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State of California EDD has placed a lien on Intrepid

GigabearGigabear Member UncommonPosts: 63
This follows a long history of trouble with California tax authorities from their supposed CEO, Steven Sharif. 

It's all slowly starting to unravel.
nurso190100

Comments

  • Slapshot1188Slapshot1188 Member LegendaryPosts: 15,484
    Oh boy... 

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

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  • maskedweaselmaskedweasel Member EpicPosts: 11,816
    I mean, there's a long way to go from a tax lien to completely unraveling, but yeah, nice find. 

    They continue to hire so its most likely they are just not paying taxes, not that they are necessarily strapped for cash. One way or another the state will get its money. 



  • TillerTiller Member LegendaryPosts: 10,286
    It's gonna be another Gods & Heroes.




    SWG Bloodfin vet
    Elder Jedi/Elder Bounty Hunter
     
  • GigabearGigabear Member UncommonPosts: 63
    edited September 2021
    I mean, there's a long way to go from a tax lien to completely unraveling, but yeah, nice find. 

    They continue to hire so its most likely they are just not paying taxes, not that they are necessarily strapped for cash. One way or another the state will get its money. 
    The California Secretary of State did also suspend his other business, Trek Holdings LLC, within the last few months. Not sure what the reason was on that. Then there's the Lawsuit from Streamline Media which Intrepid had to settle back in June for non-payment over assets Intrepid had made for their doomed battle royale.

    As you say, still a long way to go, but the issues are beginning to mount. Usually how it goes with these things.
    maskedweasel[Deleted User]
  • KyleranKyleran Member LegendaryPosts: 40,935
    edited September 2021
    Hrmm, looks like they aren't paying some sort of payroll tax or perhaps are behind on the paperwork.

    Game developers who are late with something, go figure.  ;)

    Employment Development Department

    The EDD may record a state tax lien against employers who do not file required returns and pay liabilities on time. For more information, view Information Sheet: State Tax Lien (DE 631TL) (PDF).

    https://www.taxes.ca.gov/pastduebus.html



    maskedweasel[Deleted User]

    "True friends stab you in the front." | Oscar Wilde 

    "I need to finish" - Christian Wolff: The Accountant

    Just trying to live long enough to play a new, released MMORPG, playing ESO - Blackwood at the moment.

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  • GigabearGigabear Member UncommonPosts: 63
    Kyleran said:
    Hrmm, looks like they aren't paying some sort of payroll tax or perhaps are behind on the paperwork.

    Game developers who are late with something, go figure.  ;)

    Employment Development Department

    The EDD may record a state tax lien against employers who do not file required returns and pay liabilities on time. For more information, view Information Sheet: State Tax Lien (DE 631TL) (PDF).

    https://www.taxes.ca.gov/pastduebus.html



    It's possible they deferred payroll taxes, which they were allowed to do under the 2.5 million in PPP loans they took, and then when they came due they were unable to make good. But, that is pure speculation on my part. All that is known for sure is they didn't pay, not the reason why. I also don't know how much is at issue until I get a hard copy of the notice in the mail.
    maskedweaselnurso[Deleted User]
  • rojoArcueidrojoArcueid Member EpicPosts: 10,720
    The guy needs tutoring on how to avoid taxes... Maybe he can find Bobby Kotick on Fiverr.
    maskedweasel[Deleted User]




  • Slapshot1188Slapshot1188 Member LegendaryPosts: 15,484
    Gigabear said:

     Then there's the Lawsuit from Streamline Media which Intrepid had to settle back in June for non-payment over assets Intrepid had made for their doomed battle royale.

    Oh THAT's not something I heard about...  wasn't that about the time their lead designer left too?

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

    "I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

    Proudly wearing the Harbinger badge since Dec 23, 2017. 

    Coined the phrase "Role-Playing a Development Team" January 2018

    "Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018

  • GigabearGigabear Member UncommonPosts: 63
    edited September 2021
    Gigabear said:

     Then there's the Lawsuit from Streamline Media which Intrepid had to settle back in June for non-payment over assets Intrepid had made for their doomed battle royale.

    Oh THAT's not something I heard about...  wasn't that about the time their lead designer left too?

    Bard? Sure, he split right around then. Although the lawsuit had been filed back in Jan 2020. It just took forever before they got to case management and settled it thanks to COVID. 

