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Author Topic: Star Citizen Scoops, Musings and Blogs  (Read 624611 times)

dsmart

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Star Citizen Scoops, Musings and Blogs
« Reply #45 on: June 10, 2017, 07:37:52 AM »
F42 (UK) financials (2016) are up. Analysis coming soon. In the meantime, someone did a quick run through of the numbers.

Also read the 2015 analysis done back in Jan 2017

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Foundry 42 Ltd met their deadline and filed their accounts for the year ended 31 December 2016. There's a lot in there but here's some highlights.

It seems HMRC are actually paying over those tax credits now. Up to £3.6m for 2016 and around £8m total in the three years to 31 December 2016. Shame. I'd say it's now correct to add £8m to their funding figure of ~$150m. I doubt HMRC get any ships though.

They disclosed the lease is ~£250k per year. ~5 years left to run.

Average employees were 221 with £10m total wages in 2016 (132 @ £6m in 2015).

Erin's remuneration in F42 rose from £193k to £236k including benefits.

Total costs were up to ~£17.5m for the year (~£14.5m in 2015).

This one is a long one and a bit technical I'm afraid, but it is the most amusing and explains why they have now decided that they got their own turnover wrong by the small amount of £2.4m in 2015. As suspected in my various July blogs they are just moving money around the companies as they need it. Basically they are then retrospectively making up their own turnover figure by basing it on how much actual money was transferred. But they decided to change how they make up this figure which means they have to go back and adjust how they made up the figure in 2015 (because of consistency) and then disclose it:



A single studio is burning about $1.86m *per month*. Yet, when we estimated they had to be burning approx $3m per month worldwide (five studios), some said nuh-uh

Hilarious to me that it's NOW that backers are taking the financial situation seriously, despite my past warnings.

FYI:

https://www.reddit.com/r/starcitizen/comments/6gfx2v/foundry_42s_financials_released/diq1peo/

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CIG is $67,240 median as of 2016 releases. Keep in mind though LA is heavily production staff.


« Last Edit: June 12, 2017, 03:04:33 PM by dsmart »
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #46 on: June 12, 2017, 05:17:23 PM »
My analysis of the key elements of the financials is now online.

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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

Flashwit

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #47 on: June 13, 2017, 08:29:05 AM »
That salary + bump for Erin is truly outrageous.
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dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #48 on: June 13, 2017, 11:06:49 AM »
Quote from: Flashwit on June 13, 2017, 08:29:05 AM
That salary + bump for Erin is truly outrageous.

It really is; no joke.
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #49 on: June 24, 2017, 09:15:21 AM »
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

StanTheMan

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #50 on: June 24, 2017, 04:50:59 PM »
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dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #51 on: June 26, 2017, 05:54:47 AM »
I have moved my write-up about this loan to a new Final Countdown blog, and updated (scroll to the bottom) it with an update that now also includes Ortwin's official statement.
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

dsmart

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Re: My Vblog Broadcasts
« Reply #52 on: June 26, 2017, 03:56:03 PM »
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #53 on: June 27, 2017, 01:08:17 PM »
For those asking about Star Citizen exec buyout proof, it's in a filing. They cashed out with backer money.

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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

Ghostmaker

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #54 on: June 28, 2017, 05:54:05 PM »
Quote from: dsmart on June 27, 2017, 01:08:17 PM
For those asking about Star Citizen exec buyout proof, it's in a filing. They cashed out with backer money.


Interesting. Who are Derek Senior and Nicholas Elms?
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dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #55 on: June 29, 2017, 05:12:44 AM »
Quote from: Ghostmaker on June 28, 2017, 05:54:05 PM
Interesting. Who are Derek Senior and Nicholas Elms?

They are old childhood buddies of Chris and Erin. And Nick was involved with Erin and others in the Gizmondo fiasco which I covered in my Interstellar Pirates and The Money Laundromat blogs
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

Ghostmaker

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #56 on: June 29, 2017, 10:11:29 AM »
Quote from: dsmart on June 29, 2017, 05:12:44 AM
Quote from: Ghostmaker on June 28, 2017, 05:54:05 PM
Interesting. Who are Derek Senior and Nicholas Elms?

They are old childhood buddies of Chris and Erin. And Nick was involved with Erin and others in the Gizmondo fiasco which I covered in my Interstellar Pirates and The Money Laundromat blogs
OK, I thought those names were familiar. I went back and reread the appropriate blogs.

Which makes me think even LESS of CR, now. Why on earth would you want people associated with such financial skulduggery involved in your business?  :wtchris:

This isn't concession stand money we're talking here, remember? At this point it's over US$150 million. And the fact that Erin, and these two yobs, have decided to punch out of their stock ownership should make anyone's antennae go up.

Remember, SC and its associated games are supposed to be awesome. Game changers. As soon as they release CIG will be able to gold plate their toilets. Right? Right? So why cash out... unless you foresee something VERY bad coming down the road.
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StanTheMan

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #57 on: June 29, 2017, 02:53:55 PM »
Quote from: Ghostmaker on June 29, 2017, 10:11:29 AM
Quote from: dsmart on June 29, 2017, 05:12:44 AM
Quote from: Ghostmaker on June 28, 2017, 05:54:05 PM
Interesting. Who are Derek Senior and Nicholas Elms?

They are old childhood buddies of Chris and Erin. And Nick was involved with Erin and others in the Gizmondo fiasco which I covered in my Interstellar Pirates and The Money Laundromat blogs
OK, I thought those names were familiar. I went back and reread the appropriate blogs.

Which makes me think even LESS of CR, now. Why on earth would you want people associated with such financial skulduggery involved in your business?  :wtchris:

This isn't concession stand money we're talking here, remember? At this point it's over US$150 million. And the fact that Erin, and these two yobs, have decided to punch out of their stock ownership should make anyone's antennae go up.

Remember, SC and its associated games are supposed to be awesome. Game changers. As soon as they release CIG will be able to gold plate their toilets. Right? Right? So why cash out... unless you foresee something VERY bad coming down the road.

They cash out because it is their sort of business.   

People like this think they are a better type of person than the rest of us and they win by bending and breaking the rules.

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dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #58 on: June 30, 2017, 08:57:05 AM »
« Last Edit: June 30, 2017, 12:41:25 PM by dsmart »
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

dsmart

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Re: My Vblog Broadcasts
« Reply #59 on: July 01, 2017, 06:30:30 AM »
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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.
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