Source: Ancient Code
Former Blink-182 singer, Tom DeLonge once received a “Researcher Of The Year” award from the International UFO Congress after Wikileaks revealed hacked emails that suggested he was in contact with top people in the US government, including Hillary Clinton campaign manager John Podesta. While receiving his award in 2017, he indicated he was about to make a leap forward in the search for extraterrestrials.
Today, it appears that DeLonge is the center of something much more mundane, a financial deficit, after an article from Ars Technica suggested the DeLonge’s To the Stars Academy of Arts and Science Inc. was in debt for $37 million. The article cited a recent filing with the US Securities and Exchange Commission:
“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.”
DeLonge shot back that the UFO research organization is not in debt, and that Ars Technicahad posted a “blatant lie.” In a now-removed Instagram post, the singer stated:
“APPARENTLY, THIS WRITER CAN’T READ,” he wrote. “BTW- TTSA never even raised $37m!!? So how in the hell did we spend it?! Lord. I ask all of you that believe in the @tothestarsacademy mission to go write a complaint on their website RIGHT NOW for trying to hurt an admirable effort to help humanity by using negative attacks and—-> lies.”
He claimed that the author of the Ars Technica article, Eric Berger, had not reached out to him or his company prior to publishing the piece.
“Mr. Berger apparently did not EVEN READ the filing in its entirety, and clearly did not understand the excerpt of the SEC filing he quotes,” he wrote in part. “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.”
Meanwhile, the Ars Technica article was updated with an important correction:
“The original story mischaracterized To the Stars’ deficit as debt. This story has been changed to reflect a more accurate picture of the company’s finances.”
Tom DeLonge took to Twitter, where he thanked journalists who corrected the mistake.
Thank you to the professional journalists who are clarifying their mistake in mischaracterizing what Stockholders equity is. It is not debt, money owed or results from operations. We have simply offered our employees stock-based compensation like most start-ups do.To The Stars Academy@TTSAcademy
We appreciate the professionalism of most media channels who have taken the steps to update their articles and inform their readers of their mistake.
To The Stars Academy noted that:
“It looks like people are misunderstanding the difference between debt and stockholders’ equity” after the company compensated employees with stocks instead of dollars.”
1/4 We’ve noticed some reports that we are “in debt” in some astronomical amount. The reports are highly misleading and grossly mischaracterize statements in an SEC filing. It looks like people are misunderstanding the difference between debt and stockholders’ equity.
Whew! Well, now that we’ve gotten that out of the way, Tom DeLonge and his Academy are free to get back to their ambitious mission:
“The team members all share a common thread of frustration and determination to disrupt the status quo, wanting to use their expertise and credibility to bring transformative science and engineering out of the shadows and collaborate with global citizens to apply that knowledge in a way that benefits humanity.”
n the meantime, DeLonge still has it going on with a guitar:
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Featured image: Screenshot via YouTube