    Some of the lawsuit is here, but the recent stuff isn't updated on this website. I had to check the registrar of actions for that. https://unicourt.com/case/ca-sd-streamline-media-group-inc-vs-intrepid-studios-inc-1036035
    Post edited by Gigabear on
    Kylerannurso[Deleted User]
  • GigabearGigabear Member UncommonPosts: 63
    Updating here. I was able to get a dollar figure. Including interest and penalties, it's around $50,000. So, the development isn't likely to be imperiled by this assuming nothing else is tacked on.

    Although while searching for this I also discovered multiple liens placed on Intrepid for various loans they've taken out, which is standard practice to secure the debt. I don't believe those dollar amounts are public record though. It is curious that a fully-funded game would be leveraging credit to this degree, including cosigning one of them with their second now suspended business.

    Everything *might* be fine, or it might not. I guess we'll have to wait to know for sure.
    [Deleted User]nurso[Deleted User]Kyleran
  • Slapshot1188Slapshot1188 Member LegendaryPosts: 15,484
    He may deliver a game. Maybe.  But from what I have seen, I wouldn't trust Steven to wash my car... forget about with my cash.
    nurso

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

    "I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

    Proudly wearing the Harbinger badge since Dec 23, 2017. 

    Coined the phrase "Role-Playing a Development Team" January 2018

    "Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018

  • nursonurso Member UncommonPosts: 294
    Gigabear said:
    It is curious that a fully-funded game would be leveraging credit to this degree, including cosigning one of them with their second now suspended business.

    I never believed that Sharif could shell out 30-40 million out of his own pocket for a video game like that and for me it seems the cash-shop sales might not as profitable as needed either.

    But what do I know? The only thing I'm sure of is that I don't trust Sharif.

  • GigabearGigabear Member UncommonPosts: 63
    edited September 2021
    nurso said:
    Gigabear said:
    It is curious that a fully-funded game would be leveraging credit to this degree, including cosigning one of them with their second now suspended business.

    I never believed that Sharif could shell out 30-40 million out of his own pocket for a video game like that and for me it seems the cash-shop sales might not as profitable as needed either.

    But what do I know? The only thing I'm sure of is that I don't trust Sharif.

    All we know of the cash shop is the kickstarter haul figure and that they had ~10,000 alpha 1 backers in total. Those packages cost $400-$500 a pop. Some napkin math puts them north of $10,000,000 in crowdfunding, estimating lower tier packages and additional cosmetics.

    Which is enough for 1-2 years of development. The studio they were in is currently going for $17,478 a month lease, so it added a bit on as well while they were there.

    I also do not believe Sharif actually had $30,000,000 he was actually able to commit, but he did have at least something.
    nurso
  • GigabearGigabear Member UncommonPosts: 63
    Additional update. Yesterday on 9-8, another state tax lien was filed against Intrepid for approximately $24,000 concerning non-payment of taxes from 7-1 to 9-30, 2020.

    How is someone who has, allegedly, funded this game for $30,000,000 allowing this to go on?

    Unless he never actually had that? 

    God help them if they misrepresented the game's finances to induce tens of thousands to back his game.
    Kylerannurso
  • Slapshot1188Slapshot1188 Member LegendaryPosts: 15,484
    Gigabear said:
    Additional update. Yesterday on 9-8, another state tax lien was filed against Intrepid for approximately $24,000 concerning non-payment of taxes from 7-1 to 9-30, 2020.

    How is someone who has, allegedly, funded this game for $30,000,000 allowing this to go on?

    Unless he never actually had that? 

    God help them if they misrepresented the game's finances to induce tens of thousands to back his game.
    Since day one I have always asked (even directly on these forums when he stopped in) for clarification.   I believe his wording originally was "UP TO $30M".  His lack of clarity was always a cause of concern.

    Now that said... as to their financial state... I dunno.

    I'm sure another "sale" is coming soon though.
    nurso

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

    "I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

    Proudly wearing the Harbinger badge since Dec 23, 2017. 

    Coined the phrase "Role-Playing a Development Team" January 2018

    "Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018

  • KyleranKyleran Member LegendaryPosts: 40,935
    Gigabear said:
    Additional update. Yesterday on 9-8, another state tax lien was filed against Intrepid for approximately $24,000 concerning non-payment of taxes from 7-1 to 9-30, 2020.

    How is someone who has, allegedly, funded this game for $30,000,000 allowing this to go on?

    Unless he never actually had that? 

    God help them if they misrepresented the game's finances to induce tens of thousands to back his game.
    C'mon, indie devs never misrepresent the amount of funds they've raised on their side.

    ;)


    GigabearUngood

    "True friends stab you in the front." | Oscar Wilde 

    "I need to finish" - Christian Wolff: The Accountant

    Just trying to live long enough to play a new, released MMORPG, playing ESO - Blackwood at the moment.

