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A 0.80mm thin flexible wristwatch with an E Ink display housed in a single piece of stainless steel.
7,658 backers pledged $1,026,292 to help bring this project to life.

Status Update

Posted by Central Standard Timing (Creator)
50 likes

Where We’re at Now: 

Our manufacturing partner has estimated they’ll need an additional $1.2M from us for them to fulfill our orders. This is due to the proportion of good products coming off the line and the cost issues we covered in the last update. Over the last few months, we’ve been having conversations with potential investors to try to raise enough money to both complete production and grow the business. The yield concerns, the associated cost, and looking back at the slow pace of development up to this point, however, have made it difficult to impossible to raise the amount of money we need to both scale the business and fulfill orders. When we communicated these things to our manufacturer, they decided to stop the line until it was clear how they would get paid for the completed units, as well as how they would recoup the advances they gave us for this project. 

There are 135 units ready for shipment at the moment and roughly 200 in process. 

We’re doing whatever we can to get as many pieces shipped as possible. But, in order to ship the in-process and completed units, our manufacturer is requesting we sign an agreement that would prohibit us from talking openly about some of the challenges we’ve faced during our manufacturing journey. We’re trying to balance our desire to communicate openly and honestly with our backers and customers with trying anything we can to get even a few units shipped. If this proposed agreement moves forward, future updates will be challenging as we’ll be prohibited from sharing many of the facts surrounding the history of the project. We’re currently in conversations with the manufacturer about this agreement and we’ll continue to explore ways to satisfy the manufacturer’s request for additional funds required to continue production while maintaining our ability to keep you as informed as possible. 

We never dreamed we’d encounter this many challenges for this long. We know we’ve let you all down and we continue to try and keep our chins up and make every effort to reward you for backing us. 

We’ve been reading your comments and will be addressing some common themes and requests in this update. This is a summary of what we’re covering in this update: 

Further Financial Information: We’ve put together a timeline from our bank account’s history. We’ve also gone through our photos to pull out images of parts. We hope this is the type of documentation some of you have requested. 

Plans for Moving Forward: The goal of moving forward is to figure out a way to get rewards to as many people as possible. We’ve outlined our approach below. 

FAQ: This is meant to cover other questions we’ve received since our last update. 

Further Financial Information 

Our bank account balance through time with call-outs during major events. 

Link for larger size

Here’s a little background info to help you interpret this graphic (so you don’t have to go back to previous updates). Our first major purchases were the batteries, the microcontroller (MCU), and the battery management IC. The batteries were long lead-time parts that needed to be ordered well in advance as they were built-to-order and the build process was a lengthy one. The battery management IC was a primary gating item, as it had to be custom processed from a silicon wafer. One wafer would only give us around 6,000 parts. We knew there’d be some yield and one wafer was not enough to build all the 7,900 rewards, so we had to get at least two. The wafers had long processing times (around 16 weeks) and were needed to make the E Ink display (another 8 weeks), so we stage released this and delivered them to E Ink to be placed on the circuits. Once we were fully engaged with our manufacturer, the manufacturer paid for the parts and we paid them in batches, which is why you see many items lumped into three major purchases. The original intent was to order more of these long lead-time parts than were necessary to satisfy Kickstarter backers, so we wouldn’t have six months of down time after fulfilling the original orders. We opened up pre-order sales to pay for the cost of the additional parts. Unfortunately, given the low yield that we’re currently experiencing, additional parts that we hoped would provide us with continued revenue would need to be used to fulfill existing orders. We’ve included images of parts we received further down in the post. 

Plans for Moving Forward 

Below are three different options for moving forward in order of preferable outcomes. 

Plan A:

Exchange our intellectual property, techniques, and custom tooling / machinery with a buyer who would complete the rest of the production and fulfillment with our help. 

The offer would include: 

Ownership and ability to continue production of the CST-01 under the buyer's own brand. We’d be available to help the new owner transition into producing units. 

Two patents: A design patent that specifically covers the design of the CST-01 and a utility patent that covers a thin, flexible wristwatch that’s flexible throughout its entire length. 

Utility Patent 14/590,695: Flexible wristwatch with segmented E-Paper display (still in process). 

Design Patent D722,894: Flexible wristwatch with segmented E-Paper display. 

We’ve also developed an encapsulation technology/method for low-temperature and low-pressure molding of flexible elastomeric urethane over sensitive electronics. We needed to develop this process since an E Ink display and a battery wouldn’t be able to withstand the temperatures or pressures involved with a conventional, liquid-silicone rubber, injection-molding technique. 

