Eagle Eye Gets $1.4 Million PPP Forgiven After Raising $40 Million VC Funding and 85% Growth

By IPVM Team, Published Sep 13, 2021, 10:51am EDT (Info+)

Eagle Eye Networks, founded and led by centimillionaire Dean Drako, had its $1.4 million PPP loan forgiven months after it raised $40 million in VC funding and boasted it hit record revenues in Q1 2020. This 92-second video overviews the situation:

In this report, IPVM examines the forgiven loan, Eagle Eye's new fundraising, "record" revenue, and guidance from the Small Business Administration (SBA).

** ****, **** *****-*** ************** *** ***** *** ******** $*+ million ** *** *****.

$1.4 ******* **** ******** ***** $** ******* *********** *** "******" *******

***** *** *** *** $*.* ******* Paycheck ********** ******* (***) **** ******** in *** ****, ******* ******* $** million ** ** ******* *** ******** 85% ******* ****** **** ****.

IPVM Image

*** ***** *** ********-****** *** ***** to **** ***** ********** **** ** the ***** ********. ***** ************ ******* ********** **% ** ******* "****** ** **** ******* ******."

** ******* ****, ~* ****** ****** the ********** ******* *** ****, ***** Eye********* ******* $** ******* ** ******* capital *********** *****, *** **** **** ****** $* ******* this ****.

Funding ****** *********** ** *** ****

** ******** *********** ** ********* ** companies **** ********* *** ***********, *** asked ** ****** *********, **** **** that *********** ***** *** ****** ****** the ******** *** * ******:

** * ******* *** * **** in ***** ** ***-**** *** **** was ***** **** ** ***** ******* financing ** **** **** * ***'* think ****'* *********** ** ********* **** they ****'* **** *** ***** ** the ************* **** **** **** ** wasn't ***** ******* ** **** *** money ** ***** ** ***-****. *****, because * ***** **'* **** ** look **** ** ********* *** *** well *** **** ** ****'*.

*******, ** *** ****, **** *** loan *** ********, ** *** ***** that ***** *** *** ******* * massive ****** ** ******* *** *********** record ******.

Avoid "******** ** ************"

****** * *** **** *** ********* to ***** "******** ** ************," ***** told **** ** **** **** **** we***** ******** *** ********* (***** ***, Brivo, *** ** ******) **** $*+ million ** *** *****. ***** *********:

** * **** ** ********** **** (or ******* *********** *****) ** *** companies, ** ***** ***** ******** ** the ************, ********* *** ******** ************, which ** ********* ********* * *** to *****. *** *** ******* ** to ***** ****.

*******, *** ********** ******* **** **** borrowers **** ******* ***** **** ******* is "********* ** ******* *** ******* ********** of *** *********." ** ** *** ***** *** a **** **** *** ********* ****** of ********** ******** ** ************ *** necessary ***** ** ***** **********.

IPVM Image******,**** *******, * ****** ****** ******* ** the******* ** ********** ********* (****), ****** **** **** **** *** point ** *** *** ******* *** to ******* *********:

*** *** ******* *** *** **** to **** *** ********, *** ** help *** *********. ****'* *** ** was ****** *** "******** ********** *******" and ****'* *** *** ********* *** all *** **** ******** ********* ****** your *******.

*** ***** ******** ************** (***) ********* **** ** ************ ******** *** companies **** ***** *** **** *** funds ** ******** ****** *********:

*** *** ** “******** ** ******* a ****** ********* *** ***** ********** to **** ***** ******* ** *** payroll."

Access ** ***** ******* ** *********

**** ********** **** ****** ** **** into ******* "***** ******* ** ****** other ******* ** ********* ********** ** support ***** ******* ********** ** * manner **** ** *** ************* *********** to *** ********,"********* ** *** **********.

***** ***** *** ****** $** ******* from * ****-***** ** **** **** than *** ****** ****** **** *** the **** ********, *** ******* *** access ** * ***** ****** ** liquidity.

Eagle *** - ** *******

**** ********* ***** *** ***** **** matter, ********* *** ****** ** *********, but *** ******* ******** ** *******.

Returning *** ***** ********

* ****** ** **-****** ********* ******** their *** ***** ***** ******** ****** during *** ********. *** *******,***** **********, ** ******** ******* ******** *******, paid **** $* ******* **** ****** the "**** ***** **** ********* *** forgiveness,"********* ** * *** *******. ***** ********* **** **** **** loans ***** * ********** **** *************** ***.,********** ***.,***** ************, ************.

***** ***************** *** ***** ********* ****** ********, ********* ***** *****, *** *** Angeles ******, *** *****, * **** site.

No *** ******* *** ***** **-****** *********

**** ****-******, **-****** ********* *** *** obtain *** *******. *** *******, ***** Eye's ******* ***** **********, *******, *** not ****** *** *******.

