Game Discussions Star Citizen Discussion Thread v12

Agony_Aunt

Agony_Aunt
Isn't the massive wage increase covered by reducing staff in the US and adding a ton of people in Manchester? So, the financial blog will presumably show much reduced staff costs in the US. The winding down of the US started in 2023 didn't it?
 

VR Golgot

VR Golgot
Oh, this made me check back on something. The one dangling thread from the 2024 gossip...

dantrufin_01.PNG

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Dan Trufin did buy the farm then.

(He was showing as still at CIG until recently. Similar to Ben. I sometimes wonder if CIG have an inverse redundancy policy. They don't insist that you update your Linkedin. They insist that you don't ;))
 

VR Golgot

VR Golgot
https://www.reddit.com/r/starcitizen/comments/1jsotzc/opinion_this_is_the_best_build_so_far_we_ever_had
Source: https://www.reddit.com/r/starcitizen/comments/1jsotzc/opinion_this_is_the_best_build_so_far_we_ever_had/


As a new player, this statement is kinda frightening. I've had so many issues, I don't even know where to start. Just the tutorial mission you can do before actually starting into the game took me 3 frustrating attempts because of bugs. Then I couldn't play at all for the weekend which I reserved and was looking forward to try my ship. Later when I could play, a days worth of mining was lost to the cargo stuck in my rented ship. So no progress there either. Next I wanted to do missions with a friend and got on his Titan, dropped out of the ship for unknown reasons somewhere above Hurston and floated in the atmosphere unable to to anything, not even suicide. Took about 20 minutes or so until I managed to die and respawn. Apart from that, attaching mining gadgets to an asteroid is a pain in the bottom but I'm learning and the game has a lot of potential. Hope I can stay motivated
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cigwatch

cigwatch
VR Golgot said:
Here's shrach...



TLDR:

  • The £8mil loss
  • Canadian tax credits now in the mix too due to Turbulent aquisition.
  • Loss mainly driven by rise in wages
  • Revenue is split pretty evenly, ~50:50, across EU:rest of world
  • After dropping in 2022 Erin's director pay bounced back up ~10%.
  • There are now phantom shares for 'certain employees'. (IE options without that actual share. Pay out based on dividends or change of control)
  • The £0.5m to the two Turbulent shareholders is in there.
  • The £30-45m liability that 'isn't'.
  • Assumes the 2025 loan is due to spending continuing to outstrip incomings.
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This looks exactly like a transparent, community-driven enterprise that does not want to be like a typical evil game publisher.
 

PiLhEaD

PiLhEaD
Agony_Aunt said:
Tony's take on the limited liability by the auditors is that PwC asked for info but CIG didn't deliver everything they asked for, therefore PwC says they can only claim the report is accurate based on the information they were provided by CIG, they can't be held responsible for information that CIG did not provide.
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I'd be surprised if this wasn't standard 'don't blame us' stuff for any auditors to have in filings, especially when dealing with firms engaged in 'Hollywood Accounting'.
 
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Tifu

Tifu

Garix

G

VR Golgot

VR Golgot
Shrach reckons we may never see the financials blog again.

Because the Calders investment is likely all spent now, and it would start to show from 2023 on...

Their blog showed this "net position" which is sort of like cash reserves of some ~$60m for each year from 2019 to 2022. So that leaves 2023 and 2024 before we know they needed another $5m from the Calders, plus probably another $5m, both in respect of new shares plus another loan facility from them that so far has reached £10m in borrowings. So with just linnear guesses we might assume that 2023 showed a net position of ~$30m and 2024 showed a net position of $0. I feel like they might not be happy posting the blog showing that.

Remember how the Calders money was purely for marketing of Squadron 42? That Calders money is listed as ~$58m and you can't really continue that story if you are already down to ~$30m in "cash" in 2023. If they are burning through ~$30m in cash in excess of receipts, the capital raise of ~$10m and loan of £10m is nearly there for 2025 but also we are only 1/3rd through 2025 so far soooo.
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The blog is still noticeably absent ;)

(Their point about more cash injections likely being needed for 2025 suggests future popcorn too...🍿)
 

Agony_Aunt

Agony_Aunt
VR Golgot said:
Shrach reckons we may never see the financials blog again.

Because the Calders investment is likely all spent now, and it would start to show from 2023 on...



The blog is still noticeably absent ;)

(Their point about more cash injections likely being needed for 2025 suggests future popcorn too...🍿)
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Why not? Its not audited. They can write whatever they want in it. Ok, sure, it might be unethical, but when has that ever stopped CIG?
 
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