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Tuesday
Oct162018

Tom DeLonge denies report that To the Stars UFO research program is $37 million in debt 

Rebecca Sapp/WireImageOn Monday, the website Ars Technica published a report claiming that Tom DeLonge's To the Stars Academy UFO research program is $37 million in debt. In a since-deleted Instagram post, captured by Billboard, the former Blink-182 guitarist responded to the report, calling it a "blatant lie."

In the Ars Technica article, the author pointed to a mid-year SEC filing, which said that To the Stars Academy has an "accumulated deficit" of $37,432,000 as of June 30, 2018. The article originally characterized that figure as "debt," which DeLonge denies.

"The approximate $37 million stockholders' deficit is not debt as [the writer] characterized it but is attributable to stock-based compensation expense," DeLonge says. "It is not related to the operational results of the company."

DeLonge launched To the Stars Academy in October 2017. The program, which includes several former government officials on staff, made the news last December when The New York Times published a story about a secret Pentagon program dedicated to UFO research led by military intelligence official Luis Elizondo, who left his post to join To the Stars Academy.

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