Joined: 03 Apr 2003 Posts: 28229 Location: Liberty City, the Netherlands Status: Offline
Posted: Sat Jun 26, 2004 13:47 Post subject: 10-Q filing - summary
To make sure nobody would miss some of the more important bits of the 10-Q filing, here are some of the bigger points. First of, Capelworth made a pretty good summary on how many debts Interplay has:
At the time the suit [from Warner Bros.] was filed, the amount due under the note was $1.4 million including interest. Subsequently, the Company entered into a settlement agreement with Warner. The Company is currently in default of the settlement agreement with Warner and has entered into a payment plan, of which the Company is in default, for the balance of the $0.32 million owed payable in one remaining installment.
(...)
This claim was settled for $100,000, payable in twelve installments, however, the Company was unable to satisfy its payment obligations and consequently, Monte Cristo has filed a stipulated judgment against theCompany in the amount of $100,000. If Monte Cristo executes the judgment, it will negatively affect the Company's cash flow, which could further restrict the Company's operations and cause material harm to our business.
(...)
the time of filing, Bioware alleged that it was owed approximately $156,000 under various agreements for which it secured a writ of attachment over the Company's assets. If Bioware executes the writ, it will negatively affect the Company's cash flow, which could further restrict its operations and cause material harm to our business.
(...)
On or about April 16, 2004, Arden Realty Finance IV LLC filed an unlawful detainer action against the Company in the Superior Court for the State of California, County of Orange, alleging the Company's default under its corporate lease agreement. At the time the suit was filed, the alleged outstanding rent totaled $431,823. The Company was unable to satisfy this obligation and reach an agreement with its landlord, the Company subseqently forfeited its lease, and is in the process of locating another building for its operations. This suit and interruption of our operations could cause substantial harm to our business
(...)
We have received notice from the Internal Revenue Service ("IRS") that we owe approximately $70,000 in payroll tax penalties. We estimate that we owe an additional $30,000, which we have accrued in penalties for nonpayment of approximately $100,000, $102,000 and $99,000 in Federal and State payroll taxes, which were due on April 30, April 15, and March 31, 2004, and is still outstanding. We were unable to meet our May 15, May 31, and June 15, 2004 payroll obligations to our employees. The labor board has fined us approximately $10,000 for failure to meet our payroll obligations. We need to have met our payroll obligations otherwise there will be additional penalties.
Our property, general liability, auto, fiduciary liability, and employment practices liability, have been cancelled. Our workers compensation insurance was cancelled but we have mananaged to reinstate the policy. The labor board fined us approximately $79,000 for not having workmans compensation insurance. Our health insurance was also cancelled but we have had the policy reinstated. There can be no guarantee that we will be able to meet all contractual obligations or liabilities in the future, including payroll obligations.
Interplay's situation is pretty bad:
As of March 31, 2004, we had a working capital deficit of $15 million, and our cash balance was $28,000. We currently have no cash reserves and are unable to pay current liabilities. The Company cannot continue in its current form without at this time obtaining additional financing.
(...)
We expect that we will need to substantially reduce our working capital needs and/or raise additional financing. If we do not receive sufficient financing we may (i) liquidate assets, (ii) sell the company (iii) seek protection from our creditors including the filing of voluntary bankruptcy or being the subject of involuntary bankruptcy, and/or (iv) continue operations, but incur material harm to our business, operations or financial conditions.
But there's hope:
Our main source of capital is from the release of new titles. Historically, we have had some delays in the release of new titles and we anticipate that we may continue to incur delays in the release of future titles. These delays can have a negative impact on our short-term liquidity, but should not affect our overall liquidity.
Bwahahahaha. However, hidden in the 10-Q is the contractual obligations summary, which totals their contractual obligations at more than 10 million (to fulfill within the coming years). Most of those obligations can't be negotiated or delayed either, and the contractual obligations bit concludes with:
We currently have no cash reserves. We will need to substantially reduce our working capital needs, continue to consummate certain sales of assets and/or raise additional financing to meet our contractual obligations.
Joined: 09 Dec 2003 Posts: 1561 Location: The Dark Tower Status: Offline
Posted: Sat Jun 26, 2004 14:54 Post subject:
Interplay's death knell wrote:
Our main source of capital is from the release of new titles. Historically, we have had some delays in the release of new titles and we anticipate that we may continue to incur delays in the release of future titles. These delays can have a negative impact on our short-term liquidity, but should not affect our overall liquidity.
How do they propose to release new titles when they have no money to pay workers, no equipment to build the games on, no building to house the company, no money to publish games, and no clout left in the gaming world? _________________ Duck and Cover: The site for all your Fallout needs since 1998.
Our main source of capital is from the release of new titles. Historically, we have had some delays in the release of new titles and we anticipate that we may continue to incur delays in the release of future titles. These delays can have a negative impact on our short-term liquidity, but should not affect our overall liquidity.
