Powerhead Games' upcoming title may just be its last one. GameSetWatch reports that the twelve-man studio, based in New York City, has laid off all of its employees. The company still exists and could "possibly return with new projects" in the future, but the current situation is undeniably bleak.

The team is best known for their work on Glow Artisan, an excellent puzzle game available for iOS, DSiWare and Windows Phone 7. Their next game, ASYNC Corp, is yet another puzzler that should (hopefully!) arrive on the App Store in the next few weeks.

Unfortunately, because the game was submitted to Apple at the same as the development team was laid off, the game may actually never come out. If the game bounces back from approval, there will be no one left to fix the game and send it back. But, if ASYNC Corp successfully finds its way to the App Store, it'll be available for only $1.