Tom DeLonge’s To the Stars in Deep Debt

Man we’re all gonna feel real dumb if, one of these days, we find out he was right all along about the aliens.

 

Was bound to go in debt from beginning, but thats typical. I wouldnt say its a bust yet. Too early to tell. Go get em' Tom!

 

Someone call @Jason Tate , he warned us all months ago!

 

Has he ever spoken about the phoenix lights? Im very curious to hear his take on that event.

 

This thread is fun to read through

UFO Seekers Looks at Tom DeLonge’s New Company

 

I have no idea what those even are. I’m just 1000% sure Tom isn’t right. Which is why I’ll feel real dumb if it turns out he is!

 

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.

That seems bad.

 

The good news is that Tom is guaranteed his $100k. That way investors know that he is super serious even though the company is tens of millions of dollars in the red.

 

Oh man, I re-read some of that thread you linked.

This was always going to be a massive shit show.

 

The funny thing is that thread could have easily just been the first two comments.

 

..wait, what's that? Tom wants to re-join blink?! Effective immediately..?!!

 

Tom is going to have to go for the cash grab and join Blink again. Or better, Box Car Racer.

 

Look - if this somehow gets a new Box Car Racer record and/or tour - I wouldn't be that mad about it.

 

They are only $1,914,506 in debt as of June 30, 2018. Looking at the balance sheet on the SEC website...the $37.4M is their accumulated deficit, which is just the sum of all of their net losses since they began operations. In fact, at least $30M of the accumulated deficit was caused by stock-based compensation expense, which is non-cash and isn't debt-related ( i.e. doesn't need to be paid back to anyone).

Definitely not a promising investment, but they are not $37.4M in debt. Not even close. So that news clip at the top of this thread is incorrect.

 

He could be 100% right about the aliens, and it'd still have been a stupid investment/business model he was pedaling.

 

You want ArsTechnica's comment section to argue about their use of debt or deficit.

 

At least Tom gets his guaranteed salary!

 

It's not an argument though, it's just how accounting works....I would suggest changing what you are quoting from that article because that statement is factually incorrect and verified to be false. They don't owe anyone $37.4M....

 

They just have a $37.4M deficit. The people at Ars used debt as a synonym. Many people do. (Just look at the way we talk about economics and the debt/deficit on virtually any political TV show to see that.) I can't change what they wrote to be more technically correct. I think most people understand these words are used regularly to mean the same thing.

 

Tom’s response made me LOL

 

"BLATENT LIE — APPARENTLY, THIS WRITER CAN’T READ. 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 @tothestarsacademymission 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. OUR LETTER TO THEM: Dear Ars Technica— I am writing you regarding the article posted to Ars Technica this morning titled ‘All the dumb things? Blink 182 front man’s UFO project $37 million in debt’ by Eric Berger. We were surprised Ars Technica would allow Mr. Berger to post such an article without asking either Mr. DeLonge or To The Stars Academy of Arts and Science for comment. This article is highly misleading and grossly mischaracterizes statements in an SEC filing. Had Mr. Berger bothered to reach out to us for comment this could have been prevented.
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. 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. Mr. Berger’s characterizations of this as debt implies that it stems from traditional borrowings.
Had Mr. Berger bothered to email or call us we could have directed him to these portions of the SEC filing and walked him through it. For Mr. Berger to make the conclusions he did on incomplete research and his own interpretations without contacting Mr. DeLonge or the company is inexcusable.
We request that you print this letter in full within the article as our statement."

 

“It’s not debt we just ... uh ... paid ourselves lots of stock ... and uh yeah, thanks for buying those shares that are 1/100th the value.”

 

Well Joe Rogan is giggling somewhere right now. He called bullshit super hard on his Podcast when Tom was on.