The IPLY quarterly report is out and about, here's an interesting snibblet:<blockquote>Interplay sold to Bethesda Softworks LLC, "Bethesda" the rights to develop FALLOUT 3 on all platforms for $1.175 million minimum guaranteed advance against royalties. Bethesda also has an option to develop two sequels, FALLOUT 4, and FALLOUT 5 for $1.0 million minimum guaranteed advance against royalties per sequel. Interplay retained the rights to develop a massively multiplayer online game ("MMORPG") using the Fallout Trademark.
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We were unable to meet our May 15, May 31, and June 15, 2004 payroll obligations to our employees. The State of California Labor Board ("Labor Board") fined us approximately $10,000 for failure to meet our payroll obligations. We subsequently paid the May 15, May 31, and June 15, 2004 payrolls and the associated payroll taxes. All Labor Board pending disputes with former employees have been paid off and the labor board fines still need to be settled. We need to have met our payroll obligations otherwise there will be additional penalties.
Since we were having difficulty meeting our payroll obligations on a timely basis to our employees a large number of our employees stopped reporting to work in late May and early June 2004. We were subsequently evicted from our building at 16815 Von Karman Avenue in Irvine, California in mid June 2004. We have a core group of approximately 20 employees on payroll, of which approximately 8 are actively working from the new company location in Irvine, California. Substantially all employees have not been paid for the period July 1 through September 30, 2004. There may be some liability to us arising from employees who have left. Our property, general liability, auto, fiduciary liability, workers compensation, and employment practices liability insurance policies, have been cancelled. We obtained a new workers' compensation insurance policy. The Labor Board fined us approximately $79,000 for not having worker's compensation coverage for a period of time. Our health insurance was also cancelled but was subsequently reinstated. We are appealing the labor board fines. </blockquote>Heh and the investors think IPLY will be able to make FOOL?!
Link: IPLY Q report and IPLY SEC
Thanks goes out to Briosafreak for informing us.
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We were unable to meet our May 15, May 31, and June 15, 2004 payroll obligations to our employees. The State of California Labor Board ("Labor Board") fined us approximately $10,000 for failure to meet our payroll obligations. We subsequently paid the May 15, May 31, and June 15, 2004 payrolls and the associated payroll taxes. All Labor Board pending disputes with former employees have been paid off and the labor board fines still need to be settled. We need to have met our payroll obligations otherwise there will be additional penalties.
Since we were having difficulty meeting our payroll obligations on a timely basis to our employees a large number of our employees stopped reporting to work in late May and early June 2004. We were subsequently evicted from our building at 16815 Von Karman Avenue in Irvine, California in mid June 2004. We have a core group of approximately 20 employees on payroll, of which approximately 8 are actively working from the new company location in Irvine, California. Substantially all employees have not been paid for the period July 1 through September 30, 2004. There may be some liability to us arising from employees who have left. Our property, general liability, auto, fiduciary liability, workers compensation, and employment practices liability insurance policies, have been cancelled. We obtained a new workers' compensation insurance policy. The Labor Board fined us approximately $79,000 for not having worker's compensation coverage for a period of time. Our health insurance was also cancelled but was subsequently reinstated. We are appealing the labor board fines. </blockquote>Heh and the investors think IPLY will be able to make FOOL?!
Link: IPLY Q report and IPLY SEC
Thanks goes out to Briosafreak for informing us.
