Category Archives: crowdsucking

Space Nation resurfaced in the U.S.

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The former Space Nation enterprise folded in Finland in November 2018, leaving investors with a damage of more than 5 million Euro. The liquidation has been canceled, as the company’s assets do not even cover the cost of the process. It will simply be struck off the business register.

Nevertheless, the “space tourism company” announced that it was “restructured and reestablished in the US”, having “set up mission control in the country that created the Apollo Program on this 50th anniversary year of the first Moon Landing.”

To say it in their annoying way of calling everything stellar and spacy, it looks to me merely like a worm hole.

The address above is from their incorporation document in Denver, Colorado. It has a post box in downtown Denver and a share capital of US$1100.

 

Konkurssi raukeaa – Ei se mitään, SpaceNation jatkaa USA:ssa

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Avaruuskonkurssiyhtiöstä Space Nation aka Cohu Experience Oy tuli viime kuussa kaksi ilmoitusta. Ensin Privanet kertoi, että konkurssi raukeaa, koska varoja ei riitä edes konkurssimenettelyyn. Tämä ei ole yllätys, yhtiöllä ei koskaan ollut substanssia. Vain heikko bisnesidea ja medianäkyvyyttä.

 

Sitten yhtiö ilmoitti, että sen toiminta jatkaa Yhdysvalloissa. Space Nation olisi rekisteröity uutena firmana. Siitä kertoi sen johtohahmo, islantilainen PR-mies Hjörtur Smárason, joka nimellä PolarExpress myös laittanut Wikipediaan firmaa kehuvan artikkelin.

Outo seikka: “Uusi firma” käyttää entisen suomalaisyhtiön nettisivua, niin kuin se kuuluisi sille. Itse asiassa tämä pitäisi olla osa konkurssipesää, ja on todennäköisesti entisen yhtiön ainoa omaisuus, jolla on vielä jonkinlaista arvoa. Se on edelleen rekisteröity Helsinkiin, Cohu/Space Nationin kotiosoitteeseen.

Yritin löytää “uusi Space Nation” USA:n osavaltioiden kaupparekistereistä, jopa SEC:n listoilta. Tuloksetta. Ei ole varmuutta siis, puhuuko tämä mainosmies totta. Toisesta asiasta olen varma: Heidän astronauttivalepuvuissa ihan jokainen näyttää idiotilta hassulta.

Space Nation comes full circle (updated)

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“Space Nation konkurssi” Google suosittelee, kun etsii firmaa sieltä. Tuore tilinpäätös puhuu samaa kieltä.

As promised – here is the 5/2018 balance of “space tourism company” Space Nation Oy (formerly Cohu Experience Ltd) from Helsinki, Finland.

SpaceNation balance 2018 (PDF)

Initial sales from the Space Nation Navigator game app were negligible: Revenue was 4006€ (I predicted 4000). The overall result is a 2,9M€ loss (my prognosis 4-6M).

Of the 5,2 million given by crowdfunders and other private investors last year, 58.000 was left in May 2018. That is probably burned yet, also. The company owed 1,2M to banks and addtional 952K to suppliers. In the books are mainly immaterial rights and contracts – such as the (non-commercial) Space Act Agreement with NASA. No substance.

Now that’s clearly a serious situation, which explains the abrupt stopping of the “Astronaut Training program” in August. The app’s downloads have come to a standstill by October. It’s not far-fetched to expect the app disappear from the Google Play Store and Apple Store within 12 months, as it happened to Cohu Experience’s first app, CarbonToSoil.

In time for Slush 2018, Space Nation seems to come full circle where it started two years ago.

____________________________________________________

UPDATE 19.11.2018:

After diving to €0,80 [ask], Space Nation shares were suspended “until further notice” from Privanet’s stock bazaar. The trade register – neither the company nor Privanet – informs about the probable reason.

Space Nation has issued new shares, possibly to pay expenses, at least 15 times since December 2017. These were now registered on Nov 15. Further diluting previous investors’ shares by 205.000, it brings the overall count to 1.708.793. Thus the theoretical valuation would now be well below €1,4M, but as no deals were registered in the last 2 months, it’s surely closer to zero than a million. Last year, Space Nation had predicted it to be one billion by now.

Space Nation Oy (Ltd), formerly Cohu Experience, has now announced to file for bancruptcy. It managed to burn multi-million investments in less than 2 years.

