Just wondering, if you are implicitly saying that money raised in ICO and money required for running the ICO was almost same?
or it was mismanagement that they lost all chunk of money raised in marketing (other than ICO marketing)?
Not really. We took whatever little money we had left from the company operation and invested into making the ICO. Monies raised from the private sale (before ICO) was also directed to fund all the marketing activities.
After the ICO, we managed to take back about 300K from the investors. But a big chunk of it was directed for Market Making to maintain the price of the token. We didn't end up with much...