Auditors Express Concern Over Imagi's Financial State
Variety Asia is reporting that auditing firm Deloitte Touche Tohmatsu is expressing uncertainty whether Imagi Animation Studios has the financial resources to complete its current slate of animated movies, including the upcoming CGI movie Astro Boy and three more movies in progress (Gatchaman, Tusker, and Cat Tale). Although a company statement said that the firm was on-course to complete these movies on schedule, a report from Deloitte Touche Tohmatsu stated that “At 30 September 2008, the group had bank and cash balances of approximately HK$88.9 million ($11.5 million,)” but needs “approximately HK$353 million [$45.6 million]” within the next 12 months before revenue from any of the movies will be generated. Imagi is currently pursuing funding sources to meet their cash flow needs.
(via Cartoon Brew)