The kind of thing they're apparently developing doesn't cost anywhere near that much, and handling brand licensing is perhaps one or two full-time jobs?
The entire VCS project would be easily doable on a total budget of their posted annual losses alone.
€5m gets you a long way with commodity amd64 hardware - hardware dev costs should be a few hundred thousand total, tooling maybe fifty k, two or three software devs, plus a project manager. Maybe 400k on personnel per annum?
So that's slop of at least €2-3m for unforeseen expenses, 3rd party sweeteners and marketing.
They're either totally incompetent or never had any intention of shipping a product.
What are they spending €22 million a year on?