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Founder of troubled tech firm IoT Group Simon Kantor dies

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IoT Group founder and former chief executive Simon Kantor has passed away. Supplied
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by Yolanda Redrup
The former boss and founder of the first listed internet of things company on the ASX, IoT Group, Simon Kantor has died.
Mr Kantor was sacked by IoT Group in September last year, amid legal action about the sale of his earlier venture ROAM Systems to IoT Group, which his former business partner said was done without his knowledge.
Mr Kantor had been the brains behind an initially ambitious company that had bold plans to take on Apple and Samsung, with a range of wearable technology, mobile devices and electronic gadgets. However, it has since been beset by disputes and ongoing scrutiny from the ASX and investors about its ability to keep trading.
The cause of Mr Kantor's death is not known, and IoT Group co-founder Sean Neylon declined to comment, other than to offer condolences to his family.

In August the troubled company lost non-executive directors Scott Brown, Tod McGrouther (who was also on the board of defunct HR tech company 1-Page) and chairman Robert Smith, who only lasted three weeks at the company.

Executive director and former Virgin Entertainment Group chief executive, Ian Duffel, also left the business.
IoT Group, which now makes a range of connected devices including a pocket-sized flying selfie camera and the larger ROVA camera drone, counts just three people on its executive team; Mr Neylon, Product Group founder Steven Kayalicos and John Forder, whose previous experience was not detailed when he was appointed to the board in August.
ASX concerns

Last week IoT Group was forced to respond to concerns raised by the ASX that it was set to run out of cash.

In its quarterly results released on October 27, it was revealed it had spent $1.56 million in the quarter and only had $216,000 cash left. The company also estimated its cash outflows for the following quarter at $950,000.
"It is possible to conclude ... that if IoT Group were to continue to expend cash at the rate indicated in the Appendix 4C, IoT Group may not have sufficient cash to continue funding its operations," ASX listings compliance adviser George Tharian wrote to the company.
Responding to the ASX's concerns, company secretary Ron Hollands said the company had recently raised $582,000 from investors, which would be used to purchase stock to sell over Christmas.
Mr Hollands also said the company was banking on a significant improvement in sales in the next six months.

"Repeat sales have started to flow through from ROVA from groups such as Amazon, B&H Photo, Brookstone and first orders have come through for Air Selfie from B&H, Best Buy and Amazon," he said.
"IoT have delivered their first order to Telstra and the Air Selfie will feature in the November 2017 Telstra catalogue."
The small cap company, which went public in March 2016 following the reverse takeover of Ardent Resources, is trading at less than 1¢.