Sentry360 Bankruptcy

By: John Honovich, Published on Nov 30, 2017

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 ******

********* ***** *** ********** (*** ****** ***'* ********** filing).** * ******* * bankruptcy, *********'* ****** **** ** **** *** to *** *** ******* (creditors) unlike ** ******* **, ***** ******* negotiate with ********* ** ***** the ***** ** *** loan ******* ****** ** liquidate ******.

Support ********

*** ******* **** ** direct ******* ******** *** existing ********* ** *** CEO, *** ********* ** **********@*********.***.

Cause ** *******

********* **** **** *** cause ** *** ******* was *** ** * development ******* **** **** apart ******** ** ** acquisition **** *** *** close:

********* **** * ***** investment ** ********** *** breed ** ****** (*****) **** ******** ********.  This *** * **** project **** **** *** internal *********** *** ******** (hiring ** ******* *********** team) **** ********** **** apart.  *** ******* *********** many ******** *** ***** with * ******* *** counter ******* **** *** outside *********** *******. ** the ****** ** **** Sentry360 *** ********** ** be ******** ** ******* named ******.  *** *********** was ******* ** *** and ** *********** *** this *********** ** *** asked ** ****** *** Sentry360 ****** *** ******* lawsuit **** *** ******* development *******.  *********** *** settlement *** ************* **** than *** *********** ***** it **** ***** ** the **** ** *** that ****** ** ******* no ********* ********* ******.  Unfortunately, ****** ******* ** (after *** ******* *** settled) ******** *** *** indefinitely.  ** *******, **** the ******** *** ******** investments ** *** *** technology, **** ** ***** **** and ********** ********** ********* ****** insolvent.  

*******

*********'* **** ******* *** ~$1.8 *******, ********* ** just **** $*.* ******* in ****, ********* ** its ********** ******:

Largest ******** *-*********

*-*********, ** ********** *********** firm ******** **** ** ***** surveillance, *** ****** ** Sentry360's ******* ********.

** ******* **** *** the **** **** ********* describes ** ******* ** the ******* **** **** apart *** **** ************ sued **** (**** - above *** ****** **** the ***** *** *** claim ** * ***** judgment). 

Intellectual ******** *** ****

*********'* ************ ******** *** not **** **** *** "is ** *** ***** of *** ********** ******* and *** ***** ******* is ***** ** *****."  

Statement **** ********* ***

*********'* *** ******** *** following *********:

**** *** ******** ** any ******** **’* *********** to **** * **-**** run ****** ** *** a ******* *** ********** that’s ******* **** ** is.  *’* *** ***** to ***** * *** story ** ***** ******* unfairly, *’* *** ***** to ***** *** ******* or *********** *** *’* certainly *** ***** ** blame *****.  * ******* Sentry360 *** ** ** father’s ******** **** * was ** ***** *** with ** ********, ** family, *** ** ***********- only *** ******* ** change *** ***** ************ industry *** ****** ********* different **** *** ****.  It ***** **** ******* laughed *** ** ** directors ******* ** *** suggestion ** ******* * Mjpeg ********* “**” ****** on ***** *******, ********* an ********* ** *** dark (** ****** ***** before ** *** *****) and ******* ** ***-**** after ***-**** ******* *** every ****** ** ********** they **** ****** **** their ******* ************ ******.

********** ** ***** *** blind-spot ******* **** *** fisheye ********* ********* *** several ********** **** *** years ********** ** *** Pre-Onvif & ***-******-**-*-**** (*********/*********) era.  ***** **** *** days ***** ***’* **’** made ****** **** *******, ip ****’* **** ************ developed (*** ****-******) *** there *** ** ******** method ** ********* ********.  Every *** ** ****** to ********* **** *** a *********** ********* ****-****, different ************ *** ****** us ** ***** *** re-write *** ********* *** (software-development-kit) ** *** ****** of ******** * ********** partner *** ******* *** gate ** **** *** 360-degree ******* **** ***** community ** ****** *******, system ***********, *** ************ channels.  ******* ****- ***, this *** ***!  * got *** *********** ** work **** *** ******** in *** ***** ************ world, ****** ****** ********** and **** ****** **** companies ** *******.  ***** ** see ****** ***** ****** brand **** ** **** Dewarping ******* ****** *** some **** **** ***** ‘own’ ******-**** *********.  **** brands *** **** *** the *** **** ******** ‘make’ ***** ******* *** riddled **** ********* ********** and *************- ***** ***’* necessarily * ********.