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  • PonziniPonzini Member UncommonPosts: 474
    You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

    You need to go touch grass my friend.
    Kyleran
  • KyleranKyleran Member LegendaryPosts: 40,935
    Ponzini said:
    You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

    You need to go touch grass my friend.
    Or smoke some maybe?

    "True friends stab you in the front." | Oscar Wilde 

    "I need to finish" - Christian Wolff: The Accountant

    Just trying to live long enough to play a new, released MMORPG, playing ESO - Blackwood at the moment.

    Fools find no pleasure in understanding, but delight in airing their own opinions. Pvbs 18:2, NIV

    Don't just play games, inhabit virtual worlds™

    "This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon






  • TillerTiller Member LegendaryPosts: 10,286
    Gigabear2 said:
    I was permanently banned from this website with no explanation given as a result of daring to speak out about this.

    MMORPG.com is suppressing information which the gaming public has both a right and a need to know.

    I have no intention of allowing them to succeed. 

    P.S., Steven Sharif is on tape saying the N-word. Just throwing that out there.

    Might have been for something else since this thread is not locked or deleted, and no one is stopping anyone from discussing this topic.

    Also just as an FYI read the RoC

    • Multiple Accounts
      • If the staff of MMORPG.com discovers that a user is creating and/or using multiple accounts, that user, and all accounts, both past and present, will be banned and all data deleted from MMORPG.com.





    [Deleted User]
    SWG Bloodfin vet
    Elder Jedi/Elder Bounty Hunter
     
  • LackingMMOLackingMMO Member RarePosts: 655
    Tiller said:
    Gigabear2 said:
    I was permanently banned from this website with no explanation given as a result of daring to speak out about this.

    MMORPG.com is suppressing information which the gaming public has both a right and a need to know.

    I have no intention of allowing them to succeed. 

    P.S., Steven Sharif is on tape saying the N-word. Just throwing that out there.

    Might have been for something else since this thread is not locked or deleted, and no one is stopping anyone from discussing this topic.

    Also just as an FYI read the RoC

    • Multiple Accounts
      • If the staff of MMORPG.com discovers that a user is creating and/or using multiple accounts, that user, and all accounts, both past and present, will be banned and all data deleted from MMORPG.com.





    Most people that get banned almost always never admit they were doing something against the rules, spamming, harassing, whatever.

    And honestly I just don't care about peoples personal lives, seriously. This trend of tracking peoples life from the time there were an infant until now to find "dirt" needs to end so bad.

    The question that should be asked is, Is the game good? Is it worth buying? Great!

    You can be fined for so many things as a business, if its in California even more so lol. Wake me up when the game releases.
    Kyleran
  • PonziniPonzini Member UncommonPosts: 474
    Davlos said:
    Ponzini said:
    You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

    You need to go touch grass my friend.
    Yes.

    https://bit.ly/GB302021 for more.
    Link doesn't work
  • Slapshot1188Slapshot1188 Member LegendaryPosts: 15,484
    Ponzini said:
    Davlos said:
    Ponzini said:
    You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

    You need to go touch grass my friend.
    Yes.

    https://bit.ly/GB302021 for more.
    Link doesn't work
    Dude… it’s a spammer.  Please don’t click…

    But I guess that falls in line with the thread: Don’t be so trusting and QUESTION everything!

     :) 
    LackingMMOTillerKyleran

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

    "I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

    Proudly wearing the Harbinger badge since Dec 23, 2017. 

    Coined the phrase "Role-Playing a Development Team" January 2018

    "Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018

  • PonziniPonzini Member UncommonPosts: 474
    Dude… it’s a spammer.  Please don’t click…

    But I guess that falls in line with the thread: Don’t be so trusting and QUESTION everything!

     :) 
    Ah ty. I clicked it but it was 404 thankfully lol.
  • 190100190100 Member UncommonPosts: 52
    If anyone deserves it, it's Intrepid.
  • FoolsJoopFoolsJoop Newbie CommonPosts: 1
    edited August 10
    All those taxes, man. It's so complicated for me. You know, I'm only figuring out how to get pay stubs to pay them off, and now I need to learn how to pay all those taxes. But, anyway, it's all hard when you're in the beginning, I guess. It's all about having a habit and knowledge. Personally, I'd prefer to find someone on Fiverr who could help me with paying my taxes. Do you have any recommendations? I'd be really grateful for your suggestions. Anyway, waiting for your reply. Thanks in advance
    Post edited by FoolsJoop on
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