Arizona Republic:

The CEO of the Florida cybersecurity company that conducted a highly contested election review in Arizona confirmed Friday that his company has closed and laid off its employees.

News of the closure had reached Arizona on Thursday shortly before a judge issued an order finding the company in contempt of court and imposing a fine of $50,000 a day for its failure to produce records requested by The Arizona Republic. 

Company founder Doug Logan on Friday confirmed the shutdown to the Sarasota Herald-Tribune, but said it wasn’t because of the fines, pointing instead to cash flow issues.

He notified the remaining four employees — down from eight when the audit started last year in Maricopa County — of the decision to close the business the first week of December. …

Logan declined to say whether Cyber Ninjas would file for bankruptcy. He also noted his company does not have the capability to pay such a large fine nor to comply with a public records request he said would require hundreds of hours to produce.

Maricopa County Superior Court Judge John Hannah ordered the company to pay $50,000 per day until it turns over public records from an elections audit to The Republic.