This process would be extremely useful for any type of ultra-thin, flexible electronics (wearables, smart cards, etc.). We had a custom CNC machine built to automate this process, which could be repurposed and iterated upon for a range of different devices. 

We’ll also be available to consult with the buyer to integrate the encapsulation technology we developed into products of their own choosing. The buyer would have the option of patenting this technology and we’d assign the patent to the buyer or keep the process a trade secret. 

Plan B: 

Find buyers for all the above IP, equipment, and parts, liquidating everything we have and redistributing money as required by law. 

Plan C: 

In the event that there’s no traction with the above options, we’d essentially make all development “open source” to our backers. We’d share all CAD, schematics, drawings, and design-for-manufacture documentation down to a detailed bill of materials that have all part numbers and suppliers down to the last resistor. 

We’d share everything we can on how to make the CST-01. We’ve had requests to do this and mail the parts to the backers. This is something we could do, but it’s at the bottom of our list of options because without the proper machinery—hot bar machines, ultrasonic welder, CNC encapsulation machine, specialty adhesives, screen printing, die cutting, etc.—backers simply won’t be able to assemble the watches by themselves. Parts not requested by backers would be liquidated and funds redistributed. 

FAQ: 

Why is all of this information coming now? Why didn’t you communicate these issues sooner? 

While we were in the process of trying to get manufacturing going, we didn’t think it would be wise to communicate each and every frustration we encountered. We were concerned that this might negatively affect our working relationship with our manufacturer and our suppliers, leading to more difficulties down the line. What became apparent to us, however, is that designing around bleeding-edge components that are sourced from a single supplier is very risky, especially for a small company. One example is the issue we had with our E Ink displays. We were shipped an estimated 20% broken units that appeared to have been broken due to too much force applied to a component during assembly. This ended up being very costly for us, but what could we do? No one else makes the kind of quality E-Paper displays we needed aside from E Ink. Anything we pursued legally could damage our relationship and destroy our ability to continue production. We aren’t big enough that a supplier would care about cutting us off. 

Why weren’t the issues you’ve encountered communicated at the onset of the project? 

The short answer is that, in our opinion, we overestimated the capability of a manufacturing partner to transition a product we were able to make in our workshop to something that could be mass manufactured. 

We had built working prototypes that were very close to the final form factor we needed. The primary parts that needed refinement were the lamination process, adding color (printing), and the metal band fabrication. 

The manufacturing partner we chose has a history of making many of the popular wearable technology devices on the market today. We believed they could apply this industry knowledge to take our device that extra step and make it ready for manufacturing. What we learned, however, was that many of the questions we had about how to move forward with production were also echoed by the manufacturing team. CST and the manufacturing team worked on ways to refine the necessary areas, but these efforts ended up needing way more R&D and experimentation than we had anticipated at the start. 

We also had issues with our suppliers. In addition to the E Ink issue mentioned above, another big issue was that our original battery manufacturer went out of business. One week, things seemed great, then the next, we heard we wouldn’t able to purchase the quantity of batteries we needed. We were able to find a replacement battery that had a similar chemistry and form factor, but, unfortunately, the mechanical properties and the production quality of these replacement batteries wasn’t as good as the original supplier. This, too, led to an unexpected R&D effort around bend testing. We had to come up with a cocktail of adhesives to hold the battery in place where it needed to stay put and let it move where it needed to move. 

In summary, we were counting on the last pieces of the development process to go smoothly—and the process was anything but. 

Can we contribute more money and keep manufacturing going? 

At this point, we’ve concluded this isn’t a good option. If we continue to manufacture at the current yield, it would not only require additional funds that would be in the neighborhood of the original amount backers contributed, but we also don’t have confidence that the manufacturing issues will be ironed out even with additional investment. The last thing we want is to take more money from backers only to continue to run into more manufacturing difficulties going forward. 

Can you supply pictures of parts? 

Posted below are some pictures of parts we have. The bulk of the parts are in storage at the manufacturing site and are “kitted out” when a batch of watches is signed off to be assembled. This is why we mostly have photos of the kits sent out, or the boxes of parts when they arrived at the loading dock. 

Where’s the FCC certification? 

It was certified by Bay Area Compliance Laboratories Corp. A screenshot of the cover of the report and a photo of one of the tests is below. For further information, the associated update is update #15.

