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Autonomous, Intelligent, Developable. Meet ZANO the world's most sophisticated nano drone - aerial photo and HD video capture platform.
Autonomous, Intelligent, Developable. Meet ZANO the world's most sophisticated nano drone - aerial photo and HD video capture platform.
Autonomous, Intelligent, Developable. Meet ZANO the world's most sophisticated nano drone - aerial photo and HD video capture platform.
12,075 backers pledged £2,335,119 to help bring this project to life.

Project overview

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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 apologise 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

Breakdown of expenditure
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.

idewaki, kleber, and 19 more people like this update.

Comments

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    1. Missing avatar

      Lars-H. Thom on

      I see also a strong responsibility of the Kickstarter team here to keep YOUR customers satisfied! If you lose as as backer you lose your own business too.

      For sure there's always a risk with such projects, but to collect more the 2 million Pounds, take your own percentage and now leave us alone with the complete loss while you just lost NOTHING isn't acceptable at all.

      At least refund your fee to the backers for not controlling porperly this project.
      Better would be of course you step in with some lawyers and fight for our money.

    2. Missing avatar

      Mike lau chi hong on

      TG Ltd Okay smart ass you win for this. Get my money and fuck off. But for KS you mother fucker just let TG Ltd gone, you are the biggest liar

    3. Carlos Traub Tagle on

      I wonder how they even steal the money for shipping

    4. Missing avatar

      Richard A. Prince II on

      All of this is a scam sad sad sad-- I want my money back they were all at Ces with this assuring eberyone but never Tom the thing out and did anything with it

    5. Icywolfe on

      @ Steven B - I think the percent is based off of what they got from KS.

      Well this is the math I came up with:

      http://icywolfe.net/index.php/other/understanding-the-piechart-for-zano-project/

    6. Missing avatar

      Steven Brogden on

      I always hate cost breakdowns like this... % of what? Can you provide the money spent instead of percent breakdown. And how much funding was from Kickstarter? I would hate to think KS is used to cushion the hit to creditors in a bad investment. The hit should be shared... not burdened by the hopeful users of the product.

    7. Tony Carey on

      I want my money back! Let Kickstarter deal with them. They violated the terms, lied and misrepresent the entire project. Kickstarter had a duty to vet these guys by means of a working prototype. They gave this a "staff pick". Team Zano stated everything was in full work by order which was a complete lie in the CES video interview. This whole thing was fraud! They created a shell company and defrauded the project to protect their true robotics company. There's $40 quadcopters that can take to flight and make turns.
      Apparently this POS couldn't even steer. What sort of military engineers are these guys?! Scam artists, that's what they are!
      I'll see the remainder of my projects through then I'll be deleting KS app. Lessons learned.

    8. Justin Smith on

      I like how a majority of these numbers are the same value.....

      This is a fake piechart, just tyring to shut up the community!

    9. Missing avatar

      John Manson on

      A note to those following the Torquing Companies.... Torquing Group, as of Monday, Nov 30th, was still listed as an active Company (Ivan is listed as 'resigned' though). The kickstarter page notes the project being undertaken by Torquing Group, but if you check your payment - it went to Torquing Robotics. Robotics is in Liquidation.

    10. Missing avatar

      gillSpie on

      At a minimum, Ivan and Reece need to turn over any monies received and be put in jail for fraud or this market will dry up because nobody in their right mind would participate after seeing what has happened with the Zano project. There was fraud by Torquing associates advertising the device [Zano] as already built and tested as well as producing fake videos in violation of their contract with Kickstarter and as a result in violation with their contract with the backers, moving funds from the original company paid to a front company, neglect by Kickstarter to follow up as the facilitator after having advertised the project and countless lies told backers that if looked at in total show a clear picture of the intent to defraud.

    11. Brendan Kirk on

      We are stuffed these tools stones and co made the pie graph and will just take what ever is left of the money and assests as their commission to carry out this liquidation. We will all be swept under the rug and ignored.

    12. Icywolfe on

      Just incase they remove my post below you can find the same on my blog:
      http://icywolfe.net/index.php/other/understanding-the-piechart-for-zano-project/

    13. Icywolfe on

      They spent about:
      3,510,501 USD Total +/- 10%
      1,614,830 USD on Stock and manufacturing
      491,470 USD on Wages
      315,945 USD on Purchase Taxes
      140,420 USD on Misc Expenses
      105,315 USD on Internal Charges
      70,210 USD on Shipping
      70,210 USD on R&D
      35,105 USD on IT
      17,552 USD on Consultation
      175,525 USD on KS Fee
      140,420 USD on Tooling Costs
      105,315 USD on Professional Fee
      70,210 USD on Other Creditor
      35,105 USD on Employers in N.J
      35,105 USD on Capital Expenditure
      35,105 USD on Sub-Contract
      35,105 USD on Rent

    14. Missing avatar

      Susumu Inoue on

      I will cancel all of the pre-investment that did not come of the deadline in the KS now.

