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CIG Financials for 2018 published
MaxBacon
Member LegendaryPosts: 7,846
The company has published their financials for last year, link below
https://cloudimperiumgames.com/blog/corporate/cloud-imperium-financials-for-2018
The year before the company was at 463 employees and 14 million on the bank.
This had put the operative cost of the company on 56 million that year, against the yearly income of 48 million, that is still on a continuous increase but does cover 100% of the operative cost.
As far as this year goes there is a record year on direct funding already at 44 million from the previous max of 37m.
https://cloudimperiumgames.com/blog/corporate/cloud-imperium-financials-for-2018
- By end of 2018 CIG employed 521 people
- Had 53 million on the bank
The year before the company was at 463 employees and 14 million on the bank.
- 34 million spent on salaries.
- 7.6 million on dev related costs.
- 9 million on publishing/community/events/marketing.
- 1.3 million on general/admin.
This had put the operative cost of the company on 56 million that year, against the yearly income of 48 million, that is still on a continuous increase but does cover 100% of the operative cost.
As far as this year goes there is a record year on direct funding already at 44 million from the previous max of 37m.
Post edited by MaxBacon on
Comments
That is of course if you can believe their own self generated numbers.
Now that the Microsoft guy who took over Digital Anvil has publicly talked about Roberts siphoning off money and time from Freelancer to the dreaded Wing Commander movie, I doubly wouldn't give them a penny til the game is actually released.
They really want to release a great space game, but they keep tripping over their managerial incompetence. 'But it's an alpha!' provides continual cover for their Red Queen's race of development.
If you are holding out for the perfect game, the only game you play will be the waiting one.
Following the minority investment received in 2018 (and as stated at the time) we have targeted investment into the marketing and infrastructure of the business, to prepare for the future launch and promotional activities of the games in development. This generated a $2.4M increase in direct cost over 2017, as well as an increase in salaries for staff in those areas, which created a reduction in our retained profit reserve. Without such expansion the net cash-out for 2018 would have been less than in 2017.
The minority investment has strengthened the Group’s balance sheet, providing security to the business and most importantly has generated an increased reserve from which Cloud Imperium will market and promote the ground-breaking projects our community are allowing us to develop.
Also, I don't get the positive take away here. They brought in more money than the year before, but are losing money for the year? Am I missing something or are you spinning that in a positive light somehow?
color me shocked
With the investment though - its not a "loan" even if we don't know what conditions might be attached to it. And they expanded the team by c.15%. And the end of year balance went up.
Regarding this year - 2019:
We don't know the team size; or what capital expenditure might have been made; or how exchange rates have played out etc. etc. but - as a first guess - we can take 2018's value of $56M.
Same deal with revenue. 2019 is not yet over, we don't know the value of subscriptions and other income but - again as a first guess - if we take 2018's value of $11M for subs & other income and add it to the $44M pledges/counter value: $55M.
Or - in big handful guesstimating terms: for 2019 money in = money out. And the end of year reserve will be about the same.
Which, I think, will be reassuring if you are a "backer" or "potential future backer". You check out threads of other games and money - specifically the lack of and often the latest offers - is a big issue in most of them.
...investment into the marketing and infrastructure of the business... The minority investment has strengthened the Group’s balance sheet, providing security to the business and most importantly has generated an increased reserve from which Cloud Imperium will market and promote the ground-breaking projects our community are allowing us to develop.
If the costs didn't increase in 2019, then they'll be able to grow their cash reserve on direct income for the first time since 2014.
Squadron 42 will release in 2016.
Squadron 42 will release in 2017.
Squadron 42 will release in 2018.
Squadron 42 will release in... no we're not giving dates anymore.
Squadron 42 beta, BETA(!!) will release in Summer 2020 is the new story? Who knows, but at this rate I wouldn't bet $5 on it.
