Tom DeLonge's Alien-Hunting Company Is $37 Million in Debt

Tom DeLonge's Alien-Hunting Company Is $37 Million in Debt
Decades out from penning pop-punk tunes about girls, diarrhea and bestiality, former Blink-182 guitarist Tom DeLonge is still hell-bent on finding aliens. That's why just last year he founded the To the Stars Academy of Arts & Sciences. As with any new business — and particularly when said business aims to unlock esoteric knowledge — it has been experiencing some year-one cash flow problems. More specifically, To the Stars is in debt to the tune of $37 million USD.

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:
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.