A couple remarks
1. USD150,000.- is a pittance for a business of any significance. Am I to understand that they had at least an order of magnitude more cash than that from other sources?
2. Facebook is a TERRIBLE place for advertising, according to personal experience of two sources close to me. One source reports that after a low-volume advertising trial their visibility dropped far below pre-advertising levels shortly after they stopped paying. Neither of the two sources I know made any conversions from Facebook advertising, so it was literally burning money to them.
3. Saying that as the year went on it kept getting colder is either the pathetiquest™ excuse north of the Equator I've heard so far this week, or legendarily poor planning.
4. Advertising a product that does not (yet) exist is a controversial but not uncommon technique to gauge market interest. But doing so with customers' money sounds way too close to fraud for a sensible person to even consider it.