Per reporting from gamebiz.jp, Japanese game developer and multimedia company MAGES.—best known for helming the Science Adventure series’ development—has, as of September 2022, entered a state of financial insolvency.
Broadly put, the company’s liabilities—i.e., debts—grew this fiscal year to the extent that they now exceed the total value of the company’s assets (e.g., intellectual property, funds, physical equipment and property).
MAGES.’ sales during the 2022 fiscal year totaled roughly 4.2 billion yen, a 7.1% decrease as compared to the 2021 fiscal year. Its ordinary loss—or company expenses exceeding revenue—totaled roughly 556 million yen, up from 152 million yen in the previous fiscal year. Finally, MAGES.’ reported total net loss as of this period came to 613 million yen, up from 307 million yen in the previous fiscal year. This amount—roughly equivalent to $4.6 million USD—exceeds the aforementioned value of MAGES.’ assets, leaving the company in financial insolvency.
It is presently unclear how the involved parties—namely, MAGES. and its parent company COLOPL—intend to recoup these significant losses. It is, however, prudent to assume that COLOPL will have significant say, if not complete authority, over what remedies are employed, given their full ownership of MAGES.’ shares.
We will strive to keep you updated as more information arises on this state of affairs.
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