Intellivision Friend does not sail in good waters and appears to have i accounts in red, due to low console reservations. In the last few hours, the CEO of the company Tommy Tallarico he left his position, while remaining president. In the meantime, a crowd funding campaign has started on the Start Engine platform with which we are trying to save the sinking boat.
To understand the gravity of the situation are the latest financial data of the company, which speak of debts for 8.7 million dollars, with 3.2 million dollars lost in the last year and only 428,000 dollars of liquidity.
In 2021, the company produced only $ 40,000 of revenuesagainst $ 136,000 in 2020, numbers that make it clear that Amico’s bookings weren’t exactly exceptional (to put it mildly).
The launch of the console is still expected within the next six months, but the prospects are not optimal: there is talk of a monthly production between 2,000 and 5,000 units, of only 15 games at launch, including those pre-installed, with the latter being all NFT (therefore, theoretically, resalable).
Be that as it may, the financial document shows a fairly critical situation, between unfulfilled production contracts and loans made by members of the board of directors that are unlikely to be repaid.
Answering questions from investors, the executives also admitted that at present the company needs far more money than it has available to manage the launch and next phase of Amico. In fact, it is confirmed that, if no more money is found, the company will only be able to continue until July 2022 without generating revenues. In short, he is very short of breath.
To lift the fortunes of Intellivision Amico a little, the fundraising campaign should raise at least $ 5 million, but at present it is a very difficult prospect to realize. For now, the money raised is just $ 18,950. Salvation is definitely far away.