    15. Missing avatar

      Susumu Inoue on

      This is the worst outcome.
      Funds I believe the fact that production only if there. We have invested. It should have been stated there if is in the process development.

      It is a scam that uses crowdfunding to bad direction.
      YOU was shot down the confidence of all the start-up companies that starting crowdfunding, Europe. Kick starter was also damaged.

      Earnings also can not trust. In cooperation with the kick starter, it should be carried out quickly refund.

      The shipping reservation have priority. It is not possible to believe. This is a complete betrayal, kick starter, Inc. also should give a penalty to this fraud population.

    16. Missing avatar

      Wynn on

      So KS are saying they may not be able to use KS for another crowdfunding project -wow I'm sure they shaking in their boots !

      Then again for nearly 3million pounds sterling -you probably don't need another project :-(

    17. Missing avatar

      Hammer on

      I do find two things rather interesting in addition to the many things that have been mentioned
      1) In risk section of project they outright dismissed all risks apart from potential supply problems. (Which they went out of their way to say they would resolve)

      2) They stated that they just needed money to bring the "volumes up, so the price goes down" thus it was a matter of volume/pricing that KS funding was requested for not everything else.

      This Pie chart in itself is proof that they spent 54% of £2,335,119 in areas other than delivering what they said they were requesting money for during the scope of the original campaign. We all know that you must pay taxes, employees, KS fees and etc. But when that represents 54% of a multi-million dollar project and you still manage to not deliver the promised product due to "fill in the blank" mistake(s) one month after announcing products are shipping, then Deception and Fraud are still words that come to mind.

      The impact of this will go beyond this failed campaign. I just wonder if KS will end up handling this matter in a way that results in measurable loss of future revenue from non-participation in future campaigns or if they will end up taking action that bolsters future support for crowd-funding.

      Since the November Zano announcement, I stopped browsing the new campaign sections as I am focused on what is, or rather, is not happening with this seemingly fraudulent campaign.

    18. sr on

      Where are all the receipt that stated they had appropriated allocated the cost of the project. Anyone can make a pie chart and put anything in it to make it look good. I know that I will not get my money back, but at least someone or all of them should be liable for their actions. I will never trust a company from the UK using Kickstarter for their start-up business.

    19. Missing avatar

      Jack Franklin on

      I appreciate the "gamble" but I was lead to believe that they had a working "prototype". Boy was I wrong. What hurts is the lies and slick marketing that got me and the many other people I got to get involved in this fraudulent project. Too bad because I really did believe in your deceitful story.

    20. Missing avatar

      Robert Roll on

      Are there any attorneys here who are able to request signed copies of
      1) any signed agreements between KS and Torquing Group Ltd,
      2) copies of the transfer of funds to Torquing Group Ltd.

      It would appear that Stone et al is not representing any company that I, KS, nor all other contributors have ever dealt with. Strange, isn't it?

      So who really cares about a company with a similar name Torquing Robotics Limited and the fact that this company is in Liquidation. The company in liquidation is foreign to us, KS and any agreements we had.

      KS WHERE ARE YOU IN THIS MESS OF MISCOMMUNICATION OF A COMPANY CALLED TORQUING ROBOTICS AND A GARY STONE POSTING UPDATES 50 and 51 ON THE TORQUING GROUP LTD's ZANO'S CAMPAIGN PAGE?

      ISN'T THAT ALONE CONSIDERED FRAUD OR HACKING YOUR SITE?" Day 11 is tomorrow!!!

    21. Missing avatar

      Jorell on

      A vague and unaudited pie chart does not demonstrate that funds were used appropriately and that every reasonable effort was made to complete the project as promised.

    22. Tony Carey on

      Someone please contact an attorney. Sign me up!!! I hate being lied to. These guys lied, lied, lied about everything!! LIERS!!!

    23. John Yoo on

      Let us enter into a class action lawsuit

    24. Lincoln Thurber on

      Well, thanks for the update and the pie chart. Still disappointed with the outcome, but that's how it goes with KickStarter. A thumbs up to the backers who remained calm and respectful while being disappointed; however, the 'internet tough guy' act some people are showing is still amusing.

