Things aren't looking good for the Intellivision Amico. In its most recent fundraising campaign, the company has embedded an SEC filing that details massive debt, suggesting that if more funds aren't accrued soon, Intellivision may cease to operate by July.
What does this filing mean for the Intellivision Amico?
You can see the new fundraising campaign over at StartEngine. There, Intellivision is asking for $5 million to further fund its ill-fated console, but if you scroll down, you'll find an SEC listing with some pretty damning information in it. That listing states that Intellivision hasn't generated any revenue since its inception back in 2018 and that the company is in long-term debt to the tune of around $7.2 million, with a further short-term debt obligation of about $1.2 million. Ouch.
The company is also in financial hot water relating to an inability to recover around $1.35 million paid to Chinese manufacturing company Ark Electronics. According to the SEC filing, a "contract dispute" means Intellivision may never see that money again, nor can it recover components Ark has already bought on its behalf. When combined with $800,000's worth of debt owed to Sudesh Aggarwal, an angel investor, and interest on other debts Intellivision is accruing, it's not looking good for the gaming company. If Intellivision doesn't raise the $5 million it's asking from its StartEngine campaign, it's in trouble, and even if it does, this wouldn't be enough to keep the company operating beyond "approximately 7 to 9 months".
In fact, in its risk assessment, Intellivision acknowledges that there "may never be" an actual Intellivision Amico console. If the company decides an Amico launch wouldn't be in the "best interest" of the company and its shareholders, then the console may never come to fruition. The Amico has already been delayed numerous times since its original announcement, so this won't come as particularly welcome news for those who are still hoping for the console to be delivered in a timely fashion.
What is the Intellivision Amico?
Originally announced in 2018, the Amico is Video Games Live creator Tommy Tallarico's brainchild. It's a retro-style console that aims for simplicity and "plug and play" functionality above all else, pitching itself as a simple alternative to today's more complex gaming systems. Planned games for the system include a new Earthworm Jim title, which is also set to be a launch game for the Amico, as well as a new title from the Ecco the Dolphin development team, among others. Unfortunately, Tallarico has found himself in hot water when it comes to the Amico's purported lineup. Late last year, he showcased an Amico game either known as Tank Battle or Battle Tanks (name seemingly depending on whether Mercury is in retrograde), which was found to contain assets stolen or copied from various other titles. Yikes.
At this rate, it's unclear whether the Intellivision Amico will ever actually materialize. Of course, that hasn't stopped Tallarico and Intellivision selling games for it (yes, before the console has even launched). Here's hoping that Intellivision somehow manages to find a way out of this one and release the Amico, although honestly, we're not sure if the console will be worth all of these delays and problems in the end. Stay tuned for more on this one.
Are you still looking forward to the Intellivision Amico despite all the setbacks? Let us know in the comments below!