Pictures:

Trays of tested and untested E Ink displays
Trays of tested and untested E Ink displays
Completed base stations
Completed base stations
Populated flex circuits for base stations
Populated flex circuits for base stations
The tester we use to test the strength of the battery leads
The tester we use to test the strength of the battery leads
Tray of batteries
Tray of batteries
Batteries that failed inspection
Batteries that failed inspection
Opening up the first box of base station plastics
Opening up the first box of base station plastics
Base Station Circuit Boards
Base Station Circuit Boards
E Ink display programming fixture
E Ink display programming fixture
Additional module we built to identify broken E Ink Displays
Additional module we built to identify broken E Ink Displays
microscopy to identify broken IC on E Ink modules
microscopy to identify broken IC on E Ink modules
Springs for our base stations
Springs for our base stations
Custom CNC encapsulation machine
Custom CNC encapsulation machine
Units currently waiting to be shipped
Units currently waiting to be shipped
Performing ESD testing for CE certification
Performing ESD testing for CE certification
Cover of our testing report (BACL requires confidentiality and prohibits duplication)
Cover of our testing report (BACL requires confidentiality and prohibits duplication)

Comments

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    1. Missing avatar

      Mark Allen on

      I surely hope that everyone who invests in a kickstarter program does so with the expectation of high risk. I've started a company myself, and the experience was incredible and enlightening. The number of things you can encounter that you never anticipated can be staggering. I think that is what plagued our CST friends. I put my money in with the expectation that I would never see the watch... that is what happens to most start-ups. I really hoped I'd get one, though, as it looked very cool.

      I agree that the communication frequency was somewhat lackluster.

      Personally, having my start-up experience and also M&A experience in larger companies, I'd say the chance of this moving forward in any way is very small. I hope I'm wrong!

      I also would support just sending us the parts. Of course, we could never assemble them ourselves. However, I still think it would be neat to have them. And, at least there would be something tangible that came from our investment. Please seriously consider that as a wind down strategy.

    2. Missing avatar

      robert imperato on

      What happened to communication, 5 more weeks and no updates.
      How about some information for the investors?
      You continue to amaze me on how pathetic your attempts at communication are to the project.
      I really hope you get sued, you will deserve it.

    3. David Livermore on

      Just coming back to state that Kickstarter and you guys suck. Thanks much.

    4. Missing avatar

      Luke H on

      Where is my watch?

    5. Missing avatar

      RJ on

      @CST - I'd request open source development and all the parts for my rewards before you choose to liquidise them. Given you purchased the tools I would expect these parts to be in some manner of a kit form, so that they may be assembled to the equivalent of at least the DVUs in the campaign.

      @Backers requesting refunds - best case scenario you'd receive less than 50 cents (US), and not for years. Please be rational and request what they claim is available.

    6. Missing avatar

      EY on

      Refund us any and all money you have left. No one wants Plan C, no one's going to save your ass with Plan A. Refund as much as you possibly can. Stop violating the KS ToS.

    7. Josh Wardell on

      Guys, I would love to obtain the parts for my CST-01, even if there are problems with it. I'll even pay shipping. I would love to make a desk clock out of it, I still think it's a beautiful design, though at this point the only watch I will be wearing is a smart watch.

    8. Missing avatar

      s.aki on

      Oh......Refund!!

    9. Missing avatar

      SC on

      Skip, props to your for possibly the single most misguided comment I've ever read on this Kickstarter. Seriously, thank you, that was hilarious.

      "On a Kickstarter budget" -- they asked for 200K. They got over 1 million. They then sourced more in pre-orders from their website.

      " If this had been an established maker, they could have funded R&D with sales of other products. But they took the pathway that left little room for error or engineering problems and got bit hard." -- this is hilarious. You are ignoring their voluntary decisions to change materials and design after funding. You are choosing not to ask questions like, why is the pathetically low yield from your manufacturer acceptable?

      You are the kind of person that enables crowd sourcing scammers to do what they do. Blind foolishness

    10. Missing avatar

      Skip Williams on

      This project is dead. Unfortunate, but reality. Kiss your funding money goodbye. No refund, no watch for most, no parts. Get over it.

      The money is spent, the challenges were unexpectedly large.

      RIP CST-01

      Unless anyone here has tried to do a manufacturing project, you have NO IDEA how hard they are. This small group tried, but the project was just too advanced for them on a Kickstarter budget. If this had been an established maker, they could have funded R&D with sales of other products. But they took the pathway that left little room for error or engineering problems and got bit hard.

