Troubled game publisher and IndiePub parent Zoo Entertainment reports it has received a notice of default from Panta Distibution LLC on $1.17 million owed under a June agreement.
Troubled game publisher and IndiePub parent Zoo Entertainment reports it has received a notice of default from Panta Distibution LLC on $1.17 million owed under a June agreement. The default notice says Zoo has "failed to comply with minimum payment amounts" under that agreement, but Zoo says it is talking with the company about obtaining a waiver allowing for extra time to pay. Panta's default notice is only the latest sign of trouble for the beleaguered Zoo, which was last month was threatened with delisting by the NASDAQ stock exchange if it couldn't bring significant negative stockholder equity up to a minimum of $2.5 million by February. Zoo is also the target of a class-action lawsuit brought by shareholders accusing the company of knowingly overstating net income and shareholder equity last year. Filings for the quarter ending June 30 revealed the company lost just over $10 million during the period, a result CEO Mark Seremet attributed to a "rough" transition from budget console releases to a fully digital business model. Last month, Zoo announced the impending launch of the IndiePub publishing platform as a way for independent developers to easily distribute their games on iOS, Android, Windows, Mac and Flash.
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