Author Topic: Star Citizen Company Shell Game  (Read 7486 times)

dsmart

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Star Citizen Company Shell Game
« on: January 09, 2018, 03:41:24 PM »
COMPLETE LIST.

**updated**
« Last Edit: March 27, 2019, 05:26:46 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.

Motto

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Re: List of companies associated with Star Citizen
« Reply #1 on: January 09, 2018, 04:27:28 PM »

dsmart

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Re: List of companies associated with Star Citizen
« Reply #2 on: January 09, 2018, 05:09:07 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.

Motto

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Re: List of companies associated with Star Citizen
« Reply #3 on: January 09, 2018, 05:20:04 PM »
That's the US. I meant UK one

DemonInvestor

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Re: List of companies associated with Star Citizen
« Reply #4 on: January 10, 2018, 01:43:28 PM »
Thanks for the list Derek.
Still baffling how many there are.

Motto

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Re: List of companies associated with Star Citizen
« Reply #5 on: January 10, 2018, 02:30:02 PM »
From SA:

Foundry 42 Ltd filed their accounts today. These are early, since they reduced the accounting period. They cover the six month period from 1 January 2017 to 30 June 2017.
Here

There isn't too much of interest. Accountancy. Basically they no longer hold any cash reserves in the company, but things like bank balance and debtors (tax credit) don't hold much informative value since we're comparing June to December.

What is interesting is that the rumours of cutting back in staff numbers seem untrue. If anything they are increasing staff numbers in the UK exponentially. Foundry 42 Ltd employed an average of 221 people in 2016 which rose to an average of 284 people in the first six months of 2017. Wages in 2016 totalled some £9.8m but the first six months of 2017 totalled £6.05m. They have been fairly consistent with an average gross salary (inc ER's NI) of around £45k per employee.

There's a curious increase in "other creditors" that totals around £1.6m (up from £50k at December 2016). This is due for repayment within one year. It's not the other companies. Not really worth speculating what it is though.

It remains to be seen if they reduce the accounting period for the other UK companies, or if they extend them. Head says they should reduce and file a six months set. Heart says they will extend and file an eighteen month set. I really don't think there is a third "CIG option" to file a normal twelve month set of accounts...

DemonInvestor

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Re: List of companies associated with Star Citizen
« Reply #6 on: January 10, 2018, 11:10:00 PM »
One thing to note - Foundry 42 Ltd is named as a third party (not affiliate), with permission to use the engine for development, within the initial GLA. While it is a daughter of CIG UK Ltd.

dsmart

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Re: Star Citizen - List Of Active Companies
« Reply #7 on: February 19, 2018, 08:43:29 AM »
Added a new company RSI in Germany. Looks like they formed this one in Jan 2018, to correct the name ("Robert" instead of "Roberts") used in the original 2017 company filing.

So now that's 18 companies in 3 countries.
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 - List Of Active Companies
« Reply #8 on: June 06, 2018, 05:12:18 AM »
Following the surrender of RSI in CA, I have updated the list in the OP.
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 Company Shell Game
« Reply #9 on: January 07, 2021, 04:54:14 PM »
The 2019 financials are up for all UK companies

https://find-and-update.company-information.service.gov.uk/company/08815227/filing-history
https://find-and-update.company-information.service.gov.uk/company/08882924/filing-history
https://find-and-update.company-information.service.gov.uk/company/08703814/filing-history
https://find-and-update.company-information.service.gov.uk/company/10934694/filing-history

On p3 of the Cloud Imperium UK filing, it shows they paid for a perpetual license from Crytek, solidifying what we said about the lawsuit settlement.

22 Financial commitments, guarantees and contingent liabilities
Coutts & Co. holds a charge over all the company’s rights, title and interest in and to the Video Game in relation ot the outstanding loan facility. That part is strange, seeing as they paid Coutts back in 2018 according to their previous filings.

Shockingly, the UK group has over €4M+ in debt on their books. p36

Synopsis from the resident Goon accountant :



The Coutts loan (£1.54m) was repaid in 2018 when they got the Calders first load of cash but if no one gets the charge removed the auditors have to report it as still existing. Think of it more like an overdraft facility that has a zero balance, Coutts charge still exists in case they use it again. Last year’s accounts:



The UK group spent £826,657 in cash to acquire the 25% of Turbulent, which I think was already calculated from the share values. The two French sounding guys got 1170 shares each, [email protected]£173.567 = £406,146. So the two Turbulent guys may have received ~£400k “worth” of shares in the USA group of companies too.

There is a line in the accounts that says Turbulent accounts are publicly available if someone wants to find those.



Confirmation on the average employee numbers for the year, outside USA.



2019 - 391 employees - £17,623,737 - Average salary = £45,073
2018 - 338 employees - £14,722,463 - Average salary = £43,557

There is a note that says the company has not received the funds for 10,375 of the 1,171,580 shares. Just amusing.

Not much to say, the group got more money, they found ways to spend all the extra money they received. Same old story.

The UK group acquired 25% of Turbulent for £829,961. The UK group received funds of £406,146 from the two Canadian guys (MARC BEAUDET & BENOIT BEAUSEJOUR). On reflection, it's likely the US group owns another 25% of Turbulent and they possibly received some shares in the US group too. So they probably ended up receiving net ~£800k total and some worthless (technically £800k worth) shares in Star Citizen companies for 50% of Turbulent in total.

They probably also got promises on business expansion and such. How much is Turbulent worth without Star Citizen? I have no idea how much work they do outside Star Citizen. Despite what the accounts say I'm not sure there really are any publicly available financial documents for Turbulent. Their version of Companies House just appears to list directors/company number/confirmation of annual returns. Maybe there is some regional registrar.

« Last Edit: January 07, 2021, 05:23:27 PM 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.

Judge_dolly_OG

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Re: Star Citizen Company Shell Game
« Reply #10 on: January 08, 2021, 05:53:02 AM »

On p3 of the Cloud Imperium UK filing, it shows they paid for a perpetual license from Crytek, solidifying what we said about the lawsuit settlement.


Lol CryRekt... No wai...

So funny that the backers were adamant that CryTek were paying CIG when the lawsuit ended.

 

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