Signs of trouble before company entered administration
His Brisbane company has produced digital signage and interactive advertising for some of Australia top retail brands.
Among them are Boost Juice, Bupa, David Jones, RACQ, Michael Hill jewellers, Sportsgirl and Lorna Jane.
But a cash squeeze forced entrepreneur Yazz Krishna to tip his company Five Faces Pty Ltd into administration this week.
Administrator Darryl Kirk from Cor Cordis told us yesterday that the firm will keep trading and be put up for sale, with valuable intellectual property as one of the drawcards.
He said it faced the prospect of running out of money over the holidays and new year period and was likely to have become insolvent if no action had been taken.
While it was too early to wheel out precise figures, Kirk estimated that between 25 and 50 unsecured creditors are owed anywhere from $500,000 to $1 million.
In a sign of trouble earlier this month, three directors quit, leaving Krishna as the sole director and CEO.
He remains the biggest single stakeholder, controlling 41 percent of the company.
Start-up funder Brisbane Angels, using money from sophisticated investors, owns $200,000 worth of redeemable preference shares.
Krishna, a 35-year-old native of the Caribbean, did not return a call seeking comment yesterday.
He launched the Darra-based firm about 10 years ago and it had grown to have a national presence, as well as a foothold in New Zealand and Canada.
The products he offered clients included customised news content for in-store displays and a "digital mirror'' that allowed clients to visual themselves in a new outfit while shopping at clothing outlets.