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So much for smart helmets. 

Skully, the Indiegogo startup that promised a revolutionary augmented reality motorcycle helmet, has gone bankrupt. 

The company is filing for Chapter 7 bankruptcy amid reports of serious misuse of company funds. 

Skully’s founders, brothers Marcus Weller and Mitch Weller, were replaced in July in the wake of customer and investor complaints about the serious lag time between their donation and any visible progress. The company’s new CEO Martin Fichter promised in a blog post that the company would ship 400 helmets by the end of July.  

The end of Skully comes amid reports of a lawsuit that alleges the Wellers misused company funds, spending investors’ money on lavish vacations, several apartments, expensive sports cars and even $2,000 at a strip club. Read more…

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