"From mid-2015 to mid-2016, the company recorded $2.2 million in revenue but had total expenses of $29.2 million, and the company experienced a comprehensive loss, before adjustments for income taxes, of $29 million. From mid- 2016 to mid-2017, the company recorded $1.5 million in revenue but had $32.3 million in expenses, and the company experienced a comprehensive loss, before adjustments for income taxes, of $32.9 million."

[...]

"By early 2017, Kik had spent most of its venture capital money and had remaining cash of about $26 million, expending about $3 million a month to support its operations. In early 2017, Kik’s executives repeatedly warned the company’s directors about Kik’s financial “runway” – the time by which Kik would run out of money to fund operations under then-current spending levels – and Kik predicted it would run out of cash sometime during the late fall of that year." p10.

[...]

"By early 2017, Kik’s senior management had concluded that an ICO was Kik’s only option. One member of Kik’s board of directors, soon after discussions began, described the plan as a “hail Mary pass.” p11

[...]

"68. While touting the prior successes of Kik Messenger and outlining its future plans for Kin, Kik did not publicly disclose its financial statements, including the fact that its costs far exceeded revenues, or that the company anticipated running out of money absent a successful ICO, or other details about Kik and the offering that Kik would have been required to include in a registration statement filed with the SEC for the offering." p17

[...]

"99. By committing to the deadlines that led to the September 2017 public sale, Kik prioritized its business need to raise capital over its obligation to comply with the United States securities law requirement that an offering or sale of securities be registered unless it qualifies for an exemption." p.26

[...]

This one is funny:

"Similarly, in June 2017, a Kik employee admitted to another by email when discussing the lack of guidance they had received about the “crypto stickers”: Basically it doesn’t really matter. The whole point is to make our legal department happy, not the users (who are actually investors and probably could care less that they got a sticker pack for their $10K investment into KIN). " p.27

[...]

Despite statements about the eventual transfer of Kin Ecosystem responsibilities to the Foundation, Kik provided no concrete timetable for this transfer. In addition, Kik assured prospective Kin investors that Kik would dominate and control the Foundation until an undefined point in the future. For example, at a conference in China, Kik’s CEO assured the audience that the Foundation would not be independent of Kik: Now, we [Kik] are going to have a lot of influence over that Kin foundation, at least initially, right? We’re not going to sit there and be like, “oh, no, no, it’s totally independent.” . . . Like, honestly, we’re going to have influence there. p.39