Sentry360, a US-based video surveillance manufacturer, most well-known for its panoramic cameras, has filed for Chapter 7 bankruptcy.
In this note, we review the filing, share feedback from the company and analyze the issues the company faced.
Bankruptcy ******
********* ***** *** ********** (*** ****** ***'* ********** ******).** * ******* * **********, *********'* ****** **** ** **** *** ** *** the ******* (*********) ****** ** ******* **, ***** ******* negotiate with ********* ** ***** *** ***** of *** **** ******* ****** ** liquidate ******.
Support ********
*** ******* **** ** ****** ******* requests *** ******** ********* ** *** CEO, *** ********* ** **********@*********.***.
Cause ** *******
********* **** **** *** ***** ** the ******* *** *** ** * development ******* **** **** ***** ******** by ** *********** **** *** *** close:
********* **** * ***** ********** ** developing *** ***** ** ****** (*****) **** ******** ********. **** *** a **** ******* **** **** *** internal *********** *** ******** (****** ** outside *********** ****) **** ********** **** apart. *** ******* *********** **** ******** and ***** **** * ******* *** counter ******* **** *** ******* *********** company. ** *** ****** ** **** Sentry360 *** ********** ** ** ******** by ******* ***** ******. *** *********** was ******* ** *** *** ** preparation *** **** *********** ** *** asked ** ****** *** ********* ****** the ******* ******* **** *** ******* development *******. *********** *** ********** *** significantly **** **** *** *********** ***** it **** ***** ** *** **** to *** **** ****** ** ******* no ********* ********* ******. *************, ****** decided ** (***** *** ******* *** settled) ******** *** *** ************. ** summary, **** *** ******** *** ******** investments ** *** *** **********, **** of ***** **** *** ********** ********** ********* ****** insolvent.
*******
*********'* **** ******* *** ~$*.* *******, declining ** **** **** $*.* ******* in ****, ********* ** *** ********** filing:
Largest ******** *-*********
*-*********, ** ********** *********** **** ******** **** ** ***** ************, *** ****** ** *********'* ******* creditor.
** ******* **** *** *** **** that ********* ********* ** ******* ** the ******* **** **** ***** *** that ************ **** **** (**** - above *** ****** **** *** ***** for *** ***** ** * ***** judgment).
Intellectual ******** *** ****
*********'* ************ ******** *** *** **** sold *** "** ** *** ***** of *** ********** ******* *** *** whole ******* ** ***** ** *****."
Statement **** ********* ***
*********'* *** ******** *** ********* *********:
**** *** ******** ** *** ******** it’s *********** ** **** * **-**** run ****** ** *** * ******* but ********** ****’* ******* **** ** is. *’* *** ***** ** ***** a *** ***** ** ***** ******* unfairly, *’* *** ***** ** ***** the ******* ** *********** *** *’* certainly *** ***** ** ***** *****. I ******* ********* *** ** ** father’s ******** **** * *** ** years *** **** ** ********, ** family, *** ** ***********- **** *** passion ** ****** *** ***** ************ industry *** ****** ********* ********* **** the ****. ** ***** **** ******* laughed *** ** ** ********* ******* at *** ********** ** ******* * Mjpeg ********* “**” ****** ** ***** network, ********* ** ********* ** *** dark (** ****** ***** ****** ** was *****) *** ******* ** ***-**** after ***-**** ******* *** ***** ****** of ********** **** **** ****** **** their ******* ************ ******.
********** ** ***** *** *****-**** ******* with *** ******* ********* ********* *** several ********** **** *** ***** ********** in *** ***-***** & ***-******-**-*-**** (*********/*********) era. ***** **** *** **** ***** pcb’s **’** **** ****** **** *******, ip ****’* **** ************ ********* (*** open-source) *** ***** *** ** ******** method ** ********* ********. ***** *** we ****** ** ********* **** *** a *********** ********* ****-****, ********* ************ and ****** ** ** ***** *** re-write *** ********* *** (********-***********-***) ** the ****** ** ******** * ********** partner *** ******* *** **** ** sell *** ***-****** ******* **** ***** community ** ****** *******, ****** ***********, and ************ ********. ******* ****- ***, this *** ***! * *** *** opportunity ** **** **** *** ******** in *** ***** ************ *****, ****** custom ********** *** **** ****** **** companies ** *******. ***** ** *** ****** every ****** ***** **** ** **** Dewarping ******* ****** *** **** **** have ***** ‘***’ ******-**** *********. **** brands *** **** *** *** *** that ******** ‘****’ ***** ******* *** riddled **** ********* ********** *** *************- which ***’* *********** * ********.
