Tom DeLonge denies To The Stars Academy is $37 million in debt
Tom DeLonge is responding to an article that claimed his To The Stars Academy is over $37 million in debt. The Angels And Airwaves and ex-blink-182 musician shared an explanation about the company’s finances in a lengthy Instagram post.
You can read it in full below—and, if you need some good Tom DeLonge news, scroll down for a teaser of a new AVA song.
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On Monday, Oct. 15, ArsTechnica shared a story about DeLonge’s To The Stars Academy, explaining it had “raised just over $1 million in outside funding” after a year of fundraising. Plus, the article claimed the company is $37.4 million in debt.
DeLonge took to Instagram to respond to the article, urging fans who believe in the company’s mission to write a complaint “for trying to hurt an admirable effort to help humanity by using negative attacks and—-> lies.”
Plus, the musician is explaining what the numbers ArsTechnica shared mean.
“This article is highly misleading and grossly mischaracterizes statements in an SEC filing,” he writes. “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,” DeLonge clarifies.
“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,” he continues. “We request that you print this letter in full within the article as our statement.”
Following the Instagram post, Ars Technica changed the story “to reflect a more accurate picture of the company’s finances.” However, the website didn’t share DeLonge’s post.
Read his post in full below:
Now, some good news…
DeLonge is not using Instagram only for bad news. The musician shared another video teasing new Angels and Airwaves music.
For the past few months he has been ramping up AVA activity following the band’s latest release, 2017’s We Don’t Need To Whisper Acoustic EP.
In July, DeLonge confirmed the band will tour soon and a chunk of a song demo.
“A @ToTheStarsInc production from our entertainment division of @TTSAcademy. #demo,” he wrote at the time.
Plus, in August, the AVA frontman shared a quick clip of another new track on Instagram.
Captioned only with AVA’s Insta handle and the hashtag #NewShit, the video shows him groovin’ to a loop that sounds a lot like the verses to No Doubt‘s “Spiderwebs.”
Now, a new video shows DeLonge playing a track he’s likely still writing.
“New @angelsandairwaves song in the works,” he wrote.
