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Founded in 2017, the company is engaged in the production and distribution of smart watches. After losses in the first few years due to initial quality problems, there was an annual surplus in 2022/2023.
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However, according to the insolvency application, a “significant loss” occurred in the past financial year, which was primarily due to the changed display and search algorithm at the Meta Group. According to the creditors’ protection association AKV, 16 employees are affected; there was no information on the number of creditors.
Liabilities of 5.6 million euros are offset by assets of 2.5 million euros. There is an inventory of around 1,000 watches and the company will continue with new projects.
Creditors are offered a quota of 20 percent, payable one third within three, twelve and 24 months.
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