Stargate MMOG developer can't make payroll?

What we heard: While The Old Republic and Star Trek Online have been grabbing most of the sci-fi massively multiplayer online role-playing game headlines of late, Cheyenne Mountain Entertainment has been toiling away on Stargate Worlds. The game was first announced nearly three years ago. A closed beta for Stargate Worlds is set to expand shortly, but Cheyenne and its publishing arm FireSky have yet to see dime one from the project.

With the Sci-Fi Channel ready to launch a new Stargate television series next summer, the MMORPG would seem to have a prime cross-promotional opportunity waiting in the wings. If Cheyenne is running dry on resources right now, one would think there would be parties interested in loaning the company enough to reach the finish line and cash in on three years of work and buzz surrounding the new TV series. At least, there would be in a better economic climate.

The official story: A representative for Cheyenne provided GameSpot with the following comment: "At Cheyenne Mountain Entertainment, we have always been upfront with the media and our fans that we are a start up. Like many start ups, we face the same cash-flow issues that all pre-revenue companies face. We have maintained a core of dedicated investors, but the new economic realities are forcing us to seek out additional sources of funding and that's what we're doing.

"We continue to move forward on the Stargate Worlds project. We recently completed a successful phase of closed beta testing and we will start a second phase early in 2009. We invite all of your readers to come to our site, check out our fantastic community and sign up for our beta."

Bogus or not bogus?: Unfortunately for both Cheyenne and its employees, this one is not bogus.