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More troubles abound for the struggling Phantom, Infinium Labs’ attempt to enter the home console market.
A filing in Florida has shown that the company – who have already delayed the release of their gaming on-demand console until next year – are in need of further funding if it wants to be able to launch at all. Never has a console name been so apt.
The filing states that “The Company is in the development stage with no sales and has a working capital deficiency of $10,611,532. 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 company’s ability to raise additional capital and implement its business plan.”
Like virtually all development, the console has already racked up a serious amount of running expenses – some $27 million, and the filing also gives an ominous warning of the rocky road ahead, “We have retained SG Capital to assist us in raising capital and we are currently in negotiations with a number of parties to raise capital. If we are unsuccessful in raising capital or we do not launch the Phantom Game Service when currently planned, we will need to curtail our proposed spending.”
So will the Phantom ever make an appearance? The future is certainly not looking bright. Keep with Pro-G for ongoing news on this revolutionary system.
