series of computer RPGs, as well as most recently the Baldur's Gate
series on the console. They sold their rights to the DnD pen and paper
game in return for full ownership of the Baldur's Gate trademark.
"As of April 1, 2004, the Company was three months in arrears on the
rent obligations for its corporate lease in Irvine, California. On April
9, 2004, the Company's lessor served it with a Three-Day Notice to Pay
Rent or Surrender Possession. If the
<http://biz.yahoo.com/e/040414/iply.ob8-k.html> Company is unable to
pay its rent, it may lose its office space, which would interrupt
operations and cause substantial harm to business. The Company received
notice from the Internal Revenue Service ("IRS") that it owes
approximately $70,000 in payroll tax penalties, which the Company has
appealed. The Company estimates that it owes an additional $10,000,
which it has accrued in penalties for nonpayment of approximately
$99,000 in Federal and State payroll taxes, which were due on March 31,
2004 and is still outstanding. There can be no guarantee that the
Company will be able to meet all contractual obligations in the near
future, including payroll obligations. The Company expects that it will
need to substantially reduce its working capital needs and/or raise
additional financing. If the Company does not receive sufficient
financing it may (i) liquidate assets, (ii) sell the company (iii) seek
protection from its creditors, and/or (iv) continue operations, but
incur material harm to its business, operations or financial conditions.
"
Almost every month you hear about some darn game company going under, or
merging. I can't see this being good for consumer choice in the future.
I can't understand why this is happening in what is said to be a multi
billion dollar a year industry.
-Gel
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