...but didn't we already know that?

Copied verbatim off the Gamasutra website:

SEC Filing Reveals Possible Infinium Cash Crisis

The latest Securities and Exchange Commission filing for Infinium Labs, makers of the Phantom games console, reveals that the company has only $134,226 in its bank account, and a working capital deficiency of $3,962,226. The discrepancy between these two amounts suggests that the company may be drastically short of working capital.

By its own estimates, the company will have operating costs of over $68 million during the next twelve months, and plans to sell only $35 million worth of product. However, the company has stated that "start-ups often push the limits of their balance sheets" and that it "intends to pursue negotiations with its bridge lenders to cover their notes to equity to reduce each outlays for the debt service."

Further on in the statement is the admission that, "As reflected in the accompanying financial statements, the Company is in the development stage with no sales, a working capital deficiency of $3,962,226. This raises substantial doubt about its liability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan."

The Phantom gaming service is currently due to go live on 18th November 2004 in the US.
[i]-David Jenkins
(For an extra chuckle, my original topic title was going to be "Infinium Labs fast on the heels of Acclaim," but I couldn't spell "heels" any way other than "hells...")