A new regulatory filing from Florida-based firm Infinium Labs has revealed that the company needs to find fresh funding of around $11.5 million if it is to launch its Phantom game service next year as planned. The company, which has delayed the launch of the Phantom Game Service and its associated Phantom console until Q2 2005 from its originally planned November 2004 launch, currently has only $20,991 cash on hand.
So far the firm has incurred a net loss of $27.25 million since its inception in late 2002, and it lists total assets of $1.29 million and total liabilities of $10.69 million in its balance sheet as at September 30th this year. "The company is in the development stage with no sales and has a working capital deficiency of $10,611,532," the filing states. "This raises substantial doubt about its ability to continue as a going concern. The ability of the company to continue as a going concern is dependent on the companys ability to raise additional capital and implement its business plan."
News source: GamesIndustry.biz