I have a theory.
John or his company needed money to stay afloat, but could not get it through traditional means [or did not desire to]. They then took to the crowd-funding platform with a fictitious product to secure the funds, and the plan was to trickle out the refunds over some duration, in effect paying back the loan.
This is the only scenario that I can come up with that explains the lack of any proof of a product, and the continued but slow updates to prolong the game, and the refunds [which appear to be delayed for some, probably to keep the monthly "payments" at an acceptable level. I have no proof of this, of course, as such it remains just a theory.