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Bitter bankruptcy of a startup company for phototherapy glasses

Bitter bankruptcy of a startup company for phototherapy glasses

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These glasses are produced exclusively in Austria.

“Daylight is the most natural way to energize yourself. Increase your focus and improve your cognitive skills with Pocket Sky. Use Pocket Sky up to twice daily as needed,” the site says. “Pocket Sky helps you be more active during the day. This reduces your evening stress and helps you sleep better. Use Pocket Sky when you wake up and when you feel tired in the afternoon.”

Whether against jet lag while flying, fatigue during shift work or against the winter blues, Vienna-based Active Wearables “produces and sells the world’s smallest phototherapy glasses ‘Pocket Sky’. Worn on the forehead like glasses.With this Pocket Sky, ultra-compact hardware and electronics are packed into a sleek casing, resulting in a design element that weighs just 12 grams and can be worn like glasses.”

These glasses are produced exclusively in Austria and sold online in the European Union, USA and Canada.

Very little rotation

Now it is Active Wearables GmbH Apparently ran out of money. According to Creditreform, the company has filed for reorganization.

“The production of phototherapy glasses involved an investment of €200,000 for the applicant. In addition, very high initial marketing costs were incurred to launch the product,” the company informed the insolvency court. The applicant financed these costs with loans. The product is sold exclusively via direct sales. Due to the COVID-19 crisis, there has been a lack of sales in the B2B area. Because marketing costs for off-season “travel lag” and “shift work” use cases are expensive, proven “winter blues” use case sales are subject to strong seasonal fluctuations. ”

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responsibility as guarantor

He adds, “The low sales eventually led to liquidity bottlenecks, especially since the loan liabilities had to be serviced regularly. The applicant therefore lacked the financial means to carry out additional marketing activities in order to increase sales.

The company has a line of credit (four loans) totaling up to €360,000. A loan of €100,000 is subject to liability (80 percent) Austria Wirtschaftsservice GesmbH. The two managing partners take responsibility for the loans as guarantors and payers. There is a pledged balance of €20,000 in a bank account.

no continuation

“The applicant does not intend to continue with the company. Necessary liquidity is missing or sale of product varies seasonally and sales season for the proven use case Winter Blues does not begin again until October 2023,” the insolvency filing states. “It is therefore not possible for the company to continue and the company must wind up as part of the insolvency proceedings.”

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