Infinium Labs' financial difficulties continue to mount

Infinium Labs, the company behind the oft delayed and still unreleased Phantom games-on-demand system, has announced the imminent launch of a bespoke wireless keyboard and mouse peripheral.

The Phantom Lapboard incorporates a 360-degree rotating keyboard designed to accommodate both left and right-handed gamers. The mouse sits just beneath the keyboard and the peripheral is designed to facilitate gaming from any position within a 30-foot radius of the user's PC.

The lapboard was originally designed to accompany the Phantom device, which was originally due to launch in December 2004. As Infinium continues to face financial difficulties there are growing concerns over whether or not the Phantom - or the lapboard - will ever see a commercial release.

In a press release announcing the lapboard launch, which is expected to go on sale via online retailers this spring, recently appointed CEO Greg Koler stated: "PC Gamers can get a premium peripheral that enhances the gaming experience considerably. It's also the perfect stepping stone and bridges the subsequent launch of the full service further down the line. The required USD 2 million round of funding for the Phantom Lapboard is a necessary step to deliver our vision for our products and services quickly into the market, positioned for both consumer and OEM segments, and book revenues by June 2006."

Pricing has yet to be confirmed for the peripheral, though recent SEC filings following the departure of former CEO Kevin Bachus reveal a catalogue of financial issues which could result in the permanent dissolution of the much-troubled company.

October saw the firm restating its financial reports for late 2003, 2004 and 2005, following various payroll taxation issues and a "misclassification of employees as independent contractors in the fourth quarter of 2003 and the first quarter of 2004." In addition, Infinium has defaulted on various loans from third party contractors charged with the production of the Phantom console, as well as breaching numerous game licensing agreements with firms including Codemasters, Eidos and Atari.

In a statement supplied with the amended financial posting, Infinium declared: "The Company is in the development stage with no sales and has recurring losses from inception of USD 57,570,723, has a working capital deficiency of USD10,085,662, a stockholders deficiency of USD9,470,271 and has a negative cash flow from operations of USD14,888,265 from inception. This raises substantial doubt about its ability to continue as a going concern."