Submission + - $73 million and counting: the downfall of Phantom (arstechnica.com)
Ghost in the Machine writes: Ars Technica has a story on Phantom Entertainment (formerly Infinium Labs), the company behind the never-released Phantom console and lapboard. So far, the company has burned through over $73 million in cash without earning a cent of revenue. 'Amazingly, Phantom lives on, a testament to just how long a company can survive without cash when it simply stops paying creditors. The company is down to three full-time employees but still hopes to launch its Phantom Wireless Lapboard in September — if it survives that long. When Phantom's outside auditors prepared its most recent financial statement for the year ended on December 31, 2006, they "expressed substantial doubt about our ability to continue as a going concern."'
