So about a week ago, I wrote a thread about the looming 2016 financial filing for Star Citizen over in the UK where the largest studio exists.
They have now filed those accounts after shortening the period - again.
Quite a few interesting tit-bits in this filing, but not important enough for me to write an in-depth analysis as I've done in the past.
beta.companieshouse.gov.uk/company/087038…
Quite a few interesting tit-bits in this filing, but not important enough for me to write an in-depth analysis as I've done in the past.
beta.companieshouse.gov.uk/company/087038…
Several keys points:
1) This filing presents sufficient evidence that the number of employees in both F42-UK and F42-GER, increased within June - Dec 2017 from 284 to 318.
Given the number of current vacancies following key departures in 2018, we'll know more next filing.
1) This filing presents sufficient evidence that the number of employees in both F42-UK and F42-GER, increased within June - Dec 2017 from 284 to 318.
Given the number of current vacancies following key departures in 2018, we'll know more next filing.
2) Erin Roberts, brother of Chris Roberts is still one of the highest paid studio directors in the UK. In 2017 he made over £200K
Note they also bought the studio from themselves in previous filing period to the tune of £440K. I wrote about that before.
Note they also bought the studio from themselves in previous filing period to the tune of £440K. I wrote about that before.
3) Employees alone cost the F42 group over £14M in 2017 alone.
In case you were wondering why they need to keep raising money, this is why. And that's just UK/GER
In case you were wondering why they need to keep raising money, this is why. And that's just UK/GER
4) This filing provides strongest evidence that the Coutts loan which caused such a furor when I broke the news last Summer, really was a payday loan.
Of the £3.69M remaining, they have to re-pay £1.53M by Dec 2018. Basically, they didn't get a loan for the full award.
Of the £3.69M remaining, they have to re-pay £1.53M by Dec 2018. Basically, they didn't get a loan for the full award.
5) As of Dec 2017, they were £3.9M in debt to various parties - including the Coutts loan.
Notice the £1.065M from June 2017 period ending? Yup, that's part of the money they previously paid themselves by taking money OUT of the project, while putting the project in debt.
Notice the £1.065M from June 2017 period ending? Yup, that's part of the money they previously paid themselves by taking money OUT of the project, while putting the project in debt.
6) F42 owes other group company entities over £1.25M.
The interesting part of this is that in order to hide the inter-group transactions so backers won't know what they did, they exercised the non-disclosure rule. Backers will never know.
The interesting part of this is that in order to hide the inter-group transactions so backers won't know what they did, they exercised the non-disclosure rule. Backers will never know.
7) It's hilarious to me that a professionally prepared accounting and audit, got the name of the parent company WRONG. Here again, we see "Robert" vs "Roberts". It's an on-going joke now, since this has been a running theme on their website, various materials created by them etc
8) The long and short of it is that taking that they "gained" £622K in 2017, combine that with their debt load and accounts payable, that group was basically insolvent YE 2017.
Fucking hell! I'm laughing so hard I can't even breathe.
In the words of the commander himself..
Fucking hell! I'm laughing so hard I can't even breathe.
In the words of the commander himself..
9) Remember that these shenanigans are going on over in the UK & GER, and musings from the US side say the LA & TX studios aren't faring any better.
With refunds past 14-days now at an end, we have to wait and see for how long whales keep throwing money into an open furnace.
With refunds past 14-days now at an end, we have to wait and see for how long whales keep throwing money into an open furnace.
The project, now in year 8 (!), and over $190M in funding raised from backers buying ships in a game that's totally not P2W (wink-wink), it's still not even 20% there for either of the two games promised
Yup, year 8. Chris said so @ 1:15:55
Yup, year 8. Chris said so @ 1:15:55
And their own technical director who left CryTek for CIG, said the same thing in Dec 2015.
Yup @ 26:20
Yup @ 26:20
Even more hilarious when you consider that was less than 5 months after my first blog in July 2015. During that month, backers who were just entering sunk cost fallacy engaged in "spite pledging" because they thought money would prove me wrong cuz the game was totally coming. LOL
