The much hyped console requires £11.5m funding if it is to see the shelves, said the Infinium Labs in a SEC filing today. $22.2m will apparently be needed to be found in the next 12 months in order to successfully market the product.

"We estimate we will need approximately $11.5m to launch the Phantom Game Service and sell the first 10,000 units of the Phantom Game Receiver.", said the company in the filing. "After launch, we estimate that we will need approximately $10.7m to achieve cash flow break-even."

The company goes on to say that "we are currently in negotiations with a number of parties to raise capital" and they have employed SG Capital to manage this process.

Previously, the company raised $2.7m in stock sales, and $7.9m in bridge funding. The "Phantom Gaming Service" was delayed this year in order to appease retailer and marketing partners wishes.

By Jason Cartwright