      To all the people who shout "refund" or "I just want my watch", you won't get what you ask for. No blood will be coming from this stone.

      Thanks for trying hard guys. It was a valiant effort.

    11. Missing avatar

      Ravindranath Palahalli on

      Hi Project Team,
      What's the update? I am just curious on the last 30 days of progress. thanks in advance.

    12. Resonic on

      I should have received mine back in february 2014(!). Your watch is the worst project on Kickstarter ever! A great example how people can't get things done.

    13. Resonic on

      Plan A: Ship my bloody watch!

      Plan B: Refund!

    14. Tom Rose on

      Guys, I hope you get this done somehow. When I backed your great idea I was aware of the risks. Sometimes things just don´t work out.

    15. Missing avatar

      Steven ZY OU on

      Refund!!!!!!!! nothing more important than this

    16. Missing avatar

      Sonny Jung on

      Refund!!!!!!!!

    17. ZippyFund Inc. on

      So let me get this straight, you are going to get an investor to complete the pending orders and grow the future business. If this happens horses can fly.

      Under the terms with Kickstarter in the case of a failed project you are required to refund the remaining funds to the backers or be subject to legal action.

      Either ship me my watch as per the contractual obligations or refund me the backed monies.

    18. Tyler Pritchard on

      Option A - Refund me
      Option B - Send me my parts so I can frame this learning experience
      Option C - Ship me my watch

    19. Mark Terrano on

      i'd like my parts shipped out - I'm going to make a little display commemorating this project and hang it in my office. All the parts were purchased and the shipping was purchased - just put my parts in a bag and ship it to me on my address on file.

    20. MayoikondaInu -迷い込んだ犬-
      Superbacker
      on

      Please refund immediately.
      Project fails, there is an obligation of repayment.
      Refund claims under the terms of the KickStarter.
      Please refund immediately.

    21. Burns! on

      It seems I was one of the lucky ones. I received my CST-01 in early February. Unfortunately, it is too small for my wrist. I emailed CST immediately, hoping to exchange for a larger size, but of course I never heard back from them.

      It is a black CST-01, size medium. New-in-box; in fact, never left the box except for the one time I tried it on. Anyone interested? If you still want this watch, here's one that could be yours. If interested, email Burns! at cst4sale (at) gmail (dot) com.

    22. Missing avatar

      Jamie O'Rourke on

      @John, but interestingly, this project was started under an even OLDER TOS. So if they try and act under the "current" one, we can demand they use the "new" one. If they claim the new one doesn't apply, then neither would the "current" one

    23. John on

      @Bob Coldicott unfortunately the updated ToS does not help us a bit - as this project was funded under an older ToS.

    24. Bob Coldicott on

      Or...one of us files a class action lawsuit.

    25. Tom Frazier on

      What is your process to diatribe the existing units? By order date? Can you share who will be getting one?

    26. Missing avatar

      SC on

      Almost 2 million bucks, after asking for 200,000. Big fail. It probably cuts pretty deep, Larry.

    27. larry cheng on

      Hi guys, really sad to hear, after all of the blood sweat and tears that went into this. Maybe this is because we're all in the design field, and maybe because I'm here in Silly Valley, but I know that not all big swings connect, and that even the world's best companies dont have a 100% hit rate. I'm of course bummed that this is the outcome, but I for one dont have any ill will towards you guys. I've seen many projects go like this, and never see the light of day -I know you guys have too from previous experience. I've also seen Zombies that should have been put down, but had shambled into the marketplace in poor shape, cutting every corner, degrading every feature, just so they could say they shipped. Those really were no better, and the haters would have just something different to hate about. Some people say that crashing & burning a project gives them "scars" I'm sure the ones from this adventure are deep, but I hope they're not fatal!

    28. Missing avatar

      SC on

      Ohhhhhhhh Jussi. I never should have said "a year and a half ago" to you, because naturally that's what you would hone in one as a way of avoiding the point. How very "jussi" of you, i say!

      The point is, back when CST missed their first deadlines, some of us were questioning their previous claims and project status. Turns out we were right, and you were wrong. That's the only point that matters.

      Anyway i just wanted to make sure you knew that. I'll keep laughing it up (fuzzball), you keep eating up everything you hear. You sure ate everything CST ever fed you.

    29. Tibor Sekelj on

      So what's next. This clearly isn't the end of the line.who has all tried to reach KS regarding this. I think this should be also added to observer that KS isn't responding at all despite having taken 100 000 Usd from us for services.

