State of California EDD has placed a lien on Intrepid

Gigabear

This follows a long history of trouble with California tax authorities from their supposed CEO, Steven Sharif. 

It's all slowly starting to unravel.

Slapshot1188

Oh boy... 

maskedweasel

I mean, there's a long way to go from a tax lien to completely unraveling, but yeah, nice find. 

They continue to hire so its most likely they are just not paying taxes, not that they are necessarily strapped for cash. One way or another the state will get its money. 

Tiller

It's gonna be another Gods & Heroes.

Gigabear

maskedweasel said:

I mean, there's a long way to go from a tax lien to completely unraveling, but yeah, nice find. 

They continue to hire so its most likely they are just not paying taxes, not that they are necessarily strapped for cash. One way or another the state will get its money. 

The California Secretary of State did also suspend his other business, Trek Holdings LLC, within the last few months. Not sure what the reason was on that. Then there's the Lawsuit from Streamline Media which Intrepid had to settle back in June for non-payment over assets Intrepid had made for their doomed battle royale.

As you say, still a long way to go, but the issues are beginning to mount. Usually how it goes with these things.

Kyleran

Hrmm, looks like they aren't paying some sort of payroll tax or perhaps are behind on the paperwork.

Game developers who are late with something, go figure. 

Employment Development Department

The EDD may record a state tax lien against employers who do not file required returns and pay liabilities on time. For more information, view Information Sheet: State Tax Lien (DE 631TL) (PDF).

https://www.taxes.ca.gov/pastduebus.html

Gigabear

Kyleran said:

Hrmm, looks like they aren't paying some sort of payroll tax or perhaps are behind on the paperwork.

Game developers who are late with something, go figure. 

Employment Development Department

The EDD may record a state tax lien against employers who do not file required returns and pay liabilities on time. For more information, view Information Sheet: State Tax Lien (DE 631TL) (PDF).

https://www.taxes.ca.gov/pastduebus.html

It's possible they deferred payroll taxes, which they were allowed to do under the 2.5 million in PPP loans they took, and then when they came due they were unable to make good. But, that is pure speculation on my part. All that is known for sure is they didn't pay, not the reason why. I also don't know how much is at issue until I get a hard copy of the notice in the mail.

rojoArcueid

The guy needs tutoring on how to avoid taxes... Maybe he can find Bobby Kotick on Fiverr.

Slapshot1188

Gigabear said:

 Then there's the Lawsuit from Streamline Media which Intrepid had to settle back in June for non-payment over assets Intrepid had made for their doomed battle royale.

Oh THAT's not something I heard about...  wasn't that about the time their lead designer left too?

Gigabear

Slapshot1188 said:

Gigabear said:

 Then there's the Lawsuit from Streamline Media which Intrepid had to settle back in June for non-payment over assets Intrepid had made for their doomed battle royale.

Oh THAT's not something I heard about...  wasn't that about the time their lead designer left too?

Bard? Sure, he split right around then. Although the lawsuit had been filed back in Jan 2020. It just took forever before they got to case management and settled it thanks to COVID. 

Some of the lawsuit is here, but the recent stuff isn't updated on this website. I had to check the registrar of actions for that. https://unicourt.com/case/ca-sd-streamline-media-group-inc-vs-intrepid-studios-inc-1036035

Gigabear

Updating here. I was able to get a dollar figure. Including interest and penalties, it's around $50,000. So, the development isn't likely to be imperiled by this assuming nothing else is tacked on.

Although while searching for this I also discovered multiple liens placed on Intrepid for various loans they've taken out, which is standard practice to secure the debt. I don't believe those dollar amounts are public record though. It is curious that a fully-funded game would be leveraging credit to this degree, including cosigning one of them with their second now suspended business.

Everything *might* be fine, or it might not. I guess we'll have to wait to know for sure.

Slapshot1188

He may deliver a game. Maybe.  But from what I have seen, I wouldn't trust Steven to wash my car... forget about with my cash.

nurso

Gigabear said:

It is curious that a fully-funded game would be leveraging credit to this degree, including cosigning one of them with their second now suspended business.

I never believed that Sharif could shell out 30-40 million out of his own pocket for a video game like that and for me it seems the cash-shop sales might not as profitable as needed either.

But what do I know? The only thing I'm sure of is that I don't trust Sharif.

Gigabear

nurso said:

Gigabear said:

It is curious that a fully-funded game would be leveraging credit to this degree, including cosigning one of them with their second now suspended business.

I never believed that Sharif could shell out 30-40 million out of his own pocket for a video game like that and for me it seems the cash-shop sales might not as profitable as needed either.

But what do I know? The only thing I'm sure of is that I don't trust Sharif.

All we know of the cash shop is the kickstarter haul figure and that they had ~10,000 alpha 1 backers in total. Those packages cost $400-$500 a pop. Some napkin math puts them north of $10,000,000 in crowdfunding, estimating lower tier packages and additional cosmetics.

Which is enough for 1-2 years of development. The studio they were in is currently going for $17,478 a month lease, so it added a bit on as well while they were there.

