Tiosk raised £173k on Crowdcube in 2016. They already had what they described as their flagship unit in Hackney up and running. Now 18 months later accounts to Nov 2017 show a deficit of £147k with nothing we can find to make it up. And the accounts, as filed, are not correct.
There is no explanation for this deficit - the accounts are of the minimal kind. But what they do reveal is that the figures given and filed on the 2016 accounts have now been changed - but the filing hasnt. That is clearly in contravention of all accounting rules in pretty well any country that has accounts. You cant make things up.
According to the usual rubbish provided on Crowdcube, Tiosk was due to make profits of £122k last year - but made losses of £115k and failed to raise any more money. 255 investors put money into this company and the pitch was 140% over subscribed. They are due to make a £634k profit this year and we asked them how that was going.
It's a mess and it would be joke if it wasnt such a shame. Tiosk could have made its two founders a living - as well as a decent cup a tea. What it was never going to do was make investors a return. The company is still technically open but with what hope? A second raise? Well that hasnt happened as planned.
One thing is for sure - a couple of friends selling excellent tea out a unit anywhere, is not a sound business investment. In fact it is not even a risky investment - it is a dead cert zero sum game. And it is a total waste of EIS tax reliefs. The only beneficiary here would be Crowdcube if we hadnt pointed out their inexcusable promotion of the investment.
We did try to get hold of the company.........................nothing.
If you ever wanted evidence that Crowdcube investors are not in slightest sophisticated, then Tiosk is it.