In its latest filing with the US S.E.C. Infinium says it’ll have to spend $US 22.2M over the next 12 months in order to execute its “current business strategy”. Basically it says it’ll need $US 11.5M to launch the Phantom Game Service and sell the first 10,000 units. Then another $US 10.7M to “achieve cash flow break even”. Then, as if that weren’t enough, it says it anticipates having to spend another $US 20.2M over the next 16 months for promotion and services.
Tough, since according to the Sept. 30 statement, it has $US 20,991 (yes, 20K) in the bank, leaving it a bit short. The company said it has hired SG Capital to help it raise the funding it requires, and indicated that it was already talking to a number of potential backers. It also plans to discuss a debt-for-equity scheme with its current creditors. But it warned: “If we are unsuccessful in raising capital or we do not launch the Phantom Game Service when currently planned, we will need to curtail our proposed spending.“