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has incurred losses from operations and has an accumulated deficit at June 30, 2018 of $37,432,000.
On April 26, 2017, the company entered into a licensing agreement with Thomas DeLonge and Mr. DeLonge’s affiliated entities Mr. Handsome, LLC and Good in Bed Music, ASCAP (the “DeLonge Entities”), memorializing a verbal license the DeLonge Entities had with the company and its subsidiaries since 2011 for the use of certain intellectual property rights, in particular Mr. DeLonge’s legal and professional name and likeness, trademarks and copyrights (including master recordings) relating to Mr. DeLonge and the musical band professionally known as Angels and Airwaves (the “Licensing Agreement”). Under the terms of this Licensing Agreement, the company is obligated to pay the DeLonge Entities a royalty on gross sales ranging from 0.5% – 15% depending on the product category, with a minimum royalty guarantee of $100,000 each calendar year. Royalties of $50,000 were due the DeLonge Entities under this Licensing Agreement for Interim 2018 and Interim 2017, and were recorded by the company as a cost of revenues.
originally posted by: Outlier13
Recent SEC filing on TTS: www.sec.gov...
Interesting statement by the SEC on page 13:
NOTE 2 – GOING CONCERN 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.
How do you amass a $37 million dollar deficit? Seems the writing is on the wall. Does anyone know how much money TTS actually raised with the public offering that just closed out Sept 28?