>>102596784
>as to what precisely vaporized all the money, if it was embezzlement, mismanagement/incompetence or the model for the company literally was truly flawed and just could not generate income?
I doubt straight embezzlement, he ran the business like a IT startup. The most likely reason is
>he ran out of runway
Usually startups have a set amount of money they get with no expectation of return and run at a loss with that money trying to increase their market share enough to “rug pull” the “free to play” audience down the line and turn them into paying customers.

VShojo clearly was getting VC money and raised that proverbial 11 million as recently as 2022.
The CEO likely used that to meet costs and, usually, then the “runway” is about to run out, companies lay off first then close up shop.
My theory is that he didn’t and tried to stall enough to get another funding round, get acquired by Brave or some miracle.

It’s harder to simply disband an entertainment company startup because of the audience. He might have prayed for a miracle which did not come