    25. Missing avatar

      Thomas Webb on

      The people who ran the company sure got paid well.

    26. Missing avatar

      Fabrice Armisen
      Superbacker
      on

      So basically the blame is on the "upgrades" that happened during the campaign. The level of unaccountability of these guys is unbelievable.

    27. Missing avatar

      Wynn on

      Times 2

      I entered into an agreement with Torquing Group LTD for them to provide goods for monetary compensation. The agreement was brokered by "Kickstarter" but the agreement was entered into by Torquing Group LTD unless there was some sort of fraud occurring where Torquing Robotics was being misrepresented. If this is a mistake where Kickstarter gave my funds to the wrong entity the I formally petition Kickstarter to refund me now. Otherwise I fully expect to be reimbursed as a creditor and if my comments are not welcome then I will take that as a further indication of your clients desire to commit fraud by either Torquing associates or Kickstarter both groups.

      It would be desirable and I believe it would be appropriate to sue these people into non-existence. It would be good start if Kickstarter would start this process and invite all interested backers.

    28. Missing avatar

      deleted on

      This user's account has been deleted.

    29. Missing avatar

      gillSpie on

      I entered into an agreement with Torquing Group LTD for them to provide goods for monetary compensation. The agreement was brokered by "Kickstarter" but the agreement was entered into by Torquing Group LTD unless there was some sort of fraud occurring where Torquing Robotics was being misrepresented. If this is a mistake where Kickstarter gave my funds to the wrong entity the I formally petition Kickstarter to refund me now. Otherwise I fully expect to be reimbursed as a creditor and if my comments are not welcome then I will take that as a further indication of your clients desire to commit fraud by either Torquing associates or Kickstarter both groups.

      It would be desirable and I believe it would be appropriate to sue these people into non-existence. It would be good start if Kickstarter would start this process and invite all interested backers.

    30. Merrick on

      There is little use in writing to kickstarter. Although they should pay attention, even if they expect many of us to quit after a failed kickstarter, many of us accept that some projects will fail and may continue backing projects. What we are outraged about and thus are likely to quit, is the misrepresentation by torquing group and the lack of oversight of kickstarter to see that they meet their terms of use (working prototype). And yet kickstarter recommended this project and didn't check it even though it was a high profile project for them and they should have exercised greater care.

      Kickstarter will only respond if significant bad press arises from this failed project such that they need to do something to protect their reputation.

      Charge backs doesn't bode well either even if doesn't go through. Maybe Visa, Mastercard, Amex and PayPal will think twice about supporting it.

      Getting the trades commission involved was at least a minor success as torquing were compelled to make a statement of how the funds were used.

    31. Missing avatar

      Wynn on

      Are You a beta tester, or did the mailing list get stolen with the laptop ?

    32. Missing avatar

      Robert Roll on

      Should be interesting to see how many new projects will not meet their funding goals. How many just made their goal from the 12,000 of us. MemoBox was pushed through because of me. Others will now suffer from our lack of support and as the word spreads support will grow less and less KS. Great PR on your part KS. You were warned by many us. The more that Zano is discussed, the more information is getting out and the more research is being done by the 12,000 supporters and their friends. Once the press gets a hold of this and it goes viral, I feel sorry for those new projects trying to raise money and there goes KS's commissions. Guess KS does not have a business model or does not understand their business model.

    33. Missing avatar

      Wynn on

      Sig tech you found it -would love to see their pie chart - who ate all the Pies lol

    34. Debra
      Superbacker
      on

      Is it just me, or did they go from saying "we don't owe you a dime" in the previous update (bad enough), to now it is our fault for the "upgrades" that occurred during this campaign ( much worse). All I can say is WOW! This goes form bad to worse!!!

    35. Missing avatar

      Huub Nelis on

      I fully agree with the comment of Michael Lee: Almost half of our money becomes ZANO parts but I didn't see the stock. Show me the parts or re-sell them and refund half of our money at least.

    36. Missing avatar

      Patrick Sauvillers on

      This i find on linkedin: A must contact supplier pfff:
      Torquing Group Ltd was established in 2011, bringing together resources and skills from Torquing Robotics Ltd and Torquing Technology Ltd. The company specialises in Research and Development and rapid prototyping focusing on solving problems by providing platforms for new technology to be developed from.