How do they propose to release new titles when they have no money to pay workers, no equipment to build the games on, no building to house the company, no money to publish games, and no clout left in the gaming world?
Must be one of those delays... _________________
Quote:
As always, Interplay management is focused on delivering great, profitable games and maximum shareholder value.
Yep, $.05 per share is what I call 'maximum shareholder value'.
Joined: 13 Jun 2003 Posts: 53 Location: Nonwhere Status: Offline
Posted: Sat Jun 26, 2004 17:49 Post subject:
Well, it's very simple. All Herve has to do is put the Fallout liscense underneath his pillow, and in the morning, the game fairy will leave a brand new Fallout game. YAY!!!!!11
Too bad Interplay probably owes her money as well. And she doesn't even exist! DAMN CAEN'S GOOD!!! _________________ You are confused. I am happy and complicated.
Joined: 08 Dec 2003 Posts: 55 Location: Brazil Status: Offline
Posted: Sat Jun 26, 2004 19:38 Post subject:
Yay! im gonna to invest! maybe if I invest mah 99999999 bucks that I earned from dad I will save interplay and get a fallout online game! what a 'great' idea!
All I could read was:
which could further restrict the Company's operations and cause material harm to our business.
it will negatively affect the Company's cash flow, which could further restrict its operations and cause material harm to our business.
This suit and interruption of our operations could cause substantial harm to our business.
otherwise there will be additional penalties.
There can be no guarantee
The Company cannot continue in its current form
or, in other words:
We are fucked
We are screwed
Damn we are so dead!
Someone end our misery please!
Call one of that man-bomb terrorist to blow us up!
We are in deep shit
How does he expect to raise money? perhaps if he digs his yard he finds a huge hole filled with petrol, or a big diamond, or some sort of ancient gizmo he can sell for lots of cash!
Joined: 02 Jun 2004 Posts: 226 Location: Lithuania. Gues youre wondering where the fuck is that???? Status: Offline
Posted: Sun Jun 27, 2004 14:08 Post subject:
Dont get me wrong i love interplays games but this shit that was going for so long really starts to suck so why dont they die already. Just like zombies you shoot him down and when you try to past him he bites your leg. Hey mabe Herve is going to puch it for so long until everybody will just say what the fuck let him live. _________________ Stupid optimisim that no one wants to hear.
Joined: 21 Dec 2003 Posts: 194 Location: Virtua City Status: Offline
Posted: Sun Jun 27, 2004 19:52 Post subject:
Don't know if this was mentioned already, but Gamespot interpreted the 10-Q as "IPLY will be out of business by August".
http://www.gamespot.com/news/2004/06/25/news_6101470.html
In that article, Caen talks a little about a Fallout MMORPG. I don't know about that idea- for every Phantasy Star Online, there's ten Sims Online- sized flops. And this is assuming that IPLY survives next month- highly unlikely, as Kharn pointed out.
Any way you look at this, Ken Lay could have run the company better then Herve Caen... _________________
PSN ID: same as my XBL Gamertag (above)
My blog...
Proud Sega Whore Since 1992.
Joined: 03 Apr 2003 Posts: 28229 Location: Liberty City, the Netherlands Status: Offline
Posted: Sun Jun 27, 2004 19:56 Post subject:
ferrarimanf355 wrote:
Don't know if this was mentioned already, but Gamespot interpreted the 10-Q as "IPLY will be out of business by August".
Just a few posts up, I wrote:
I have to agree with the general conclusion that Interplay won't survive this quarter without some miracle investor popping up.
That's where I'm getting the "general conclusion" from
If only you people knew how many people are currently piling "FALLOUT MMORG OMG" or "did you know that..." or "I can't believe you didn't report on the Fallout MMORPG" or shit like that...Ugh...
I guess FOOL wasn't to obvious as a MMO title, still people have to learn to actually READ the news.... _________________ Briosafreak: a true cosmopolitan playbot
Briosafreak: playboy*
Odin: *bip....can you feel that...bip...baby...*
Joined: 21 Dec 2003 Posts: 194 Location: Virtua City Status: Offline
Posted: Mon Jun 28, 2004 0:33 Post subject:
Odin wrote:
I guess FOOL wasn't to obvious as a MMO title, still people have to learn to actually READ the news....
My fault. I didn't put two and two together...
Judging from the reaction, it seems like you guys want IPLY to go under before this happens, and frankly I don't blame you... aside from PSO, I've never played a MMORPG, and I never will. _________________
PSN ID: same as my XBL Gamertag (above)
My blog...
Proud Sega Whore Since 1992.
If you need a general summary, search through this forum and the Archived Boards to get a good sense of the FOOL topic. It's been discussed at length, mainly by someone who has diced around MMORPG mechanics as both a MUD developer and as a MMORPG alpha/beta-tester and developer. 8) _________________
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
