"The Company is focused on securing funding for development of a Massively Multiplayer Online Game (MMOG) based on the popular Fallout franchise," Interplay CEO Herve Caen wrote in the filing. "Along with its strategy of leveraging its existing portfolio of intellectual gaming properties, the Company intends that Fallout MMOG will play a key roll (sic) in the future of the Company."
Interplay received $4 million from Bethesda during the second quarter for the Fallout license and will receive the remaining $1.75 million during the fourth quarter of the current fiscal year. But unless Interplay receives funding from other sources during the third and fourth quarters, it's unlikely the company will remain in operation.
As detailed in the SEC filing, a petition by Interplay's creditors and other parties--among them Mass Effect developer BioWare--for involuntary bankruptcy was dismissed in July, with the company paying its creditors a combined $2.9 million.
With all the company's assets tied up in repaying debts, the filing doesn't paint a promising picture for Interplay's future. "We currently have no cash reserves and are only able to pay current liabilities," the filing reads. "We cannot continue in our current form without obtaining additional financing or income."
As Shacknews reported earlier this year, Bethesda has laid down regulations for Interplay in developing the Fallout MMO, starting with bringing in $30 million in funds and beginning work on the project within two years.
"We are planning to exploit the License Back of 'Fallout' MMOG and are reviewing the avenues for securing financing of at least $30 million to fund its production," the filing states. "Currently the Company has no internal development of new titles."