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Phoenix Point SEC filing: https://www.sec.gov/Archives/edgar/data/1658966/000121390017004971/f1apos7_figpublishing.htm
Snapshot Games Inc., a California corporation formed in November 2013, is a privately held video game development studio with locations in Los Angeles and Sofia, Bulgaria. Snapshot has its principal development studio in Sofia, Bulgaria, with nine employees.
Snapshot’s mission is to create deep and engaging strategy games based on the ideas and experience of Julian Gollop and his previous, highly acclaimed games – in particular the X-COM series. Julian Gollop is the CEO of Snapshot, as well as the managing director of the Sofia operations and principal game designer. Julian has 34 years of experience in the games industry, with involvement in 17 published titles. He also worked as a producer and creative director for Ubisoft for six years. The President of Snapshot is David Kaye, who leads business development and serves as a design consultant. Mr. Kaye is the founder of Gaming Insiders, an organization that connects professionals in the games industry.
Snapshot previously self-published the game Chaos Reborn in 2014, using crowdfunding to generate development funds of $210,000, which exceeded the crowdfunding campaign’s goal of $180,000. That game, a tactical turn-based wizard combat game, was based on an earlier 1985 game created by Julian Gollop, Chaos: The Battle of Wizards. Chaos Reborn generated sales receipts to Snapshot that exceeded Snapshot’s development costs for the game. Snapshot financed the development of the game not only through crowdfunding but also through early sales of the game on Steam’s Early Access program. Snapshot recruited the necessary personnel and freelance talent from around the world in order to complete the game within budget.
Since its inception in 2013 and to date, the only game Snapshot has developed is Chaos Reborn:
Developers such as Snapshot face a number of risks and challenges to their businesses, including the potential failure of a game to generate enough sales to justify the development effort or to generate sales for more than a short game life cycle; the length, expense and uncertainty of the development process; creative and technical challenges; competition for game sales and development talent; the difficulties of protecting intellectual property rights; and other risks. In addition, relying upon crowdfunding as a business practice involves additional risks and challenges, including: working with funding sources that may be smaller and less creditworthy than large, traditional publishers; potential difficulties in being highlighted on popular crowdfunding sites or otherwise being able to successfully publicize their crowdfunding campaigns; attracting crowdfunding backers and investors; collecting crowdfunding proceeds; and being reliant on distributors for the generation and collection of sales receipts.
Fig believes, and Snapshot has reported to Fig that it believes, that the funds from the Fig crowdfunding campaign and internal investment by Snapshot will be sufficient to complete the development of Phoenix Point to a commercially marketable level, consistent with the Phoenix Point License Agreement.
Phoenix Point is currently the only game in development by Snapshot, and Snapshot anticipates that it will not take on additional projects until the release of Phoenix Point. Fig and Snapshot are of the view that Snapshot is sufficiently staffed to handle the development of Phoenix Point.
It is Fig’s view that, based on our knowledge of the Developer and its operations, including the information discussed above, the Developer is qualified to deliver the Game on time and as agreed in the Phoenix Point License Agreement.
Snapshot currently estimates that the expected delivery date of will be no later than September 30, 2018, as may be extended only by mutual agreement of Snapshot and Fig.