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CIG publishes financials for years 2012 - 2017
Phaserlight
Member EpicPosts: 3,072
in Star Citizen
This is gold. I wish you had done this YEARS ago, CIG:
https://cloudimperiumgames.com/blog/corporate/cfo-comment-2012-2017-financials
https://cloudimperiumgames.com/blog/corporate/cfo-comment-2012-2017-financials
"The simple is the seal of the true and beauty is the splendor of truth" -Subrahmanyan Chandrasekhar
Authored 139 missions in Vendetta Online and 6 tracks in Distance
Comments
"We all do the best we can based on life experience, point of view, and our ability to believe in ourselves." - Naropa "We don't see things as they are, we see them as we are." SR Covey
Project is now officially swirling down the drain at this point.
Whenever ANY 'indie' developer adds an investor (whether they want to spin it as marketing or not) theyre done. And why would they need to sell 10% for 46 million when they have raised over 210 million?
SQ 42 roadmap is also gold. Its at least 3 years away from release by their best guess estimates.
Really cant make this stuff up.
Well, this now puts the wild speculation and "my sources" over the financial status of the project aside, the numbers are out there.
This investment will put this year financials in beyond 86 million dollars income.
Now you can play Shark Tank
"Be water my friend" - Bruce Lee
Of course, nothing confirms that, but the timing of the event coupled with the swing towards a red net balance the past 3 years is interesting to consider.
EDIT- it's also interesting that 46 million here and 86 million total on the year means this year was on track for another red bottom line without the investor cash.
Unless that investor is goign to sit there and hold CR accountable (highly unlikely) all the investor did was give them 46 million more dollars to piss away.
[mod edit] you all think you can SPEND your way out of problems. Its impossible, especially when you dont have the core self control to manage more funds than you needed in the first place.
They could drop 5 BILLION dollars in Chris Roberts bank account right now and there still wouldnt be a game delivered. I truly believe that because that is just how bad these guys are with money. You could give them enough to launch their own rocket to Mars and they wouldnt be able to make a game that would simulate it....
"Be water my friend" - Bruce Lee
So this shows they want to keep the development of the projects on the scale that they are, hence this big cash injection.
What I would never imagine is that investors would accept 460 million dollars evaluation of the company, the company would never have assets of that worth so it's deff on the prospect of profitability I think.
"We all do the best we can based on life experience, point of view, and our ability to believe in ourselves." - Naropa "We don't see things as they are, we see them as we are." SR Covey
Investors will not throw away 46 million dollars accepting one 460 million dollars evaluation just cause why not, if they accepted this you can be sure have microscopely inspected CIG and have seen positive prospects over such big investment.
I wouldn't presume to know honestly.
Almost as if real investors want accountability, rather than the "transparency" CIG's been spouting the past 6 years.
"The simple is the seal of the true and beauty is the splendor of truth" -Subrahmanyan Chandrasekhar
Authored 139 missions in Vendetta Online and 6 tracks in Distance
When we talk investors accepted CIG is worth 460 million dollars to accept 46 for 10%, there has to be reason there, this is business. Now the worth of CIG in terms of assets and studios and such that's a minor thing because we are talking about furniture and such on rented office buildings, it's really their engine and technology yeah the only thing I see as the thing of most value CIG has.
But even that, how could it be worth so much? That's why I think they accepted it because they see good prospects on the profitability of the investment, not any worth the company has to payback 46M.
CIG isn't alone in that. I honestly feel every crowdfunded project should be showing such financials to their backers. Nowhere else in business is one party so forced to take the other at their word for the entire point of the transaction.
It also begs a lot of other question But the two biggest are... who valued it at 450 million in the first place? Who are the parent companies that these outstanding shares represent?
There is ZERO value ot this company, none, nada, zip. the only thing they have is money raised ot create a game. Which they dont have. they also dont have an engine at least not one free and clear since theyre still getting sued and the one they are using is a mish mash of 3 or 4 different ones that no one can decipher.
They do have a 10K coffee maker, but thats 3 or 4 years old now so whats it really worth these days 3 fiddy? And a 15K mural and some 40K doors. And a bunch of PCs and a two or three year old recording/movie making studio. SO I guess they are completely assettless.
But like I said if they dont raise another penny from here on out what you see is really what youre going to get, and from the looks of it SQ 42 would never get made if they dont keep the money coming in.
Its amazing that now 250 million + into this thing they still are 3 years away from releasing anything remotely worth of being called retail worthy.
How people can continue to blindly defend it is beyond hilarious.
Going to be awesome when this investor who completely is onboard with their vision starts demanding some return on that investment. If they comply that will mean monetizing something new and totally different or diminishing the value of things people have already bought and paid for. Because there will now have to be a NEW money source and a more continuous one. It was bad enough when Roberts was there doing what he does he now has to answer to someone for more money. Its easy to ignore people who request refunds but its another to deny a guy who scratched you a check for 46 million.
This whole thing just got laot more entertaining. I havent gone to see what Derek Smart has to say but I can imagine its complete gold.
The funny bit is that I from years ago been saying they would be smart if they got one publisher/investor to fund up a marketing campaign and/or console port of SQ42, with things as its cast being huge attractive points to make it sell very well.
For example in 2017 the number of employees would have been 397 + 38 = 435 at the end of the year. I'm including employees in General & Admin, but excluding those who are in Publishing Ops, Community Events and Marketing because Salaries and related costs are said to exclude Community, Events, and Marketing.
At the start of 2017 number of employees would have been same as at the end of 2016, which is: 323 + 19 = 342.
Average number of employees during the year was likely (435 + 342) / 2 = 388,5 employees that are counted to their salary figure.
In 2017 salaries and related costs were $29 992 000, and divided by 338,5 employees it would make $88 602.
EDIT: Using that formula for 2013 - 2017 I'd get average annual income of $89 295
EDIT 2: Corrected one calculation error
Mind this would embed the running costs from the traffic game downloads/updates cost to the actual game-servers hardware (Amazon serves both the data and hardware to SC), those costs seem to fit that category.