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Old 08-11-2016, 11:49 AM   #1
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SKULLY Ceases Operations, Lawsuit Against Founders

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In 2014, San Francisco tech startup Skully raised hype and money to build a Tony Stark-style digitally augmented motorcycle helmet. Almost $2.5 million later, the company’s shutting down. Now a lawsuit from within the company gives us some hints as to why: founders allegedly blew the R&D money on lap dances and fast cars.

Isabelle Faithhauer, a former executive assistant to Skully CEO Marcus Weller and his co-founder/brother Mitch Weller, claims the brothers “used the corporate entities of Skully in such a fraudulent manner as to render the corporate entity a sham.”

(Skully’s PR representatives have not yet responded to requests for comment.)

In the suit, Faithhauer claims the Wellers “routinely demanded [she] engage in fraudulent bookkeeping practices designed to defraud investors in Skully into believing that Skully funds were being used for business purposes, when in fact, the funds were being used to pay the personal expenses of the Wellers.”

Highlights of these alleged “personal expenses” include:

The brothers’ personal apartment rent in San Francisco’s Marina district
$80,000 in cash paid to an unnamed co-founder, hidden as expenses for a trip to China
A weekend Lamborghini rental.
A Dodge Viper.
A second Dodge Viper, after the first one was in an accident.
Four motorcycles
$2,000 on limos in Florida
$2,000 at a strip club called “De Ja Vu”
$2,345 on paintings
A first-class last-minute flight to Hawaii
And a whole list of other grievances related to the Wellers’ alleged refusal to pay Faithhauer’s overtime.

In hindsight, Skully appeared to be kind of shady for some time. The company continuously pushed back its promised release date while sucking down $2,446,824 from Indie GoGo backers—that’s 979 percent of the $250,000 “goal” they “needed” to get running.
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Old 08-11-2016, 12:31 PM   #2
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Shrug, I always loved the idea of the helmet... but I'm not ever going to pay 2000 dollars for a bad tech helmet that if I drop it once I'm out 2000 bucks. Bottom line is helmets are only used for a short term one crash kind of thing. If they ever invent this same tech but tiny and universal attachment to MY helmet then I"M IN. until then. Whats the point?
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Old 08-11-2016, 12:35 PM   #3
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The stuff listed is less that 100k. Peanuts for company expenses.
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Old 08-11-2016, 12:55 PM   #4
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Quote:
Originally Posted by tiatool View Post
The stuff listed is less that 100k. Peanuts for company expenses.
Less than 100K?

2 dodge vipers
and $10k/mth in rental properties for 2 years adds up to less than $100K
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Old 08-11-2016, 01:23 PM   #5
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They don't have insurance on a dodge Viper?

Half that is a write off. Everybody knows that.
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Old 08-11-2016, 03:52 PM   #6
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They don't have insurance on a dodge Viper?

Half that is a write off. Everybody knows that.
Insurance doesn't make an initial purchase. Insurance doesn't cover your 10K/month rent in the marina district either.
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Old 08-11-2016, 03:58 PM   #7
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10k is a drop in a 2.5 million dollar bucket.

Trip to China? Sourcing parts. Write off.
Rent out of state? Could be a write off.
Dinner and strippers? Usual entertaining of clients.

I see nothing irregular.
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Old 08-11-2016, 04:04 PM   #8
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Dodge Viper? Company car used for advertising. Write off.


Did you guys ever watch orange county choppers? How many business themed bikes did they do? It is all a shell(y) game.
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Old 08-11-2016, 05:07 PM   #9
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I wouldn't call 250-500K in rent for your personal apartment a business expense.
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Old 08-11-2016, 05:16 PM   #10
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How did you get 500k?

10 x 12 = 120000

10x 24 = 240000

Lease the apartment through the business and say it is used for employees when they travel.

Price of doing business.

The point is all of this is and will be easily explained away. Everyone is just all but hurt because they didn't deliver on a gadget product that wasn't all that great to begin with.
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Old 08-11-2016, 05:42 PM   #11
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From what I'm reading the brothers had their own places so multiple rents and not leased through the company and not used for employees. It's one thing to run a personal business but it's another to take money from startup investors and blow it all.
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Old 08-11-2016, 05:45 PM   #12
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I knew the entire thing was a fake from the moment it hit the startup sites.

The idea has floated around my head for a long time, a helmet that has features like this. Several others have come up with the idea and have rendered some mockups and teasers for online geeks.
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Old 08-11-2016, 05:52 PM   #13
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Next you're going to say the groceries for these guys the companypaid for were business expenses.
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Old 08-11-2016, 10:12 PM   #14
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Well.... you can't get anything accomplished on an empty stomach. Everybody knows that!

These guys are pure greed. They had enough $, time, and technology to turn out a product even with their frivolous spending.
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Old 08-12-2016, 10:52 AM   #15
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Would be cool if they made an episode of American Greed on this
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Old 08-12-2016, 12:07 PM   #16
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From Webster:
Full Definition of greed
: a selfish and excessive desire for more of something (as money) than is needed.

So, how much "is needed" to have a really really good time? Where you get the money is not greed (see definition: POS swindler). If you party like it's 1999 and you have anything left over, then obviously you didn't have more than "is needed". Hence: Not greed.

Question: If YOU would have been invited at the last minute to join them in the Hawaii activities and they coughed up enough money for a lap dance or two for you - would you consider yourself as greedy....... or one guad lucky new friend of those filthy rich brothers?

BTW - I officially withdraw from the Rio Olympics, appose traction control, abs and techno helmets.
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Old 08-12-2016, 12:54 PM   #17
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Traction control??? Oh you mean a switch?
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Old 08-12-2016, 04:03 PM   #18
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Quote:
Originally Posted by sullivan View Post
I knew the entire thing was a fake from the moment it hit the startup sites.

The idea has floated around my head for a long time, a helmet that has features like this. Several others have come up with the idea and have rendered some mockups and teasers for online geeks.
Fake, and not making production are two different things. there are quite a few helmets that were actually produced, and worked as advertised.
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Old 08-13-2016, 11:10 AM   #19
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Seems like the site is still up and taking orders. Expected delivery November 2016

https://www.skully.com/store?
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Old 08-13-2016, 02:12 PM   #20
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Quote:
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Fake, and not making production are two different things. there are quite a few helmets that were actually produced, and worked as advertised.
Were those more than only a proof of concept? Were they fully functioning?
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