Author Topic: Star Citizen Scoops, Musings and Blogs  (Read 85984 times)

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #90 on: August 29, 2017, 05:40:20 AM »
The final part of my Star Citizen GamesCom 2017 coverage is up.
Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

Motto

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #91 on: August 29, 2017, 06:48:50 AM »
Typo? I really do feel story for him because

and: incompetent, lying, scammer, and egotistical con man.

Should scammer not be scamming?
« Last Edit: August 29, 2017, 06:50:22 AM by Motto »

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #92 on: August 29, 2017, 07:01:24 AM »
Typo? I really do feel story for him because

and: incompetent, lying, scammer, and egotistical con man.

Should scammer not be scamming?

It's correct.

Incompetent + lying scammer + egotistical con man
Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

Motto

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #93 on: August 29, 2017, 07:07:40 AM »
You removed the , between lying and scammer  :cop: Now it's correct.

However, story in stead of sorry is still there   :D

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #94 on: August 29, 2017, 07:28:12 AM »
You removed the , between lying and scammer  :cop: Now it's correct.

However, story in stead of sorry is still there   :D

I am not seeing any of that. Probably cache? Wordpress is weird like that when you use a cache plugin with Cloudflare (which is also a cache). I was also seeing a correction I made at the end as well. So I just now flushed the cache on both the site and Cloudflare. Let me know if you are still seeing those. If you are, then force a browser refresh  on your end, by holding down the SHIFT or CTRL key (depending on your browser) while hitting refresh.
Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

Motto

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #95 on: August 29, 2017, 07:39:00 AM »
Now there all okay  :D

See, you're being watched closely  :smuggo:

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #96 on: August 29, 2017, 07:50:17 AM »
See, you're being watched closely  :smuggo:

Yeah usually I rely on /r/dereksmart/ to have my back  :laugh:
Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

Motto

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #97 on: August 29, 2017, 07:54:13 AM »
Who says I'm not there too? :smuggo:

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #98 on: September 09, 2017, 12:35:27 PM »
I wasn't planning on releasing this until I received some additional information, but since it's already leaked and spreading, I have released this first part anyway.

CIG created a new shell corporation

Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

StanTheMan

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #99 on: September 09, 2017, 06:54:27 PM »
I wasn't planning on releasing this until I received some additional information, but since it's already leaked and spreading, I have released this first part anyway.

CIG created a new shell corporation

It is good to know !

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #100 on: September 14, 2017, 10:14:02 AM »
Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #101 on: September 15, 2017, 02:01:20 PM »
Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

nightfire

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dsmart

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Re: Star Citizen Scoops, Musings and Blogs
« Reply #103 on: September 25, 2017, 03:39:12 PM »
I actually looked into this some months back, and from my pov, I believe they sold "something" back to themselves and booked it as an asset. This is curious because F42 doesn't own IP that it could have "sold" to a third-party. So I posting this here for record keeping in case we need to refer to it post-collapse.

Quote
I'm sure we have some German auditors present, perhaps one could have a go at explaining the 650,198 contradiction in the 2015 accounts for Cloud Imperium Games UK Ltd.

Cloud Imperium Games UK Ltd - Going Concern in 2015 accounts
There is this disclosure note about going concern in the Cloud Imperium Games UK Ltd accounts for the year ending 31 December 2015. You do not ordinarily want to have to write a going concern disclosure, where the directors give their assurances to support the company because of the insolvent balance sheet. However, the disclosure does not match the balance sheet. 186,799 of net liabilities compared to 463,399 of net assets represents a difference of 650,198.



I've pondered some possibilities to explain this.

1. This disclosure for some reason might be based on the consolidated accounts. However, I'm not sure how this would be arrived at. I know you'd lose the inter-group transactions and the 440k investments would be reversed via journals but it shouldn't change the net position on investments. Looking at Foundry 42 Ltd and RSI INT Ltd, I'm not sure how you'd get to this difference.

2. For those who don't know how some firms handle disclosures, they are often generated generically by software and then edited manually. Something may have changed late on in the accounts and the disclosure was never updated / the wrong set of accounts were sent to Erin to sign and it was never picked up. However, there was the mysterious transaction that showed a profit on disposal of intangible assets of 654,612. If this treatment were changed from a balance sheet liability to a profit and loss item late on during account preparation, along with another minor journal or two it might explain the difference and represent the disclosure being out of date.

3. Something else. I guess it's this?


The Mystery of Cloud Imperium Games UK Ltd and the Intellectual Property.
On the 1st of July 2015 CIG UK paid 1,359,185 for intangible assets, listed as Intellectual Property. At some point during the year 1 January 2015 to 31 December 2015 they sold intangibles for 654,612 and this was considered all profit.



It would appear that these two items are not related to each other? The purchase is considered to still be worth what was paid and the disclosure suggests little activity related to it in the period 1 July 2015 to 31 December 2015.

There's no correspoding entries in the subsidiaries and there is no related disclosure for either Roberts Space Industries Corporation or Cloud Imperium Games LLC. The suggestion then is that this purchase and sale concern "unrelated" parties not controlled by Chris Roberts. Another possibility is that this was a related party transaction and remains undisclosed because it was a late change to the accounts and never adjusted for, see: speculation in section on Going Concern. But that's just speculation.

UPDATE:

Quote
I'm pretty sure I'm half of that 'we' that has looked at this before but anyway, this is the parent company. Not Foundry 42. You can basically summarise the entire activity of the parent company like so:

Summary of the relevant activity of Cloud Imperium Games UK Ltd, incorporation to Dec 2015

Sources of funding:

710k Long Term Loans
290k Short Term Creditors
200k Shareholder Investment [1]
650k Sale of Intangibles
============
1.85m Total

Outgoings:

440k Erin Roberts and others [2]
50k Admin Expenses
1.36m IP purchase
============
1.85m Total

It would seem most likely to me that it works backwards. They took money out. They put money in to zero out of the bank balance. So now you have a receipt of 650k that you have to account for. It poses issues. If it's a loan, the balance sheet is insolvent by ~470k (just like the disclosure claims). If you book it as income, you get the position that the accounts/balance sheet do show, however you would have to charge VAT on whatever income it is.

By considering it a disposal of an intangible asset, it may avoid needing to account for VAT (which would have needed to be performed contemporaneously instead of retrospectively on trading income). If this adjustment were made late on, it would mean the disclosure in the accounts is incorrect and was never adjusted and would explain why it does not match the balance sheet. This is my main line of inquiry, does anyone know why the disclosure wouldn't match the balance sheet and yet could actually be correct? There doesn't really seem to be much to work with and this one figure is suspiciously close, throw in something like an additional late 5k accrual for accountancy fees and it would be spot on.

« Last Edit: September 26, 2017, 11:12:31 AM by dsmart »
Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

dsmart

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Star Citizen isn't a game. It's a TV show about a bunch of characters making a game. It's basically "This is Spinal Tap" - except people think the band is real.

 

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