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Title: Infinium Labs almost out of cash Post by: Trippy on September 09, 2004, 05:10:49 AM Saw this over at GameSpot: Infinium filing reveals near-empty coffers (http://www.gamespot.com/news/2004/09/07/news_6106792.html)
From the 10-Q (http://biz.yahoo.com/e/040823/iflb.ob10qsb.html): Quote Sources of Capital As August 20, 2004, the Company had cash on hand of $134,226, which represents the remaining proceeds from the sale of common stock during 2004 for aggregate proceeds of $2,797,000 and from bridge financing transactions completed during 2004 in an aggregate amount of $7,829,760. The Company estimates that a combination of equity financing from the sale of its common stock pursuant to a private placement, working capital financing to be obtained upon successful introduction of our product into the market place, additional bridge financing, and projected revenues from the sales of its system and service will be sufficient to satisfy the Company's cash requirements over the next 12 months. If the Company does not raise the amounts contemplated hereon or the Company does not launch its system and service when currently planned, the Company will need to raise additional capital from other sources or curtail its proposed spending. The Company also intends to pursue negotiations with its bridge lenders to cover their notes to equity to reduce each outlays for the debt service. As reflected in the accompanying financial statements, the Company is in the development stage with no sales, a working capital deficiency of $3,962,226. This raises substantial doubt about its liability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. Also from the 10-Q they are planning on selling $34,971,000 worth of product in the next 12 months (release by end of 2004) while incurring $68,846,000 worth of operating cash expenses. They've apparently been trying to get help to secure 50 million in credit. They first hired HPC Capital Management (http://biz.yahoo.com/bw/040720/205988_1.html) on July 20 and then three weeks later hired SG Capital (http://biz.yahoo.com/bw/040809/95369_1.html). Since there's no mention of a line of credit in the 10-Q I'm assuming they've been unsuccessful as of the filing date. The 10-Q also says they have 65 full-time employees which translates into roughly $650,000 in salaries/benefits/employee expenses per month so they've already burned through their remaining cash unless they stopped paying people or they managed to get an emergency bridge loan or maybe the founders are chipping in their own money to keep the company afloat. Title: Infinium Labs almost out of cash Post by: Sky on September 09, 2004, 07:28:20 AM Roofles pwned even more venture capitalists.
Title: Infinium Labs almost out of cash Post by: Margalis on September 09, 2004, 09:29:41 AM How does a company burn through millions and millions of dollars producing nothing but vaporware? The Infinium founders are either total idiots or genius hustlers...
Title: Infinium Labs almost out of cash Post by: Dark Vengeance on September 09, 2004, 09:31:05 AM New condos, clothes, and sports cars are expensive, Margie.
Bring the noise. Cheers........... Title: Infinium Labs almost out of cash Post by: Mesozoic on September 09, 2004, 09:51:45 AM shock, surprise, etc.
EDIT: Oh, and hey, the website says that its due out November 2004. I'm sure they're serious this time. Title: Infinium Labs almost out of cash Post by: Margalis on September 09, 2004, 11:24:27 AM Quote from: Dark Vengeance New condos, clothes, and sports cars are expensive, Margie. Hence the genius hustlers, uh...darkie... Title: Infinium Labs almost out of cash Post by: Alluvian on September 09, 2004, 11:38:13 AM This guy's entire resume is him suckering venture capitalists into paying his way while he sucks a company dry. How this guy can keep doing what he does with the laundry list of dirt that places like HardOCP have dug up on him with very little effort is beyond me. You would THINK that prior to spending millions of dollars you would at least do a cursury background check and READ the damn thing.
Title: Infinium Labs almost out of cash Post by: TripleDES on September 09, 2004, 02:27:18 PM I think the only guy surpassing this Infinium dork in scamming investors is that german fat ass called Kim Schmitz (Kimble, best known for claiming responsibility for other peoples hacks in the past).
Title: Infinium Labs almost out of cash Post by: Sky on September 10, 2004, 07:04:35 AM This just in....DNF will debut on the Phantom!
Title: Infinium Labs almost out of cash Post by: HaemishM on September 10, 2004, 08:24:02 AM Quote they are planning on selling $34,971,000 worth of product in the next 12 months (release by end of 2004) while incurring $68,846,000 worth of operating cash expenses Now, I'm no financial expert, but that sounds to me like even if they get the so aptly-named Phantom launched and meet their sales projections, they'll make half of their expenses back in revenue. Where can I sign up to fund these guys? I have some investment money burning a hole in my pocket and I'm not picky! Title: Infinium Labs almost out of cash Post by: UD_Delt on September 10, 2004, 08:40:16 AM In case anyone missed it this was an interesting read on their "business plan."
http://management.itmanagersjournal.com/print.pl?sid=04/08/19/0724255 An interesting side note is that SG Capital is also the company Interplay was/is trying to use to drum up some money. Title: Infinium Labs almost out of cash Post by: Mesozoic on September 10, 2004, 07:56:32 PM Ahh, fanbois...
Quote Ok i have figured it out It has recently occured to me that one possible reason for not releasing the games list for the phantom, may in fact have something to do with the recent release of Doom 3. IF the Doom3 were available on the phantom, the annoucement may curb sells of Doom3 to pc gamers waiting or planning on obtaining a phantom. Ofcourse Id would be very sore about that. Its a possibility. No. No its not. Quote no award for phantom @ E3 thats right nothing on phantom dont beleave me go here Thats OK, I'll take your word for it. Quote I was browsing the matrix online website because so many people are talking about it and it going to be another great hit for the Wachowski brothers and SEGA. This game is going to be released only on the pc so if IFLB was to be signed up with matrix online this will bring the phantom many publicity points and also open up doors to many other big developers.This should be highly considered. Vapor in tight pants! Then they have a really bad Penny Arcade clone, which is simply horrifying. Note that its a direct product of Infinium. Way to be. (http://forum.phantom.net/forum/attachment.php?s=63a34f5bc989fd4f0bf742ee28557408&postid=3047) Hey guys, that room seems pretty big, why don't you try not standing in each other's pants. Hurry, before the blonde climaxes. Title: Infinium Labs almost out of cash Post by: Fabricated on September 11, 2004, 01:56:34 PM And there are people who honestly think this thing is a real system and not a scam. How do fuckwads like this get money? How can you have that much money to invest, and yet be stupid enough to drop cash on Infinitum Labs?
Title: Infinium Labs almost out of cash Post by: daveNYC on September 11, 2004, 05:10:46 PM Quote from: Fabricated And there are people who honestly think this thing is a real system and not a scam. How do fuckwads like this get money? How can you have that much money to invest, and yet be stupid enough to drop cash on Infinitum Labs? And how can I get in touch with them? Title: Infinium Labs almost out of cash Post by: HaemishM on September 13, 2004, 12:40:19 PM Quote from: Mesozoic Fanbois dribble and PA clone Oh God... I want some of whatever they've been smoking. I'm quite sure it would kill pain, destroy tumors and make the world a happy, happy, joy, joy place. |