“Avaruusyhtiö” Space Nation Oy kertoo olevansa vaikeuksissa [update]

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Suomalainen “avaruusturismiyhtiö” Space Nation Oy kertoi eilen dramaattisessa ilmoituksessa sovelluksensa käyttäjille [>>] olevansa taloudellisissa vaikeuksissa. Tämä tuli vain päiviä viimeisen postaukseni jälkeen [>>], jossa varoitin juuri tästä kehityksestä.

Teksti muutettiin kun kirjoitin Twitterissä tästä [>>]. Ennen siinä luki we have encountered financial difficulties – nykyversio sanoo sen eri sanoissa

Eli varat ei riitä “astronauttiohjelman” jatkamiseen. Tämä on siksi erityisen vakava, koska astronauttiohjelma oli ainoa lupaava operatiivinen rahanlähde. Tässä vaiheessa kassavirta ei tule muualta kuin sovelluksesta, joka – lievästi sanottu – ei menestynyt*. Se saattaa nyt lisäksi sukeltaa, koska porkkanaa (avaruuslento) ei ole enää. Ainoa optio on nyt lisärahoitus yksityishenkilöistä.

Jo 10-14 päivää sitten jotkut sijoittajat yrittivät myydä osakkeensa Privanetin kautta pilkkahinnalla. Näyttää siltä, että sisäpiiri tiesi mikä oli tulossa.

Muutama päivä ennen Space Nation Oy:n hätäilmoitusta hinta laski jopa 3 Euroon. Tästä poliisi voisi ilman muuta aloittaa esitutkinnan.

On erikoista, että Privanet, joka on laskenut nuo osakkeet firman ohjeistuksesta liikkeelle, ei kerro mitään vielä. Pörsissä tästä olisi pakko tehdä julkinen varoitus. Tämä näyttää taas, että Privanetin asiakkaana olet heikossa asemassa jos sijoituskohteelle käy huonosti [>>]. Tietämättömästi joku voisi ostaa nyt Privanetin “jälkimarkkinnoilta” Space Nation-osakkeet ja ei olisi minkäänlaista mahdollisuutta selvittää, miten firmalle oikeasti menee.

Space Nation ei uskalla antaa uutta aikataulua, mikä on aivan ymmärrettävä, kun lähitulevaisuus on täysin epäselvä. Ja ennenkin firman aikataulut tuskin pitäneet paikkansa. Blogi informoi jatkossakin.

 

*käyttäjämäärän arvio: Google Play Store Downloads 10.000+ (20.8.2018) 4,5 kk jälkeen, eli 10.000 – 50.000 välimaastossa. Vasta Kesäkuussa ylitti 10.000. Alussa lineaarinen kasvu, viime aikana hidastunut. Tästä kertoo arvostelujen määrän kehitys, alkuryntäyksen 200 lisäksi tuli vain 20 enää kk:ssa 08-09/2018. Plus Apple-käyttäjät; 40.000 on siis ystävällisesti arvioitu.

UPDATE 26.8.2018: Kuvankaappaus.
& Joku riskisijoittaja tarjoaa nyt 1,00€ per osake. Antikurssista -93%. Liian kallis?
[EDIT muodollisuudet]

Finnish “space launch” misfired (Crowdsucking pt III)

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[see Crowdsucking I and II]

Finnish “space tourism startup” Space Nation (formerly Cohu Experience) is struggling to get traction. Their astronaut training app Space Nation Navigator – which is actually a collection of simple space-themed mobile games – saw little success with the community. Instead of the astronomic user counts which they promised to investors, it hovers around 40.000. And that may be a stretch.

In December 2017, Space Nation forecasted 4.000.000 for today. In reality, they reached 1% of this already down-written prognosis. Even when the app’s late launch is taken into account, it missed the milestone by -90%.

 

The projection above is taken from a presentation for Space Nation shareholders which was circulated some 9 months ago. The company was mugging for fresh money, again collected by Finland’s Privanet Securities Oy.

The material was not for the general public, but it’s interesting because it gives insights into a failed strategy. Download it here: spacenation-investors.pdf.

 

Failed highjacking

A takeover of NASA’s MISSION X campaign was planned for Q4 2017. That would have been a major coup: Mission X reaches out to >100.000 school children worldwide, which would be a perfect (though ethically suspect) marketing base.

It did not happen. The only thing Space Nation took over was the slogan. They plagiated the theme.

 

Especially annoying: With Mission X, kids actually do train. With the Space Nation app, it’s the opposite. Only the least intelligent churnalists could mistake scratching around on a smartphone screen for something related to real astronaut training.

 

Financial turmoil

The planned profit of 84 million Euro by May 2018 evaporated in the corrected forecast. Now the financial result was projected to -2 million. Taken into account the low user recruitment, the real number could be -4 to -6 million. The company hasn’t made their last balance public. This blog will, when the documents become available.