I also do not believe Sharif actually had $30,000,000 he was actually able to commit, but he did have at least something.

Gigabear

Additional update. Yesterday on 9-8, another state tax lien was filed against Intrepid for approximately $24,000 concerning non-payment of taxes from 7-1 to 9-30, 2020.

How is someone who has, allegedly, funded this game for $30,000,000 allowing this to go on?

Unless he never actually had that? 

God help them if they misrepresented the game's finances to induce tens of thousands to back his game.

Slapshot1188

Gigabear said:

Additional update. Yesterday on 9-8, another state tax lien was filed against Intrepid for approximately $24,000 concerning non-payment of taxes from 7-1 to 9-30, 2020.

How is someone who has, allegedly, funded this game for $30,000,000 allowing this to go on?

Unless he never actually had that? 

God help them if they misrepresented the game's finances to induce tens of thousands to back his game.

Since day one I have always asked (even directly on these forums when he stopped in) for clarification.   I believe his wording originally was "UP TO $30M".  His lack of clarity was always a cause of concern.

Now that said... as to their financial state... I dunno.

I'm sure another "sale" is coming soon though.

Kyleran

Gigabear said:

Additional update. Yesterday on 9-8, another state tax lien was filed against Intrepid for approximately $24,000 concerning non-payment of taxes from 7-1 to 9-30, 2020.

How is someone who has, allegedly, funded this game for $30,000,000 allowing this to go on?

Unless he never actually had that? 

God help them if they misrepresented the game's finances to induce tens of thousands to back his game.

C'mon, indie devs never misrepresent the amount of funds they've raised on their side.

Ponzini

You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

You need to go touch grass my friend.

Kyleran

Ponzini said:

You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

You need to go touch grass my friend.

Or smoke some maybe?

Tiller

Gigabear2 said:

I was permanently banned from this website with no explanation given as a result of daring to speak out about this.

MMORPG.com is suppressing information which the gaming public has both a right and a need to know.

I have no intention of allowing them to succeed. 

P.S., Steven Sharif is on tape saying the N-word. Just throwing that out there.

Might have been for something else since this thread is not locked or deleted, and no one is stopping anyone from discussing this topic.

Also just as an FYI read the RoC

• Multiple Accounts
  • If the staff of MMORPG.com discovers that a user is creating and/or using multiple accounts, that user, and all accounts, both past and present, will be banned and all data deleted from MMORPG.com.

https://www.mmorpg.com/disclaimers#conduct

LackingMMO

Tiller said:

Gigabear2 said:

I was permanently banned from this website with no explanation given as a result of daring to speak out about this.

MMORPG.com is suppressing information which the gaming public has both a right and a need to know.

I have no intention of allowing them to succeed. 

P.S., Steven Sharif is on tape saying the N-word. Just throwing that out there.

Might have been for something else since this thread is not locked or deleted, and no one is stopping anyone from discussing this topic.

Also just as an FYI read the RoC

• Multiple Accounts
  • If the staff of MMORPG.com discovers that a user is creating and/or using multiple accounts, that user, and all accounts, both past and present, will be banned and all data deleted from MMORPG.com.

https://www.mmorpg.com/disclaimers#conduct

Most people that get banned almost always never admit they were doing something against the rules, spamming, harassing, whatever.

And honestly I just don't care about peoples personal lives, seriously. This trend of tracking peoples life from the time there were an infant until now to find "dirt" needs to end so bad.

The question that should be asked is, Is the game good? Is it worth buying? Great!

You can be fined for so many things as a business, if its in California even more so lol. Wake me up when the game releases.

Ponzini

Davlos said:

Ponzini said:

You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

You need to go touch grass my friend.

Yes.

https://bit.ly/GB302021 for more.

Link doesn't work

Slapshot1188

Ponzini said:

Davlos said:

Ponzini said:

You requested hard copies in the mail? You know the cost of rent for their studio? You seem to check their tax status daily? Getting strong mental illness vibes here. 

You need to go touch grass my friend.

Yes.

https://bit.ly/GB302021 for more.

Link doesn't work

Dude… it’s a spammer.  Please don’t click…

But I guess that falls in line with the thread: Don’t be so trusting and QUESTION everything!

  

Ponzini

Slapshot1188 said:

Dude… it’s a spammer.  Please don’t click…

But I guess that falls in line with the thread: Don’t be so trusting and QUESTION everything!

  

Ah ty. I clicked it but it was 404 thankfully lol.

190100

If anyone deserves it, it's Intrepid.

FoolsJoop

All those taxes, man. It's so complicated for me. You know, I'm only figuring out how to get pay stubs to pay them off, and now I need to learn how to pay all those taxes. But, anyway, it's all hard when you're in the beginning, I guess. It's all about having a habit and knowledge. Personally, I'd prefer to find someone on Fiverr who could help me with paying my taxes. Do you have any recommendations? I'd be really grateful for your suggestions. Anyway, waiting for your reply. Thanks in advance