Former Blink 182 guitarist Tom DeLonge's UFO company is 28 million quid in debt

[ReedeFox]

It's well known that former Blink 182 guitarist Tom DeLonge completely lost the plot after quitting the band to pursue a job in hunting UFO's. He should have just left that shit as a weekend hobby but no - he decided to go and sink his Blink 182 millions into setting up a UFO and alien company - To The Stars Academy.



Unsurprisingly, the company didn't quite take off and is rumoured to be an eye-watering £28 million in debt. Ouch. Here what the Securities and Exchange Commission report states:

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.

They don't actually use the word debt but lets be honest, deficit means pretty much the same thing. Although Tom DeLonge doesn't seem to think so judging from his mega long rambling which was later deleted:
 

BLATANT 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 @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.

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 characterised 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.

I can't make understand half of that nonsense but I think Tom just needs to chill out and take up bird-watching or something.