Of course this is also exactly how a ponzi scheme scam would make itself look. When you control everything at the top and also include the 'reporting' of it you can make up any numbers you want and make them fit. When you already know the answer 'showing the work' isnt that difficult.
They 'spent' 50 million more or less in 2018. They had some 'epic' updates (if you believe the fanbois) but 50 million dollars worth? That shows the epic fail of this whole thing and just how far off the rails it has gone. How many actual RELEASED games have been fully and completely 'made' for less than 50 million dollars? Yet these guys (according to their own reporting) spent 50 million and had a few broken updates to a spliced together tech demo network.
It just shows the gross mismanagement of funds and how it continues.
500+ employees,. the framework of how many different engines now? Al the time and patience that is humanly possible yet theyre still floundering around.
It isnt like they have stuff 'in the can' somewhere. It is basically what you see is what you get. Sure they may have even more broken and buggy nonsense they have their super secret testers fooling around with. (most open development ever) but anyone that tries to claim what 'Star Citizen' is right now in its current state justifies the money spent on it is completely and utterly delusional. What exists doesnt even justify the money they continue to raise even if there are that many dreamers out there. But somehow it does and this scam keeps getting perpetuated.
I hope once wing commander or star lord or whatever theyre calling this single player game never sees the light of day and is also in perpetual delay mode people will realize chris roberts is the man he has always been. someone despite the laurels and accolades he and others want to heap on him has never ever seen a project he has been in control of actually release with him in charge.
SC is just going to be another rule and certainly not an exception.
Investors own part of the company, and if the company pays dividends to all of its owners they get a share of it. They can also get money by selling the piece of company that they own. It's not a loan it's owning part of the company.
But what assets do they have beyond the 20k coffeee maker the 400 k mural those 5 million dollar sliding doors and the 2 billion dollar yacht roberts definitely definitely doesnt have
What is the star citizen IP worth? I would say next to zero. but I suspect that was actually the collateral for this loan (you guys can call it what you want) but i remember when it first came out it was money to be used for advertising strictly for SQ 42. And i think only then when the release of that was imminent. and from what I remember it was simply to be paid back not used as part ownership or anything. because how can an investor stipulate such a specific use of said investment?
but semantics aside I suspect it was more of a tax write off for those guys than either a loan or an investment. And if it was an actual investment how poor a risk is it that they were the ONLY guys they could sucker....errrr offer such a great opportunity to. if this thing was even a shadow of what the fanbois are trying ot make it out to be people would be lined up to 'invest' in it. yeah I know I know they didnt want investors... then why take these guys on?
Also that money was given in 2018 righ tat the end of the year. Will be interesting to see what that 46 million is in the next report. If they didnt use it and they put it into any reason account it would also be generating interest. I suspect ti has been dipped into multiple times (thus NOT being used for what it was originally claimed to be being used for.
How much did you make in your life so far? You clearly believe you have „more brains“ than them.
Have fun
We had Empires run by Emperors, we had Kingdoms run by Kings, now we have Countries...
MAGA
If they wanted to be honest about this,they could have posted the accountant's documents.
So someone posts a 9 million last year on marketing...sigh
If that number was true that is a LOT of paid advertising,meaning likely ALL of the people we see like streamers and websites are paid to endorse this game and NOT giving us their honest opinions of the game.
There is yet another layer of scumability,if they have 54 million in the bank,they should not be asking for more because the purpose of asking for money was to MAKE THE GAME.He started with NOTHING,he asked for money to MAKE THE GAME and nothing else.
If the money is simply to build the coffers then it is closer to an exploit than an actual crowd funded gaming operation.
You either have a definitive plan for developing the game or you DON'T,so how much money does he actually need,how much time does he need,WHAT is the PLAN,does he even have one?Well he is not saying because there is NO PLAN,just keep exploiting people for money because he knows there are easy targets out there.
Never forget 3 mile Island and never trust a government official or company spokesman.
Not hard to make money if you had money in the first place. As I said a red herring.