Infinium filing reveals near-empty coffers

No_Style · Sep 8, 2004, 04:34 AM

When asked to explain the company's latest Securities and Exchange Commission filing, an Infinium Labs executive simply said start-ups often push the limits of their balance sheets. However, a read of that document will spark concerns among those who wish the company well.

In that filing, a 10-Q dated August 23, 2004, Infinium had exactly $134,226 in its bank account, with "a working capital deficiency of $3,962,226." That second amount equals the difference between the company's accounts payable (what it owes) and its accounts receivable (what it's owed). In other words: At present, Infinium can't pay its bills.

The 10-Q recaps Infinium's brief financial history. The company was incorporated on January 6, 2004, and trades in the over the counter market under the ticker IFLB. It has raised aggregate proceeds of $2,797,000 from the sale of common stock in 2004 and an additional $7,829,760 from bridge financing completed during the same year. And, by its own estimates, Infinium Labs will have operating costs that exceed $68 million over the next 12 months.
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Read More/Source: GameSpot

PoopyTheJ · Sep 8, 2004, 05:44 AM

Infinium is going under? big surprise there, apparently the CEO smuggled as much dough as he could and will start a new company soon.

The_Neon_Cowboy · Sep 8, 2004, 06:01 AM

Quote:

Originally Posted by PoopyTheJ

Infinium is going under? big surprise there, apparently the CEO smuggled as much dough as he could and will start a new company soon.

mabe a real one this time?

PoopyTheJ · Sep 8, 2004, 06:47 AM

Quote:

Originally Posted by The_Neon_Cowboy

mabe a real one this time?

Doubt it.

Sep 8, 2004, 04:34 AM	#1
No_Style Styleless Wonder Join Date: Jun 2002 Location: Ottawa, Ontario Posts: 6,034 Rep Power: 0	Infinium filing reveals near-empty coffers When asked to explain the company's latest Securities and Exchange Commission filing, an Infinium Labs executive simply said start-ups often push the limits of their balance sheets. However, a read of that document will spark concerns among those who wish the company well. In that filing, a 10-Q dated August 23, 2004, Infinium had exactly $134,226 in its bank account, with "a working capital deficiency of $3,962,226." That second amount equals the difference between the company's accounts payable (what it owes) and its accounts receivable (what it's owed). In other words: At present, Infinium can't pay its bills. The 10-Q recaps Infinium's brief financial history. The company was incorporated on January 6, 2004, and trades in the over the counter market under the ticker IFLB. It has raised aggregate proceeds of $2,797,000 from the sale of common stock in 2004 and an additional $7,829,760 from bridge financing completed during the same year. And, by its own estimates, Infinium Labs will have operating costs that exceed $68 million over the next 12 months. ________________ Read More/Source: GameSpot __________________ "The Best Style Is No Style" Specifications Here

Sep 8, 2004, 05:44 AM	#2
PoopyTheJ DriverHeaven Extreme Member Join Date: Jan 2003 Location: Ohio Posts: 1,588 Rep Power: 64	Infinium is going under? big surprise there, apparently the CEO smuggled as much dough as he could and will start a new company soon. __________________ [COLOR=Blue]“Alright boys, let’s start her up and see why she doesn’t work.” - John Fritz "I aim to misbehave" Malcolm Reynolds ATI Catalyst Beta Tester[/COLOR]