Phantom game console creator Infinium Labs has revealed more information about its plans via a
recent SEC filing that discusses the launch of the company's much-vaunted, sometimes controversial 'on-demand' gaming service.
According to the filing, the quarter ended September 30th, 2004 saw Infinium Labs reporting condensed unaudited financial results with cash on hand of $20,991, the remaining cash from the prior sale of common stock that brought in aggregate proceeds of $3,589,987, as well as from bridge financing transactions completed during 2004 in an aggregate amount of $8,192,260.
In addition to this information, the company reported a net loss for the quarter of $6,850,656, and also pointed out that Infinium still has no sales, and has a working capital deficiency of $10,611,532.
In the same documents, Infinium Labs stated that it hopes to launch the system during the second quarter of 2005, with distribution partners set to be announced sometime during the first quarter. The company indicated that it's looking to enter into agreements that will see each [currently un-named] distribution partner purchasing its Phantom Game Receiver, which will then be resold to the consumer - these partners will receive a share of the subscription and/or software or rental revenues derived from the service.
Looking to the future, Infinium Labs indicated that it will have operating cash requirements over the next twelve months of $22,200,000, with SG Capital retained to help in raising capital. Out of the $22 million, Infinium is estimating that it will need $11,500,000 to launch the Phantom and sell the first 10,000 units, with an additional $10,700,000 needed after launch to achieve cash flow break-even. Unfortunately, the company is not currently finding large-scale funding the Phantom project, which continues to put the firm in jeopardy as a going concern, at least until larger-scale investors can be found.
