 Tan alleges that this was a deliberate effort to defraud Kreyos and use its resources to create a turnkey smartwatch solution for other companies.The statement explained that the company had no funds left to issue further refunds, that they were unable to persuade the ODM to address software and firmware issues, and that they would be selling whatever components and tooling they could recover from the ODM before permanently closing the business.The remaining software was released under an open source licence.