      Also: KS rules aren't LAW, they are arbitrary agreement between two companies. Which might also violate law.

      If KS doesn't get in contact with CST and demand proof they will break their own rules and breach contract

    30. Missing avatar

      robert imperato on

      Very sad the whole situation has turned out to be for you and the backers.
      Your lack of communication only added fuel to the fire.
      My only conclusion is you are clueless about business 101 in keeping the consumer/investor informed about the product.
      After reading your explanation one can only assume you have never dealt in the real business world.
      I am sorry for you but most sorry for those who believed what you initially said and who invested and were duped into this disaster.

    31. Missing avatar

      Kobayashi on

      I'll take my watch unassembled.

    32. Jussi Myllyluoma
      Superbacker
      on

      @Sean C.
      I've seen the standard of updates from a variety of different projects here on KS. Just a few more than you Sean. I still maintain that CST have consistently upheld a standard of content in their updates that is paralleled by only a very few others. Their one shortcoming has been the reliability of the frequency.

      As it turns out however, there was another shortcoming: in the representation of how far the product development had progressed at launch of the Kickstarter. But that information was posted right at the start, and anyone — like me, and incidentally, you Sean — who still had money in the project at the close of the fundraiser obviously didn't think anything was too fishy to stick around.

      The yield issues that clearly have eaten up the money in the project, and now render the eventual delivery uncertain have all occurred long after a year and a half ago, so if you were foreseeing all of this already then … well, either you own a really good crystal ball, or you were supplying your own portion of comedy to the situation.

      Either way … laugh it up, fuzzball.

    33. Abrahim Ghassemi on

      I have barely been keeping up with this. In fact this is my first ever post on a kickstarter.

      regardless it seem as though at face value you are still planning on continuing working on the product.

      youve been hiding behind lack of correspondence and positive business relations to excuse your decision to keep us blind. and you have no answers to your backers' cries

      and now you want to sign a non disclosure agreement with your incompetent
      supplier in exchange for continuing to produce the same quality components as before with no guarantee of improvement

      its no longer about maintaining a positive business relation. it is about accountability.

      how about some more frequent updates, and actually including new material in the updates (as in photos and actual statistics) to regain some trust...

      Needless to say i am extremely disappointed in the outcome of a product of which i was very enthusiastic about, as well as the manner in which this entire debacle has been approached.

    34. James Oon on

      Backed for two watches :-(
      It's unacceptable how it's gone from "We're shipping" in Feb to their current position.

      The options offered has no value to the backers and the possibility of refund (if any) is a BIG question. CST has not shown the necessary responsibility and at this point there are serious doubts that they can carry out their proposed plans or even going thru the liquidation process. Posting on project update is only CST's claim.

      A credible independent audit is required. KickStarter needs to assist now as the words of CST is pretty much in doubt.

    35. Chad on

      I was right when I said I'd be wearing an Apple Watch before a CST.

    36. J Rey on

      A couple of updates ago, the founders boasting about how slim their operation was...

      The chart shows otherwise. You took people's money and wasted it. Were you blindly optimistic or just lying and cheating people out of their money?

    37. Missing avatar

      Terry Hook on

      thats not any kind of satisfacoty accounting at all! independent financial review asap. pie charts and line charts are not enough!! these mock-ups can be faked as easy as making a demotivate poster. and what about pics of all the parts. its unbelievable that you don't have more pics of raw parts. everybody has a smartphone or a tablet, I imagine tech nerds like yourselves have several each. the reposting of old pics which in no case shows the thousands of units you claim to had spent our money on is really a weak point in your story! you cant possibly expect the backers to take your word for it. I mean, some backers are, but enough of us arent and are saying over and over that you need to show us records and photos of the parts you claim are being held ransom.. as far as Im concerned, your still in violation of KS terms and conditions to deliver, refund, or give a proper rundown of what went wrong where. you cant deliver, you cant/wont refund, and your story so far is woefully insufficient. and to even think of willfully entering a confidentiality agreement to regain access to (possibly) a few hundred more unit while leaving the rest of us out in the cold is worth condemning. dont do it, and please provide real finances and real photos showing our money is siting in boxes unable to be assembled.

    38. Missing avatar

      SC on

      Hey Jussi. Remember a year and a half ago when you were confident the watches were coming out, the updates were great, and everything was peachy keen? Remember how me and some other people smelled something fishy, and tried to tell you about it?

