asian companies interested in buying the compnay and technology (fingers crossed - we'd get 150% of our investment back).
So we're able to write off a huge loss every year. About $6K of the $9K is directly because of the loss. |