However, it’s 90 million less than promised to their crowdfunders and other investors.

Another investment round, that was officially announced for Spring 2017, was called off without further notice. Space Nation aimed to pocket another 2,8M from the american crowdfunding platform fundable.com. The 625.000 Euro raised in Finland (according to Privanet) could hardly fix anything. The company will need more funding soon.

The stocks issued for €13,67/share in Februar and December 2017 last traded in March at €8 in the Privanet propietary platform. Now they’re offered like foul fish, but nobody is buying them for as low as 4,99. Desperate shareholders now have to stick with Space Nation at any cost.

 

Only one thing may rescue the risky enterprise: Richard Branson’s Virgin Galactic, which is finally at the edge of commercial space flight. The space tourism pioneer could take Space Nation candidates on board – possibly in 2019. Space Nation could win a hard-fought over seat by promising Branson added publicity – but does Virgin need support from a finnish startup that has (quote) nothing than “an app and an idea”?

With the money already raised and the current fees, 20-30 people could go to space without the need for startup bullshit, Slush events, business models and merchandise.

Five years from now, when people think space, they will think Space Nation. (-a finnish entrepeneur)

ps. Like the earlight company Valkee Ltd, Space Nation is a client of finnish PR hazardeurs Netprofile Oy. Bingo!

pps. Valkee is no longer able to purchase such services, unlike Space Nation, which is midways in its Gaussian-shaped carreer.

Space Nation’s “office in space”

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slush-spacenation

Finnish start-up Space Nation made headlines with their “office in space” on the ISS. For £17.000 the company has bought a box which should be used to fly “payloads” to the space station – an offer to research institutions, universities, etc.

Space Nation’s CEO Vähä-Jaakkola has shared information about that “office” in a presentation.

space-ad

The box looks like that (for comparison, a mid-size paper shopping bag at the right):

spacebox-photo

The bananas would unfortunately not fit into one of the subunits which Space Nation plans to rent out for more than $52.000. One would have to rent the next size (3U).

spacebox-costs

To be fair, Space Nation has made clear, that this will not be their core business.

However, their core business looks no more promising. The app has had somewhere 100 to 500 downloads in the first week and is losing traction. Space Nation had planned with 100.000 users daily.

Will a finnish startup “democratize space travel”?

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After failing all previous deadlines, finnish cross-media startup Space Nation Oy (formerly Cohu Experience Oy) is set to launch its long-awaited app tomorrow, 7th April 2018. The best users are to take part in a reality-TV “astronaut boot camp” and, finally, one of them will go to space. At least, that’s the plan.

R3MP

The company promised high profits from the beginning and predicted a landslide success for their app, comparing it to Supercell’s Hay Day and Clash of Clans. But there are striking problems, which remained largely unclear to the crowdfunding investors that made the story possible.

 

The User Base

Gaming apps have different target groups and user base than Space Nation’s “astronaut training” app. Not everybody wants to go to space, and certainly it’s not even worth a try for most. Why should I take part in a contest I can’t win?

Me going to space?

Me going to space?

Space Nation promised several prizes and rewards to fix this. But is there a need for a “NASA-approved game app”?

 

No spaceflight, no TV rights

As I wrote before, there is no space flight in sight that would be available for Space Nation’s wannabe astronaut. Virgin Galactic has been “months away” from its first space tourist flight for more than a decade. SpaceX does not attempt manned flight in the near future, and BlueOrigin seems to be late still.

And what if there’d be really the possibility to send a reality-TV winner to space? That would mean, that space tourism is nothing special or interesting anymore. At a time when hundreds of fare-paying hobby astronauts did already go to space, a Space Nation candidate is just another civilian on a suborbital seat. The only difference is that he didn’t pay for the trip by himself.

 

Nothing won, nothing lost?

The probable course of events will be, that the app will generate some moderate income through in-app purchases. Micropayments will keep Space Nation Oy afloat for some time. The crowdfunders will not get their exorbitant returns, but if they are lucky, their losses may not be 100% of the investment.

The idea of financing a space trip through media rights is nothing new. The blueprint came from MarsOne, which is still existing (but failed). In the beginning, they managed to start a gigantic media hype – but they planned for something extreme, a mars mission. A several minutes suborbital flight, as promised by Space Nation, is not close to that in any way.

One thing seems clear already: Space Nation will hardly “democratize space flight“. That’s as if I’d promise to democratize wealth by means of a lottery. An illusion to keep users interested, as any lottery does by promising life-change through a jackpot win.