$VNUE, INC ANNOUNCES 2021 YEAR END RESULTS ht
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Posted On: 04/18/2022 9:23:56 AM
$VNUE, INC ANNOUNCES 2021 YEAR END RESULTS
https://www.prnewswire.com/news-releases/vnue...26733.html
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."
https://www.prnewswire.com/news-releases/vnue...26733.html
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."
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