This is precisely what I predicted.
Since in every. single. update. they piled more and more BMS on top of their claims -
- started with claims of an imager that's ready and just needs to be packaged (and that is unexportably well spec'd)
- several times they claimed to be in differrent production phase, but in an erratic manner, first the case, hen something about P'n'P assembly, then shutter, then case again, then preproduction units, wave NDAs around to cover everything up
- they failed to appear in the first trade show (what was it?) claiming their wireless didn't work, but otherwise their product is done
- a long time later they started pulling images off preproduction boards again
- they posted an image with an unidentified unit and a phone with (quite oviously, no moiré pattern) doctored-in image
then they appeared at a show where NOONE would go to see a TIC, piggybacking on another company
-with something that Mike could build in a few days, far from original specs and in a shoddy case
My opinion is that the plan was:
1) collect as much as possible in IGG campaign (flex funding)
2) store this money in a fund, or invest it well
3) feed the backers (mostly gadget people I'd say) lame arse stories to stall those who would otherwise pull out
3.1) refund those who ask to avoid charges and suspicion, counting on that most/some backers won't
4) build a "prototype", or rebadge something and show it somewhere as to avoid fraud charges
5) when someone announces a "competitor" product, call it a bankrupcy, keep what's left + the interest
1-5) do all that while continuing with their real work, the video stuff
The house? Ours was for sale two years ago, we moved into a better one.
(underlined are steps taken to avoid fraud allegations)