An Aussie tech start-up that sensationally collapsed with debts of more than $12 million was losing money since its inception, according to the liquidator’s report.
E-Mersion Media, based in Melbourne and with offices also in the UK, captured investors’ interest with its “innovative” idea of digitising traditional print magazines.
But the media-tech business only managed to make four sales in the four years it was in operation, coming in at a measly $84,274, the same report stated.
The company also received a further $200,000 from the government’s JobKeeper grant to pay staff during the Covid-19 pandemic.
And to date, that was all the income E-Mersion Media generated, from 2020 until it went into liquidation in April this year….
