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Saturday, 30 September 2017

Kokoon offer their Kickstarter backers refund using Crowdcube equity finance

This is a first - although we trailed the possibilty in our last post on Kokoon. They 'owe' KS pledgers either a fully finished product (not currently available) or $1.9m as they have now agreed to refund them. 

The Crowdcube campaign was led on the premise that these sales were bagged - accounted for and in the revenue pot. We pointed out that as the number of complaints on KS mounts and people demand refunds, this was crazy. It is in fact a massive liability. 

Just 3 days ago the founders posted this message on KS -

Thank you for your messages. We’re currently working on our next update, which we’ll be sending out when Richard returns with the latest news from the factory in China. 
If anyone would like to request a refund, please send us a direct message on Kickstarter or an email (with your backer number) to support@kokoon.io and we will arrange it. 

There is no product - design yes but finished item after 2 years - no. More delays were announced a few days ago.

Do CC investors know that the KS cash has been offered back? Cash that is described by the company as sales revenue even though it isnt. Where would the cash for refunds come from exactly? And why isnt any of this mentioned in the CC campaign?

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