It's been quite the start to the week for the Family Console Savior of 2022!
First, eager eyes noticed that the "CEO" title had fallen off of Tommy Tallarico's LinkedIn profile. IGN confirmed the story, giving the Amico its first mainstream news story in months. Former Chief Revenue Officer Phil Adam is now CEO, while Tommy remains President and now serves as Chief Creative Officer.
Tommy was quick to reassure fans on Facebook and Reddit that nothing had really changed:
Both Phil and I (and Nick Richards as COO) make a lot of important decisions together... like we always have. The company has grown and its important to have someone 100% focused on the executive side while I focus on creative. I am still president and we all make decisions together. It's always been like that. Phil is GREAT, we've been friends for 25 years and we trust each other 100%. It's also important to show strength as a team. Not just one person. Amico wouldn't be where it is today without the incredibly passionate and talented people we've brought together. It was never about one person. It's the product, the games and the team that are the most important part. ❤️
Then Monday night came the bombshell of a fourth crowdsourcing run - this time seeking $5M on StartEngine, a crowdfunding site with a D+ rating from the Better Business Bureau. D+ isn't failing, I suppose!
.@intellivision has now opened its *4th* semi-public fundraising round since @TommyTallarico bought the brand in 2018. each on a diff service. that's roughly as many fundraising site launches as its Amico console has had delays.
— Sam Machkovech ☂ (@samred) February 7, 2022
RIP Amico, is my guess. https://t.co/CLTaX4m2NG
The new campaign required a new SEC filing, and...it's a lot! Some highlights:
- MSRP headed to the mooooon: the Amico is now "expected to have a retail price of between $249.99 and $349.99".
- $1.35M in pre-payments for electronic components are in jeopardy. "Due to a contract dispute the disposition of those funds are potentially at risk and may not be recoverable as cash or components that have already been purchased on the behalf of Intellivision."
- The company has a lot of debt with questionable terms. There's a laundry list of loans from board members over the years to keep the company afloat. Most incredibly is a $675k loan from Sudesh Aggarwal which, while accruing no interest, requires Intellivison to pay $100 for each Amico sold until the balance is paid in full. As a reminder, they have yet to sell any Amico. (Amicos? Amici? Amicii?)
- Despite the $5M target, it's not the last of the crowdsourcing. Page 29 details that they intend to launch another offering to raise an additional $5M down the road.
- It might not keep them afloat for long. Depending on how much they raise, they'll have cash on hand to stay afloat for anywhere from 1-9 months.
But hey, at least we got a new video of game footage...which looks a little familiar?
What do you think, Amico faithful - is the change in CEO cause to celebrate? Will flexible fundraising fuel a family-friendly fun future? Or will the dream die due to dire debt?
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