For years, gamers have been poking fun at Infinium Labs and their console, the Phantom, which brings an on-demand video game service right into the living room. Despite having a huge showing at E3 last year and promising to be there again this year, no one has seen or heard of the Phantom. Months ago, rumors persisted that the key Xbox exec they lured away from Microsoft, Kevin Bachus, was jumping ship for a foreign company. CNN/Money's Chris Morris investigates...

In a recent filing with the Securities and Exchange Commission, Infinium Labs said there's a good chance it won't raise enough money to launch its key product in time, putting its existence at risk. "The company believes, based on past performance, that there is a high likelihood that sufficient capital will not be available ... and many or all of these milestones will be missed and the launch date will again shift and/or the company will go out of business," it said in the April 20 filing with the SEC.