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)."

For serious?

[millennial]

Are you serious? They spent almost twice as much on "general expenses" as they spent on actual development? If that doesn't prove that the system is vaporware, nothing will.

Phantom indeed!

[Dr. Mojura]

"Nothing for you to see here. Please move along."

How appropriate! ;-)

Theivery is awesome!

[Yocto Yotta]

34 months have elapsed for the period these financials are from.

That equals to approximately $103,000 a month in development costs, $376,000 a month in consultation fees, $350,000 a month in salaries, and 174,000 a month in administrative fees. Overall losses are 1.84 million dollars per month, December 2002 through September 2005 . . .

Two questions: First, How many people do they employee and contract services from? Second, if you're an investor, how does your ass feel right now?

Mel Brooks does hardware?

[Grayden]

This strikes me as being a whole lot like The Producers. Maybe Infinium realized that they could make a bundle by paying themselves big salaries, buying expensive toys, and INTENDING TO FAIL. If they ever produced a real product, they'd have to start being responsible and timely. As it is, they can just soak up venture capital money and live the good life.