Skully’s dream of augmented reality helmets is over

Two weeks ago we reported that Skully might be going out of business. Now it has been confirmed by Asphalt & Rubber website that it really is the end of the road for the manufacturer of augmented reality helmets.

The news follows Skully’s recent top management changes, assurances that helmets will be delivered (the most recent blog post on their website is still titled ‘Delivering on Our Promise‘), and the last-minute attempts to find fresh financing as the proverbial really hit the fan.

According to the American website, Skully has written to its backers and customers, informing them that the company will file for bankruptcy. This means that no AR-1 helmets will be shipped, and there’s a good chance that those who have pre-ordered their lids will lose their money.

This is the letter that Asphalt & Rubber says Skully sent to it’s backers:

SKULLY Ceases Operations

It is with great regret we must announce that SKULLY will formally cease operations, effective immediately. Over the past several weeks our management team has worked feverishly to raise additional capital but unforeseen challenges and circumstances, beyond our control, made this effort impossible. What this means now is that SKULLY will no longer be able to ship AR-1 Units or process refunds directly.

Substantially all of the assets of SKULLY are now subject to liens held by a secured creditor. The management team does not know if there will be any value above the amount of the secured debt. In addition, at this time, we are not aware whether there will be any distribution amounts available to unsecured creditors. SKULLY now plans to file a Chapter 7 Bankruptcy case within the next several weeks. You will receive notice from the Bankruptcy Court and instructions on how to file a claim.

Our team is devastated and deeply saddened that our valued partners, vendors, employees and customers have been negatively affected by what has transpired. We realize there are many unanswered questions and that this is a very upsetting situation. We are truly sorry.

-SKULLY