      Torquing Technology Ltd was originally formed in Australia in 1990 trading as Torquing. The founder of Torquing and now one of the owners of the Torquing Group, is now based in the UK, has over 25 years of experience and knowledge from technology and business operations all over the world. All the staff at Torquing Group Ltd share a passion for technology, robotics and electronics and as such work well as a team to encompass our passions and to provide leading edge services, products and solutions to all our clients.

      With combined experience in the fields of technology, robotics, electronics, engineering, networking and programming, we not only enjoy what we do, but in doing so push the boundaries of innovation and design. Giving new and workable ideas to put technology and robotics in the forefront of any situation, we aim to provide leading edge services and products as well as pass along our passion, skills and enthusiasm to our clients.

      We have a wealth of knowledge, experience and skill at adapting technology whilst creating and forging new ways of using it to benefit both businesses and individuals alike.

      We believe the Torquing Group is a must contact supplier.
      Specialismen
      Robotics, NANO Drones, Electronics, Software Development

      Website
      http://www.torquinggroup.com
      Bedrijfstak
      Luchtvaart en ruimtevaart
      Type
      Naamloze vennootschap
      Hoofdkantoor
      Torquing Group LTD Pembrokeshire Science and Technology Park Pembroke Dock, Pembrokeshire SA726UN Verenigd Koninkrijk

    37. Missing avatar

      NATSUHIKO SATO on

      Pre-Order is so made to creditors.

    38. Missing avatar

      NATSUHIKO SATO on

      Hi, Pre-who seems to have come sent password of net meeting of December 4 in a letter from stones & co. Refund seems there has been contact with me a refund from PayPal or credit card company.

    39. James Kassapian on

      Kickstarter, I fail to see how you can morally keep the 5% fee for this project. It should be returned to the backers.

    40. Missing avatar

      Wynn on

      The new company started a week before closing is called sigtech communications

    41. Missing avatar

      Hans Layer on

      ..still no comment / action from Kickstarter ? We are waiting...

    42. Missing avatar

      Howard on

      Folks and Fellow backers,

      We are not going to get refunds, money is gone and their creditors will glean over the rotting remains of Torque. The only profiteers in this entire venture is Kickstarter who got their fees up front. All of us are out the dough and all the bitching in the world will not change that reality. The real villain in the adventure is Kickstarter for not properly vetting Torque and apparently doing nothing to protect us. I have written a half dozen notes to Kickstarter and all I get back are canned responses which include their "Terms of Use", which is their "get out of jail free" card. The canned responses are infuriating and emblematic of how Kickstarter values its "backers", not at all. The only appropriate response is to NEVER back another Kickstarter project, demand from Kickstarter actual statistics about projects failing to deliver (not statistics about how many get funded), and finally let Kickstarter know WHY you aren't backing projects and spreading the word about Kickstarter and its Terms of Use, far and wide until they either clean up their act and vet the projects OR shut down all together. From now on, I will buy something that exists instead of something that is someones pipe dream, funded by others. SIGH!

      PS Before I quit all together I am researching my old AMEX statements for the original charge from Kickstarter via Paypal or something and convince AMEX for a charge back, that should get their attention if it works.

    43. Missing avatar

      Warwick Barnes on

      There is no other way to put this, Zano was fraudulent from the very start and I was bezotted by the claims made of their stupendous and great little toy and I did not think it through properly, my bad.

      But clearly I was not the only one and you have made fools of all of us, I hope UK law will protect us, doubtful though.

      I doubt we will ever see any money returned to the backers and this, will hurt more than just these people. A bit of a shame.

      So go dip your left eye in HOT Cocky Kack !!!. { for those not Australian, that is Cockatoo shit }.

    44. Missing avatar

      Robert Roll on

      Hmmm, Is it possible that KS paid the money to the wrong company, a company that KS had not contracted to? Would that make KS liable for collecting our money and not distributing it to the contractual company? Any lawyers in the 12,000 contributors?

    45. Missing avatar

      Patrik Lundgren on

      I know some have mentioned this already but this project was presented as something by Torquing GROUP Ltd and now we are told that the money was in fact collected by a subsidiary named Torquing Robotics Ltd that they are now liquidating.

      If it is the case that Torquing Group Ltd is not also being liquidated and has funds then there might be a case here. Either towards Torquing for misleading Kickstarter or towards Kickstarter, if they did in act have a contract with Robotics, for making us believe Torquing Group were responsible.
      The later would have to be raised in the US so someone there would have to initiate it.

      Let's see if this comment is allowed to stay up :-)

    46. Wonga on

      @Vincent Goudreault Totally agree