******* ******** ** ** ***** **** VC-backed ********* ****** "****** *****" *** "think ****" ***** ******* **** ****** need *** *****,********* ** ******* *** *******. ******, ********, * ********* ******** company, ***** ****** $** ******* ** February ****, *** ******** * *** application, *** ******* *** ** ****** it ***** *** ***** ** ********* met *** ****** **** "*** ******* wasn't ***** *** ********* **** ********."

Audit *** *****, ******* *** ***** ***

*** ******** ** ***** *** *** ***** above $* ******* *******, ** *****'* ~$*.* ******* **** will ** *******, *** ***** ***'* $1.4 ******* **** *** ** ************* audited.

*** ** ******** **** **** **** decision **** *** *** *** ** "eyebrow ******" *** ***:

** * **** ** ********* *** program, **** *** *** ******* **** loans ***** * ******* ********* **** weren't **** ***** ** *******, **** to ** *** * **** ********. That *** *** *** ******: *** knew **** *** ***** *** *******. If *** **** *** *************, *** SBA ***** **** ****** *****, *** the *** *** *** ******* ** look ** **** ** ********* ** say, '****, *** ****** ******* ********* three ****** *****, *** ***** *** say *** ****** **** *** *****?'"

*** **** *********** ** ********* *** when ** ****** *** **, *******, the **** ****** *******, **** **** IPVM:

****** **** ** *** *** ****** in *** **************, **** ****** ** Congress ******* ***** **, '*** ** we ********** ***********? *** ** ** speed **** **, ******* ***** *** millions ** *****?' *****'* **** ** anything ***** * ******* ******, ** should **** ******* **, ***** ** just * ******** ****.

*** ***** **** ****** *** ******* because ** *** ******* ****** ** the ******** ** *** *******. ******* argues *** ********** ****** *** **** the **** ****** ******** ** *********** as ** *** **** ************ *** loans:

* ***** *** ************** *** **** without ****** ******** *** ********** ** place. ** ** *** *********** ** the ***** **** **** ** ******* way **** ***** ** ** ******** down, ** *** ******** ***** *** decision. **** ** *** **** **** the ********** *** ****** **** ** and ***, **'** ***** ** **** at ***** ******, *** ** ***'* given * **** ****.

Vote / ****

Comments (9)

*** ********** ******* *** **** *** Richer. **** * ****, ********* *** backlash **** ***** ***** ** ******** put ***** **** ** ** *****!

Agree: 3
Disagree
Informative
Unhelpful: 2
Funny: 2

*** *** *** *** *** **** hedge ***** **** ******* ** **** PPP *****.

Agree: 1
Disagree
Informative
Unhelpful
Funny

*** *** ******** ****** **** ******** fairly ******* ** ***** **** - see ******** ** ******* ****:

** * ***** **** ** ******* equity **** ******** *** * *** loan?

**. ***** ***** *** ******* ****** firms *** ********* ******* ** ********** or ***********, *** **** ********** *** therefore ********** ** ******* * *** loan. *** *************, ** ************ **** the *********, **** *** ******* **** Congress ******** *** ***** ***** ** businesses, ***** *** ********* ********** *** section *(*) ***** ***** ******** *** regulations, ** ****** *** *********.

Agree
Disagree
Informative: 4
Unhelpful
Funny

* ** **** **** *** *** PPP, *** **** ***** **** *** large *****-******* ****** ********* *** *** tax *******.

Agree: 1
Disagree
Informative
Unhelpful
Funny: 2

*** **** ***** ****** ** ******** toward *** **********. ****** ****** ************** will ****** ****** ** **********. ********* sucks - *** ** ********** ***** when ** ** ********* *********.

*** ** ****** *** **** ****** is **** *** ** ***** **** used **** *.* ******* ** ***** our **** ***/****** ******** ******** ******* we **** *** ***** ** ***** trillions ******** * *** ******* *** handing ** *** ** **** ********* group....

Agree: 4
Disagree
Informative
Unhelpful
Funny

*** **** ******* * *** ****? If ** *** *** **** ********?

Agree
Disagree
Informative: 1
Unhelpful
Funny: 1

**** *** ******* * $***,*** *** loan:

**** ******** *** ****

********* ************, *** ****** ******** *** $***,*** (including ******* ********).

**** **** **** *** *** ******** funding **** ** *********. ** **** said:

** *** ****, ** *** ** actual ***** ******** **** ** ********* or ********* *******. **'* **.

Agree
Disagree
Informative: 1
Unhelpful: 1
Funny

***, ** ******** *** *** *** loan ********. ** ***** **** *** received *** ** ******* *** **'* still ** **********.

Agree
Disagree
Informative: 1
Unhelpful
Funny

**** ** *** **** ****? *** saying *** ***'* **** ******** $***,***,***.** just ****** ******?

Agree
Disagree
Informative
Unhelpful: 1
Funny
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