Vidoop is Dead Now. No Funds for Unpaid Wages & Other Liabilities.
5:53 AM | View Comments | Deadpool, Security, Vidoop
It's sad to here that, recently Company developed very good innovative solutions, a Captcha based products that use images that link to an object and that can be only identify by humans common sense. Of course the idea behind this product was solid to fight back spam bots but now lack of funds puts Vidoop LLC out of business.
By this morning Company also announce reduction in staff & company also added to the blog that "We remain dedicated to delivering VidoopSecure to our current partners, prospective clients, and select others."
based on an email to Vidoop insiders conforms that has no funds to pay wages or other liabilities, and that's why company employees are being offered computers instead of wages. Company has not conforme that Vidoop filing for bankruptcy.
Vidoop CEO Joel Norvell to Vidoop insiders:
Vidoopsters:
I am currently working with our counsel on next steps, but here is
what I know:Vidoop LLC is officially out of business. Unfortunately, there are no
funds to pay the unpaid wages or other liabilities. I don’t yet know
if this means there will be a bankruptcy filing. However, we are in
the process of winding down and vacating the office.Tomorrow and Friday we will be offering certain equipment such as
laptops and desktop computers to employees in lieu of a certain amount
of wages owed. As an example, a laptop might be worth $1000 in back
wages. You would only need to pay taxes on the actual book value of
the asset, which might be $250. So you would write a check for $0.153
on $250, or $38.25. The company’s liability to you would be reduced by
$1000, and you would have a laptop for $38.25.The investors who walked out of the May 5 deal created a situation
that made an orderly shutdown impossible. However, several of us have
worked nonstop to preserve everyone’s stake in Vidoop, and efforts are
ongoing. We hope to provide details soon.Thanks to everyone who is volunteering their time to help shut down
the office. There is simply no roadmap for a situation like this, and
I know it is frustrating. Your support during this difficult period
is very much appreciated.Joel
