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f13.net  |  f13.net General Forums  |  News  |  Topic: All Infinium News is Good News 0 Members and 1 Guest are viewing this topic.
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Author Topic: All Infinium News is Good News  (Read 3426 times)
schild
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on: February 23, 2006, 02:25:39 AM

Quote
Prospectus details how would-be PC-game-console-maker lost $62.7 million in three years--and is putting the Phantom on hold.
Infinium Labs is focused on getting its Phantom Lapboard to market, but the cash-strapped company is in need of additional financing.

Last month, the company announced an arrangement for $5 million in funding from Golden Gate Investors. As part of that agreement, Infinium has filed a prospectus with the Securities and Exchange Commission detailing the company's unprofitable past and laying out its game plan for the future.

From its inception in December of 2002 through September of last year, Infinium racked up $62.7 million in losses. Of that, only $3.5 million has been lost to development costs. The company has spent more than half that in advertising, even though none of its products or services have been released yet. More of the company's money has been going toward consultants ($12.8 million), salaries ($11.9 million), and general and administrative expenses ($5.9 million).

As for how the company plans to reverse its fortunes, the prospectus indicates that, for now, the company is backing off of its Phantom Game Service and focusing on getting its Phantom Lapboard peripheral to market.

"We are developing and seeking to commercialize the Phantom Lapboard, a wireless, rotating custom keyboard/turntable with integrated mousepad," the prospectus reads. "After establishing the Phantom Lapboard, we may seek to develop and commercialize the Phantom Game Service."

And while Infinium has announced a second-quarter release for the Phantom Lapboard, the prospectus suggests that might not happen and is quite dependent on the company's attempts to secure more funding.

"Given our limited resources, and the delays experienced thus far, we are not in a position to anticipate a completion date for development of our product or a launch date for the Phantom Lapboard."

Should Infinium manage to release the Phantom Lapboard, it would do so first through an online store, possibly moving into brick-and-mortar retailers later on. The company said it will support the Lapboard release with a marketing campaign that relies heavily on viral advertising, apparently including message board moles.

"Tactics we intend to utilize are one-to-one and online/viral techniques to identify, communicate and drive hardcore gamers (who are the most likely early adopters) to the Phantom Internet website," according to the prospectus. "We also intend to infiltrate best-in-class video game communities with simple, easy to understand message and seeding on tech blogs, gaming sites and on-line player forums with compelling imagery and links to lapboard eye candy."

Infinium's filing also details a history of the company's broken agreements. It had signed royalty agreements with a number of publishers to provide games for its Phantom Game Service. Each publisher was guaranteed an advance royalty payment, and in each case mentioned, Infinium has so far failed to live up to its end of the bargain. It guaranteed advance royalties of $500,000 to Atari (publisher of the Dragon Ball Z and Driver series), $225,000 to Riverdeep (Carmen Sandiego, Reader Rabbit), $125,000 to Eidos (Tomb Raider, 25 to Life), $25,000 to Codemasters (TOCA Race Driver 3, RF Online), and $10,000 to Enlight (Bad Day L.A., Scrapland). Infinium is in default of its agreements with all of these companies.

The company also owes money to its landlord. With a monthly rent of more than $25,000 for its Seattle, Washington, headquarters, the company has defaulted on its lease to the tune of approximately $127,000. Infinium is currently negotiating with the landlord to leave the office space by the end of the month, six months before the end of its original lease. The company intends to find another facility in Seattle to serve as its headquarters going forward.

via Gamespot

I still want that goddamn lapboard.
Hoax
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l33t kiddie


Reply #1 on: February 23, 2006, 01:02:54 PM

Find me an address in SF where I can visit these people and tell them what retards they are.  I'll do it, I promise.

A nation consists of its laws. A nation does not consist of its situation at a given time. If an individual's morals are situational, then that individual is without morals. If a nation's laws are situational, that nation has no laws, and soon isn't a nation.
-William Gibson
Mesozoic
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Reply #2 on: February 23, 2006, 01:11:26 PM

Dear Investors:

Thank you for the 62.7 million dollars.  Thanks to your support we now have a really cool idea for a keyboard.  With additional funding, we may be able to make some.  Please make all checks payable to our offshore accounts.

Thanks,

Infinium Labs

PS:  Have you guys ever been to the Carribbean in February?  Totally awesome.

...any religion that rejects coffee worships a false god.
-Numtini
Furiously
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Reply #3 on: February 23, 2006, 01:47:45 PM

MOLE!!!!!!!!

Evangolis
Contributor
Posts: 1220


Reply #4 on: February 24, 2006, 09:08:33 AM

I have some questions.

Quote
From its inception in December of 2002 through September of last year, Infinium racked up $62.7 million in losses. Of that, only $3.5 million has been lost to development costs. The company has spent more than half that in advertising, even though none of its products or services have been released yet. More of the company's money has been going toward consultants ($12.8 million), salaries ($11.9 million), and general and administrative expenses ($5.9 million).

All that burn, and they couldn't pay a few hundred thou in contract obligations?

How did they miss the chance to fund Dawn as the jewel in their crown of games?

And now their business plan is to sell the lapboard to the hardcore crowd that has derided them since launch?

I love the smell of just desserts in the morning.

"It was a difficult party" - an unexpected word combination from ex-Merry Prankster and author Robert Stone.
HaemishM
Staff Emeritus
Posts: 41822

the Confederate flag underneath the stone in my class ring


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Reply #5 on: February 24, 2006, 12:17:57 PM

Shit, if they could get the motherfucker to work with the X-Box, or I had a Media Center PC connected to my TV, I'd buy a lapboard.

Man, how do such obvious dumbasses still get funding?

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