According to the report, Tiger faced
net losses of around USD 99 million in 2004, and an operating loss of USD 210 million over the first half of 2005. The company blamed these figures on "Development costs for the Gizmondo and non-cash expenses associated with shares of restricted common stock issued for services."
Perhaps more intriguingly, Gizmondo Europe also paid independent developer Northern Lights USD 3.5 million to create the games Chicane and Colors. However, these games were in fact developed by two differerent studios - Warthog and Indie Studios, both of which are owned by Gizmondo Europe.
Northern Lights, coincidentally, is owned by Gizmondo Europe director Carl Freer together with Stefan Eriksson, executive officer for Gizmondo Europe.
The coincidences don't end there. During 2004-2005, Tiger hired a consultant who was paid more than USD 170,000 for "Marketing and public relations services, an introduction to the performer Sting, and time spent in connection with the Agaju gaming concept currently in development." The consultant's name? Anneli Freer, aka Mrs Carl Freer.
The report goes on to state that Tamela Sainsbury, the corporate secretary of Gizmondo Europe, was paid nearly USD 150,000 in base compensation during 2004, plus USD 83,000 in bonuses. She was also provided with a "luxury automobile" worth USD 70,000. Tamela Sainsbury lives with her partner, Steve Carroll, who incidentally is a director of the company.
