it's a bankruptcy so I would estimate revenues were insufficient to service both debt and operating expenses. ideally they have assets like real estate or something of value to liquidate, but regardless, it's likely that everyone except employees will have been paid.
imo there are three phases of a company: build, manage, liquidate. essentially seed/A-B, C-N rounds, PE debt rounds & asset stripping.
I guess I don't understand how they could have substantial expenses for something that essentially is a fancy forum based website, where companies pay to post.
I would expect that revenues could go down, but their gross margin should be so large that it would reduce profit and losing money should be impossible let along bankruptcy.
imo there are three phases of a company: build, manage, liquidate. essentially seed/A-B, C-N rounds, PE debt rounds & asset stripping.