Losses for Dutch publisher Playlogic increased to $20.3 million over 2009, despite revenue rising to $11.1 million over the year.
The company's net loss compared to a loss of $9.5 million in 2008 and largely arose following a debt restructure that resulted in an equity gain of $21 million.
An agreement with a number of its shareholders and debt holders meant that the $21 million was restructured, resulting in a positive effect without any dilution for existing shareholders.
On top of that, the fiscal loss included a one-time impairment charge of $4.75 million. The publisher had also spent more on the advertising and marketing of its titles over the year, it said, and seen research and development expenses increase with the final push for internally-developed title Fairytale Fights.
Net revenues increased over the year from $9 million in 2008 to $11.1 million in 2009 - an increase of 23 per cent.
According to a SEC filing reported by Gamasutra, 74 per cent of the company's revenues came from Fairytale Fights and Xbox 360 shooter Infernal: Hell's Vengeance, as well as a development contract with Sony Europe.
Despite its debt restructure, a SEC filing warned that Playlogic is "behind on payments to some of our vendors" and that legal proceedings have been instigated in some cases. It also noted that "a significant part of our accounts payable balance is overdue."
Looking forward, Playlogic said that it has multiple projects in development at its internal studio Playlogic Game Factory and that those projects are financially sound.