Posts profit of $2.9MM; reduces derivative liabilities and convertible debt
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.
Zach Bair, CEO & Chairman of VNUE, stated, "Despite the tremendous pressure on the music industry due to the onset of Covid-19, I'm pleased with the significant progress we made in 2021. We dramatically improved our balance sheet and reliance on convertible note financing, thus enabling us to consummate the acquisition of Stage It, and generate much needed liquidity for the Company."
About VNUE, Inc. (www.vnue.com)
VNUE, Inc., (OTC: VNUE) is a multi-faceted music technology company dedicated to monetizing the live music experience for artists, labels, writers, and publishers, with products such as its set.fm instant content distribution platform (www.set.fm), exclusive license partner and "instant live" pioneer DiscLive (www.disclive.net), and protecting the rights of artists and writers with the company's Soundstr music recognition technology (MRT) (www.soundstr.com). VNUE also recently acquired StageIt (www.stageit.com), one of the oldest and most well-known ticketed livestreaming platforms.
The veteran entrepreneurs, artists and songwriters behind VNUE, led by music and tech entrepreneur and recording artist Zach Bair (www.zachbairmusic.com), are passionate about the future of their industry and ensuring that rights holders' value is not lost amid always-changing technology. VNUE also holds a 4.99% stake in RockHouse Live International, a new live music venue & restaurant chain that was recently launched in Clearwater Beach Florida, and which is expanding globally, with new locations opened in Key West, FL, and Oxford, MS.
Safe Harbor
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing as well as new service lines noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations we will be providing services in, the impact of which cannot be predicted at this time.
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SOURCE VNUE, Inc.
