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Interplay quarterly report
 
Interplay quarterly report [ Company -> Update ]
Posted by King of Creation Fri 21 May 2010, 7:04 AM
More info on Company: Interplay

After previously filing for an extension, Interplay has now filed their quarterly report with the SEC. Not much of it pertains to the Fallout MMO codenamed Project V13, but the money-talk obviously has an impact on the game's development. You can find the entire submission file here, but I'll point out the most important items:

Interplay's current assets (cash and otherwise) total $647,000

Their current debt, however, is $2,742,000

They made a gross profit of $260,000 this past quarter

Of their operating expenses, $58,000 went to marketing and sale, $112,000 went to product developent, and a whopping $371,000 went to "General and Administrative" expenses. If I were an investor, that "general and administrative" figure would have me VERY worried.

That point segues nicely into this bit on their current legal proceedings:

On September 8, 2009 Bethesda Softworks LLC filed a Complaint for Declaratory Judgment, Preliminary Injunction and Other Relief against the Company in the United States District Court for the District of Maryland. Bethesda seeks to terminate the rights Interplay holds to sell and develop certain FALLOUT(r)-branded video games, including an MMOG. Interplay disputes all claims raised by Bethesda and has answered the lawsuit and asserted Counter-Claims, including claims for Breach of Contract, Tortious Interference with Prospective Economic Advantage, Rescission, Accounting and Declaratory Relief seeking an award of damages and other relief. Interplay also seeks a declaration from the Court that it has not infringed upon the FALLOUT(R) mark and that it has satisfied the terms of the Trademark Licensing Agreement related to Interplay's production of a FALLOUT(R) massively-multiplayer online game. The Court denied Bethesda's Motion for Preliminary Injunction on December 10, 2009, a decision that Bethesda appealed. Bethesda's appeal subsequently has been dismissed. Interplay will continue to defend its rights and pursue its Counter-Claims against Bethesda.

The Company received notices from the Internal Revenue Service (“IRS”) that it owes approximately $242,000 in payroll taxes, payroll tax penalties, and interest for unpaid and late payment of payroll taxes for the years 2008, 2009 and 2010 which has been accrued as of March 31, 2010. The Company is in the process of negotiating a payment plan with the Internal Revenue Service.

The Company received notice from the Franchise Tax Board that it owes approximately $25,000 in franchise tax , interest and penalties for the tax year ending 2008 which has been accrued as of March 31, 2010. The Company has established a payment plan with the Franchise Tax Board.

There is a lot more to sift through, so head over here and have a look.

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