NEW: Curt Schilling's 38 Studios has Insufficient Funds in Bank Account

NEW: Curt Schilling's 38 Studios has Insufficient Funds in Bank Account

The Rhode Island Economic Development Corporation returned a $1.125 million check to 38 Studios today after the cash-strapped video game company informed the EDC that its bank account had insufficient funds, multiple news outlets are reporting.

The news comes a day after company executives met with the EDC’s board to figure out how 38 Studios could remain solvent.

The $1.125 million check was supposed to covered a payment due to the EDC on May 1.

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38 Studios received a $75 million loan guarantee to come to the state in 2010. It released its first game earlier this year.