The company, which collected $ 1 million for the production of the finest watches, went bankrupt. Backers won't get money
The crowdfunding campaign to raise funds for the production of CST-01 watches with E-ink technology ended on Kickstarter on February 22, 2013. The developers received from 7600 backers 1,026,293 US dollars. Although deliveries promised to begin in September of the same year, the company in July for the first time announced the failure of deadlines.
In May 2015, Central Standard Timing told the backers that 135 hours are ready for delivery, and about 200 are in production. But at the same time, the company needed 1.2 million dollars to give them to the manufacturer, Flextronics, in order to continue building new devices. And to be more precise - to continue the partnership with this manufacturer.
The latest news from Central Standard Timing turned out to be even less comforting.. On the Kickstarter platform, the company published a post that was closed to everyone except for backers. In a post, the developer of the world's thinnest watches said that he had $ 30,000 left from the million received from the backers, and the company’s debt was $ 891,563. The company has declared bankruptcy, and the backers will most likely not get their money back - a turn may not reach them.
The question arises: if there is 30,000 dollars left, where did the rest of the money go? There is no answer to it.