Phantom Console Put on Hold

technoid_ writes "Looks like the Infinium Labs Phantom Game Console is put on hold until they can secure some more funding. Right now the company is focusing on getting its Phantom Lapboard to the market, and may pursue the Phantom Game service later. Interesting note, they have spent almost 4 times as much on Consultants as they have in development costs so far." From the article: "From its inception in December of 2002 through September of last year, Infinium racked up $62.7 million in losses. Of that, only $3.5 million has been lost to development costs. The company has spent more than half that in advertising, even though none of its products or services have been released yet. More of the company's money has been going toward consultants ($12.8 million), salaries ($11.9 million), and general and administrative expenses ($5.9 million)."

Comments

From The Desk Of

[American AC in Paris]

Dear Venture Capitalists:

It has recently come to my attention that Infinium Labs has accumulated over sixty-two million dollars in debt.

Clearly, there are substantial numbers amidst your ranks who are perfectly willing to part with large sums of money for no good reason whatsoever.

I would ask these investors to send me $100,000 cash, in return for which I will do absolutely nothing. It should be obvious at this point that investing in Infinium Labs is an exercise in futility, humiliation and shame, so I think my offer looks pretty good, on balance. It's also much less expensive.

I eagerly await your reply in the form of crisp, new $100 bills.

Warmest Regards,
AAiP

I'm reminded of "The Producers"...

[DorkusMasterus]

Wanna know how to make money in this business? Promise a product for years that you have no actual intention of building. Secure funding. Blow funding on employees (friends) as well as some stellar press releases. Hire some "consultants" (hookers) and make a prototype to show off at gaming expos (or just a picture of one, at least). Keep this up until you're sued.