Torquing Group breaks down collapse of Zano
Following our statement on 18th November, this is an update on the course of the project and the usage of the funds during the ZANO project.
Firstly, the board of directors would like to apologize for the lack of communication from the team following the last statement. We find ourselves in the position of having never pursued voluntary liquidation prior to the events of recent weeks, meaning that we have had to operate with caution to ensure that we have undertaken the correct procedural steps to wind up the company and are doing so with the best intentions.
Financials and Trading Standards
The pie chart below is a basic representation of the allocation of the funds utilised during the project in 2015. The figures presented are derived from our currently unaudited company accounts. We strongly refute any allegations made that may suggest that the board of directors have misappropriated any funds.
We have received first contact from Trading Standards within Pembrokeshire County Council and will co-operate fully.
Breakdown of expenditure
Prototype amendments and the testing rig
During the Kickstarter campaign certain upgrades were suggested, agreed and then implemented to the design.
These upgrades represented technical challenges which added to an already complicated project.
Ultimately these upgrades coupled with delays caused by the creation of a bespoke and automatic testing rig had significant financial and timeline impacts upon the project.
Hardware expenditure
Significant investment was made during the later development stages to provide improvements to the ZANO’s performance. The initial prototypes of the ZANO weighed approximately 55 grams whilst the production models including the upgrades mentioned earlier weighed 70 grams, an issue that had a repercussive effect upon the flight time of the ZANO. In order to combat the issue, lighter plastics and larger propellers were therefore procured to improve the flight time and overall performance.
Manufacture of product
Basic calibration between software and hardware was found to be successful during all prototype phases, however once the project moved forward into volume production, tolerances between these two vital aspects of the ZANO product has led to some unforeseen discrepancies and this resulted in difficulties calibrating the product in large volumes. This affected the basic performance of a high proportion of production units. This, coupled with the delays to the shipping dates and the extra costs incurred left the board with no option other than to wind up the project.
Closing statement
We would like to make a sincere apology for the understandable disappointment felt by all of those that have supported the project. We would like to reaffirm the significant efforts made by the board of directors and every employee of the company to try and bring this project to fruition and thank their unwavering commitment over the last 12 months.
