Greek Aussie run tech start-up E-Mersion Media was allegedly losing money from the start, long before its collapse earlier this year.
According to news.com.au, the Melbourne based company with offices in the UK had debts of more than $12 million when it went into liquidation in April this year.
E-Mersion’s sole director is John Iliopoulos.
The liquidator’s report states that E-Mersion’s idea of digitising traditional print magazines had captured plenty of interest from investors but only managed to make four sales in the four years it was in operation, coming in at a measly $84,274.
The report submitted to ASIC also said the company received $200,000 from the government’s JobKeeper grant to pay staff during…
