deposits Lily drone - Elio car

[VitaMan]

The Lily drone company collected $ 34 million from advance deposits from customers, offering them a reduced price. They didn't ship any, and now the company is closing. They say they will refund the customers deposits. Let's see where the money went.

The Elio 3 wheeler car company has been collecting advance deposits from customers for years. They were supposed to start shipping in 2015. Now they say it will be 2018. But they only have $ 100 k cash left, and $ 123 million in obligations.

Lesson to learn: if you are a customer, don't let the company use your money for
working capital.

[Fishpie]

Lesson to be learned is that this is common in Silicon Valley and be wary of start ups. Silicon Valley the show makes fun of all the stupid shit they do over there.