Melbourne-based tech start-up E-Mersion Media has sensationally collapsed with debts of over $12 million.
According to liquidator Mathew Gollant’s report, the company, which specialised in digitising traditional print magazines, had been at a loss since its inception.
The media-tech company only managed to make four sales in the four years it was in operation, coming in at a measly $84,274.
The business also received a further $200,000 from the government’s JobKeeper grant to pay staff during the COVID-19 pandemic which kept it afloat until it went into liquidation in April this year.
Over the course of these four years, Iliopoulos’ business racked up losses of $12.6 million on staff wages, legal fees, computer and software expenses, and travel expenses, according to Gollant’s statutory report.
Staff are also owed $255,000 from unpaid employee entitlements.
E-Mersion Media had summed investments of up to $12 million from over 50 (predominantly Australian) investors, money they will unlikely recover.
“Some things don’t work out to plan,” Iliopoulos said on the collapse.
Source: News.com.au.
