In this post I will explain why withdrawals take so long. The information in this post comes from Mindarks annual financial report which you can find latest one from the link below:
http://www.mindark.com/investor-relations/financial-reports/documents/ANNUAL_REPORT_MindArk_2014.pdf
The reason withdrawals take +3 months is because MindArk doesn't actually have a cash reserve of any sort.
The image above was taken from page 5 of the report. It states that at the end of 2014 they only had 1.9M SEK (0.2M USD) in their account.
When you request a withdrawal, basically Mindark has to wait for the equivalent amount of money to be deposited in game before they can commit your withdrawal. Thats after all other costs (employee, ...) have been paid.
Although technically it would make sense to consider the following the revenue of the company:
Net Revenue = (Consumed ingame Peds) - (withdrawals) [This is NOT how MA calculates revenue]
however mindark calculates its revenue differently:
Basically revenue for mindark is:
Net Revenue = (Deposits) - (Withdrawals)
By the end of 2014 there was a total of worth of 97M SEK (10.67M USD) unconsumed PEDS ingame. If all deposts stop, (Without taking into account employee and other costs) and assuming withdrawal requests remain the same, Mindark will run out of money in only 34 days.
http://www.mindark.com/investor-relations/financial-reports/documents/ANNUAL_REPORT_MindArk_2014.pdf
The reason withdrawals take +3 months is because MindArk doesn't actually have a cash reserve of any sort.
The image above was taken from page 5 of the report. It states that at the end of 2014 they only had 1.9M SEK (0.2M USD) in their account.
When you request a withdrawal, basically Mindark has to wait for the equivalent amount of money to be deposited in game before they can commit your withdrawal. Thats after all other costs (employee, ...) have been paid.
Although technically it would make sense to consider the following the revenue of the company:
Net Revenue = (Consumed ingame Peds) - (withdrawals) [This is NOT how MA calculates revenue]
however mindark calculates its revenue differently:
Basically revenue for mindark is:
Net Revenue = (Deposits) - (Withdrawals)
By the end of 2014 there was a total of worth of 97M SEK (10.67M USD) unconsumed PEDS ingame. If all deposts stop, (Without taking into account employee and other costs) and assuming withdrawal requests remain the same, Mindark will run out of money in only 34 days.