Tuesday, 27 October 2015

Jury still out on Synidcate Room's Soshi Games collapse


Liquidators for Soshi Games have just filed a first report. Soshi was highlighted when Syndicate Room, though which it had raised ECF, published a video of the founder telling us why it failed. It was a first in transparency but the jury is still out on what exactly went wrong. His explanation was full of contradictions.

The report shows a secured debt owed to Creative England for £150k and an estimated total o/s balance owing of £334k; none of it recoverable. Overall the company has used about £1.5m to get to here. There was only one current asset of any note which was an amount due of £84k for uncalled share capital  - there is no indication as to who might be liable for this.

The very odd declaration that this report confirms from the filed accounts, is that this company had absolutely no fixed assets. For an operation that was creating a brand and had already established at least one blockbuster app (their description not ours), this strikes us as very odd. If they dont own the Queen game, who does? It must surely have some value or what was the point? Not inconsiderable amounts of money have been used to develop something which now appears not to exist.   

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