We definitely over-reached. You could also call it greed, naiveté, or ignorance. However, I don't think we failed. There were a lot of hard lessons, but it's been over a year of work and we have a small buisiness company that's actually making money by selling a physical thing. I'm really proud of that.
Thanks for sharing your painful lesson. I feel your pain brother...I am still working on KS debt created 4 years ago:-( Don't EVER let the haters get you down. If you you are shipping products that people enjoy, you did not fail!