** ****** ***** *** **** ** going * ***** **** ******** **** the **** *** ***** *** ******** value ** *** ***-***** **** ***. Whether ****’* **** ****** ********* ******* and ******* ** ************ **** ****** security ***** **** ********** **** **’* all ***** *** ********. * **** this ******** **** * ******* *** one ***** * ***** ***** ** change ** ** **** **** ****** who *** *** ****** ** **** the ******** *** ******- **** ** they ****. ***** ********* ***** ****** opinions ** * *** ******** (*’* guilty).
*******, **** *’* **** ***** ** has ******* ** ** **** *** technology ** ******* ** ****** ** received. *’* ***** ** *** *** we ******, *** *** ** ******** and **** *********** *** *** ** treated *** *********, ********, *** *********. Mistakes **** **** **** *** ***** and * **** ******** **** ** made ** ****** ** ***** **** them *** ***** ****** ** *** laurels *** ********* ** ******** ********* even ** *** **** **** *********** bodyworn ******* *** ******* **** ** launching * *** ******* (** ********* in-house). ******* *** ***** ********** *** more (**** ** ***** *’* ******* out) ********* **** * ******** ***** name *** ********* ** * ***** industry *** ** *** ***, *’* happy ** *** ** ******** ******’* lives *** *** ******.
********
***** ** ** *** **** ****** about what **** ***** **** *** ***** project, *** *** ****** ************ *** their ********* ** ******** ***** ***** entry **** ********* *******. ********* *** in *** ***** ****** **** ** al **** **** *** ******* *** never ***** ******* **** *** ********* (****** how ******* *** ******** - *** other ********* ******* ** ***-******* ** cameras ** *** **** ***). *** example,*** **** ********* **** ************* ******** ** **** ***********.
******* ****** ******* ** ***** ******* entry, ********* ******* * *** ***** (for *******, **** **** *******), ****** some ******* ******* *** **** ******** the ******** ******* **** *******. **********, though, ** ******* **** *** ********** of ***** ** *********** ********* ********** *** too **** ** ** *** **** for * ****** ** ****** *** targeted **** *******.
E-Infochips, an outsourced development firm that does work in video surveillance, was listed as Sentry360's largest creditor.
Having been involved with E-Infochips previously on a development project, I would hire a random programmer from Craigslist before I would ever trust those guys to deliver a product to-spec and on-budget.
As soon as I saw the E-Infochips mention this went from a "how could this happen" story, to a "yeah, figures" story for me.
Sean I would love to. Unfortunately at this time I've been advised to stay away from details on this subject.
Wow, but yes I agree, being boxed into a niche, they probably should have aimed for being acquired earlier when what they had to offer was still innovative but starting to become duplicated.
I’m not going to share a sob story of being treated unfairly, I’m not going to blame the economy or competition and I’m certainly not going to blame China.
I have to respect that.
Can we assume Oncam's revenue is/was on-par with Sentry360's?
Can we assume Oncam's revenue is/was on-par with Sentry360's?
I am sure Oncam's revenue is a lot higher than Sentry360, simply because they have quite a number of employees (e.g., LinkedIn shows 70). Even if it was half that, they would still have to generate far more than $2 million to support that.
That said, I don't know if Oncam's revenue is $5 or $10 or $20 million. They do seem to be winning some deals but still are clearly a niche player.
I also can’t with any certainty speak to the revenue comparison. I can help to examine our revenue (or other aspects of the company) so everyone can learn from it.
Here are some round #’s of historical revenue (no outside capital from investors. Only capital raise was at the end of 2014 = 1M SBA7a loan.)
2005-2012 was a slow climb from 400K in first year with around +80K to 1.8M with +200K.
2013 was our best year @ 3.6M +800K
2014 we dipped to 2.7M -50K
"I’m not going to blame the economy or competition and I’m certainly not going to blame China"
Down with dignity.
developed an algorithm in the dark (in Visual Basic before it was Basic)
Visual Basic pre-.Net was a terrible chore to do anything with. Respect.
5 CLS
10 PRINT "BASIC melts my brain in an endless loop"
20 GOTO 10
/RUN
:) Agreed. The singe pointed me away from any aspirations of wanting to be a rockstar coder...
