OTCPK:VNUE - Post by User
Post by
AveragePennyon Apr 18, 2022 10:30am
102 Views
Post# 34609768
VNUE, INC ANNOUNCES 2021 YEAR END RESULTS
VNUE, INC ANNOUNCES 2021 YEAR END RESULTS NEW YORK, April 18, 2022 /PRNewswire/ -- VNUE, Inc. (OTC: VNUE) today reported its results for the year ending December 31, 2021, and the company has made significant progress:
- Revenue for the year ended December 31, 2021 was $100,476 compared to $22,474 for the year ended December 31, 2020
- Loss from operations in 2021 was $(984,839), compared to a loss of $(587,058) in 2020
- Reduced its derivative liability from $3,156,582 in 2020 to $-0- in 2021
- Other income in 2021 was $3,905,221 in 2021, compared to other expense of $(3,966,719) in 2020
- Net income was $2,920,382 in 2021 compared to a net loss of $(4,553,777) in 2020
Key Milestones Achieved in 2021
- Reduced the total liabilities on the balance sheet from $8.4 million in 2020 to $3.3 million in 2021.
- Reduced convertible debt from $2.0 million in 2020 to $650,000 in 2021.
- Negotiated and executed on a new line of credit, on favorable terms enabling the company to eliminate its reliance on highly dilutive convertible notes.
- As a result of additional financing on the credit line the Company was able to expand its R&D expenditure on the Sounstr technology, resulting in significant progress
- Entered into an agreement with Stage It and closed the transaction in February, 2022.