A recent SEC filing was recently uncovered by the Blink-182 subreddit, and Ars Technica decided to dig in and break it all down. Despite To the Stars' open enrollment for Americans to purchase stocks, the company has amassed an enormous debt in its first year of operations. Here's how the SEC filing puts it:
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. 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.
As for the plan to keep going, To the Stars has stated that it plans to keep selling stocks to make it all work. And DeLonge doesn't seem to think things are going to slow down any time soon:
Had 4 very big things happen this month at To The Stars Academy. Working on something that will be international in scope, and extraordinarily ambitious. Far from done, but the interest is there. Multiple countries, and TTSA leading the "build." It takes time to change the world-— Tom DeLonge (@tomdelonge) September 16, 2018
Then again, it might not be such a bad thing if the company falls apart. Sure, we won't unlock the secrets of the universe. But we will be more likely to see DeLonge rejoin Blink-182.
Update: Tom DeLonge has since responded to the article, calling it a "BLATENT LIE" [sic]. Read his full response here.