      That was funny, looking back now.

    39. Jussi Myllyluoma
      Superbacker
      on

      If there is no money left to make watches, where would the money for refunds come from?

    40. Missing avatar

      Andrew Pang on

      Refund will be the best and ONLY option, and how can someone bear no responsibility and walk away when the project didn't work out and consume all the fund raised!!!!!

    41. Missing avatar

      Sonny Jung on

      refund!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    42. Nekola Noel Prosperie on

      Love the update guys...I think plan A would be a great option...I think for a buyer (like Nike or Adidas) to buy the patents and everything so they can produce the watch & finish fulfilling backer orders as part of the contract would make us pretty damn happy as backers I think

      Some of you that left retarded comments are stupid. I mean it isn't ebay or Walmart & yes it is disappointing being involved with a failed project that isn't a scam. But yall are missing the whole frackin point of crowd funding. Just saying. Remove the big L from y'all's foreheads

    43. Leslie Lei on

      LOL @ CST, i knew it, you guys failed, and you guys are famous now, after the NBC news reported this project then what happened? after you two saw yourself on TV then what happened?

      each time you responded only when you got kicked hard, only when you got kicked then spill out something, again and again, it's not an update, it's because you two saw yourself on TV

      it's well worth to pay USD$150, but, at this point, send us the purchased part please, something is better then nothing

    44. Missing avatar

      Angela Sabas on

      Rather disappointed, but thank you for updating us. This should have been the practice from the start, but it's not too late to start doing the right thing.

      I would like to second this comment a few ways down:

      from Jussi Myllyluoma -

      "If they help you guys out to fulfil ALL rewards and get the watch to market and hence start earning back their money, than I say: be as confidential as they want you to be!

      "If they do not help you out all the way, then there is no need for any confidentiality.

      "... I.e., the agreement you accede to should more or less be: as long as the work and fulfilment progresses, you stay mum. If work stops before it is complete, your obligation to save their face for them ceases. When the last reward is fulfilled, this obligation becomes permanent."

      Honestly, I don't even know why this is even an option:

      "We’re doing whatever we can to get as many pieces shipped as possible. But, in order to ship the in-process and completed units, our manufacturer is requesting we sign an agreement that would prohibit us from talking openly about some of the challenges we’ve faced during our manufacturing journey."

      That sounds like a horrible, horrible proposal that should not even be entertained. You should be bargaining to deliver ALL the rewards, not SOME of them.

    45. John Snook on

      This time the consumer eats the bear. Love just giving my money away. Think I'll go and take a nap in the van. Don't send me anymore updates they just piss me off anyway.

    46. David Livermore on

      I vote for plan B.

    47. ANSR on

      I was much waiting in the hope that it. but want a refund if can not manufacture.

    48. J S on

      ______________
      Jamie O'Rourke about 8 hours ago
      You say that the battery manufacturer went out of business so you couldn't buy any batteries - so how do you account for the $600,000(was it?) in parts that you have paid for if you actually haven't bought the parts?
      I don't think this started off as a scam, but it certainly is now. Every update is laced with lies and every update fails to provide any tangible evidence of your claims.
      I don't care about 170 odd dollars I spent, I shit more than that before breakfast, but what I do care about is being scammed and lied to. I genuinely believe that you screwed up well over a year ago, ditched the project and syphoned off the money for yourselves.
      ______________

      ^ What he said.
      CST claims to have spend hundreds of thousands of Dollars on material already (!) The material gotto be somewhere. Pictures of that material, batteries, bands and displays.
      Please Please Please Please Please Please Please.
      If not I must assume CST hasn't bought it and pocketed the money instead.

      I have seen things like this in India. You pretend something goes south and with it the money you used to buy all these things along the way and then the company has to take the loss while the CEO and people who organized it share the money which was never spend in the first place.
      An easy deal to go south is if your company buys a private startup with an IT idea maybe not even implemented and overvalues it. The company spends 10 Million on whats worth 1. The startup owners and the buying company head(s) share the 9 Million difference and the buying company's other shareholders takes the loss. They'll be angry at the bad investment choice but cant prove that their own leaders got a cut from the startup company and knew it would fail.

      It feels counterproductive to fail on purpose, but that makes it such a genius trick.

      Not saying it happened here but until proven otherwise people will speculate the worst.

      Seriously, is it to much to ask to see some picture of all the thousands of parts which have been bought already according to the charts?