** ****** ***** *** tech ** ***** * still **** ******** **** the **** *** ***** the ******** ***** ** the ***-***** **** ***.  Whether ****’* **** ****** technical ******* *** ******* or ************ **** ****** security ***** **** ********** data **’* *** ***** the ********.  * **** this ******** **** * passion *** *** ***** I ***** ***** ** change ** ** **** more ****** *** *** not ****** ** **** the ******** *** ******- even ** **** ****.  Being ********* ***** ****** opinions ** * *** strategy (*’* ******).

*******, **** *’* **** proud ** *** ******* to ** **** *** technology ** ******* ** awards ** ********.  *’* proud ** *** *** we ******, *** *** we ******** *** **** importantly *** *** ** treated *** *********, ********, and *********.  ******** **** made **** *** ***** and * **** ******** that ** **** ** effort ** ***** **** them *** ***** ****** on *** ******* *** continued ** ******** ********* even ** *** **** year *********** ******** ******* and ******* **** ** launching * *** ******* (we ********* **-*****).   ******* all ***** ********** *** more (**** ** ***** I’m ******* ***) ********* made * ******** ***** name *** ********* ** a ***** ******** *** in *** ***, *’* happy ** *** ** affected ******’* ***** *** the ******.  

******** 

***** ** ** *** know ****** ***** **** **** wrong **** *** ***** project, *** *** ****** historically *** ***** ********* to ******** ***** ***** entry **** ********* *******. Sentry360 *** ** *** space ****** **** ** al **** **** *** segment *** ***** ***** through **** *** ********* (****** how ******* *** ******** - *** ***** ********* focused ** ***-******* ** cameras ** *** **** era). *** *******,*** **** ********* **** results****** ******** ** **** performance.

******* ****** ******* ** their ******* *****, ********* pivoted * *** ***** (for *******, **** **** cameras), ****** **** ******* cameras *** **** ******** the ******** ******* **** mention. **********, ******, ** believe **** *** ********** of ***** ** *********** panoramic ********** *** *** **** as ** *** **** for * ****** ** others *** ******** **** segment.

Comments (13)

Undisclosed #1

11/30/17 01:36pm

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.

 

Avatar

Thomas Carnevale

In reply to Undisclosed #1 | 11/30/17 02:35pm

Informative button 👇

Avatar

Sean Nelson

Nelly's Security | In reply to Undisclosed #1 | 11/30/17 03:36pm

Can you expound?

Avatar

Thomas Carnevale

In reply to Sean Nelson | 11/30/17 05:11pm

Sean I would love to.  Unfortunately at this time I've been advised to stay away from details on this subject.

Undisclosed Integrator #2

11/30/17 02:05pm

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.

Avatar

Thomas Carnevale

In reply to Undisclosed Integrator #2 | 11/30/17 02:35pm

Thank you.

Undisclosed #3

11/30/17 02:05pm

Can we assume Oncam's revenue is/was on-par with Sentry360's?

John Honovich

IPVM | In reply to Undisclosed #3 | 11/30/17 02:11pm

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.

Avatar

Thomas Carnevale

In reply to Undisclosed #3 | 11/30/17 02:53pm

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

Undisclosed Manufacturer #4

11/30/17 02:35pm

"I’m not going to blame the economy or competition and I’m certainly not going to blame China"

Down with dignity.

Avatar

Brian Rhodes

IPVMU Certified | 11/30/17 03:31pm

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

Avatar

Thomas Carnevale

In reply to Brian Rhodes | 11/30/17 03:48pm

:) Agreed.  The singe pointed me away from any aspirations of wanting to be a rockstar coder...

Undisclosed #5

In reply to Brian Rhodes | 11/30/17 08:12pm

CPU melting version:

10 GOTO 10

/RUN

 

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