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Interplay files with the SEC
 
Interplay files with the SEC [ Company -> Update ]
Posted by King of Creation Sat 14 May 2005, 4:22 PM
More info on Company: Interplay | More info on Person: Herve Caen

Interplay has finally filed something with the SEC. No, it's not the quarterly earnings report, or even the annual report for 2004. It's a Notification of Late Filing! Here are some highlights:

State below in reasonable detail the reasons why [Form 10-Q], could not be filed within the prescribed time period.

Interplay Entertainment Corp.'s Form 10-Q for the period ended March 31,2005, could not be filed within the prescribed time period because of a late start in work on the quarter ended March 31, 2005 reporting process due to the delay in completing the Annual Report on Form 10-K for the year ended December 31, 2004 and the transition following the appointment of new auditors. As a result, certain information and data relating to and necessary for the accurate completion of Interplay Entertainment Corp.'s financial statements and management's discussion and analysis of financial condition and results of operation could not be obtained by Interplay Entertainment Corp. within such time period without unreasonable effort or expense.

That's right. Herve needed the time to cook the books so it wouldn't look like he's a criminal. I really like this part, though:

As of September 30, 2004, Interplay Entertainment Corp. had a working capital deficit of approximately $17 million, and its cash balance was $71,000. In addition, $60,000 of its $71,000 cash balance was in Japan and unavailable to Interplay Entertainment Corp. Interplay Entertainment Corp. currently has no cash reserves and is unable to pay current liabilities. Interplay Entertainment Corp. cannot continue in its current form without obtaining additional financing.

There has been a significant reduction of employees from the corresponding period in the last fiscal year from over 100 employees to about 5 employees as of March 31,2005 which had and could continue to have a material harmful effect.

That is quite a deficit. Where did all the money from the deal with Bethesda go? I'd also like to know why the cash in Japan was "unavailable" to them. I'm not a business major, but that just doesn't seem right to me. At least Herve appears to be finally realizing that Interplay is a lost cause. This sad story needs an end.

You can read the whole report (there's not much left) here.

Spotted @ NASDAQ.com
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