Music’s most notorious extra-terrestrial fanatic is again making headlines for his astronomical endeavours — unfortunately for him though, it’s for the astronomical deficit his ‘UFO organisation’ has racked up.
A financial report filed with the Securities and Exchange Commission (SEC) for Tom DeLonge‘s To The Stars Academy of Arts & Science has detailed the hot water the company looks to be sliding into, stating:
“The Company has incurred losses from operations and has an accumulated deficit at June 30, 2018 of $37,432,000. These factors raise doubt about the Company’s ability to continue as a going concern.”
The purpose of the academy is still a mystery to many, but at the centre of it all is supposed extra-terrestrial life and advanced alien technologies.
According to the To The Stars website, “There is sufficient credible evidence of unidentified aerial phenomena that proves exotic technologies exist that could revolutionise the human experience.”
“To The Stars Academy of Arts & Science has mobilised a team of the most experienced, connected and passionately curious minds from the US intelligence community, including the CIA and Department of Defence, that have been operating under the shadows of top-secrecy for decades.” another paragraph details.
According to Ars Technica, the report also states that the company will continue operation for another 12 months in an attempt to sell more stock and keep the company afloat.
Update: DeLonge has released a statement to Ars Technica clarifying To The Stars’ financial circumstances:
The approximate $37 million stockholders’ deficit is NOT DEBT as he characterized it but is attributable to stock-based compensation expense. IT IS NOT RELATED TO THE OPERATIONAL RESULTS OF THE COMPANY. The Consolidated Balance Sheets of To The Stars Academy of Arts and Science in the SEC filing quoted by your author clearly shows the approximately $37 million deficit is attributed to Stockholders’ Equity (Deficit). The filing goes on to explain the mechanism for calculating stock-based compensation and details the various grants of stock options by the company.