performa007
5 일 전
FWIW
Company Update
Press Release | 01/31/2025
Many of you have been wondering what we have been up to in VNUE, so we would like to provide you with an update.
We are currently working on some big moves which cannot yet be discussed in public but moreover, as you recall, we encountered a huge setback, when the SEC sanctioned BF Borgers, our auditor, and subsequently shut them down. We and about 400+ other companies were negatively affected. We had just been on the cusp of renewing our equity line, our overwhelmingly main source of funding, when this happened, and in fact we were in the middle of having it become Effective when the Borgers news broke.
As you can imagine, not having access to this funding threw a huge monkey wrench in virtually everything the company had been working on. We have been dealing with that fallout ever since. We have continued to forge ahead, as much as we have been able to, but it has been on a much slower path than we would have preferred due to the Borgers issue.
That being said, a public company is not just a matter of focusing on the core competency, but also ensuring that we are doing our best to protect shareholders and manage the public side of the business, and as you know, this is something that has always been important to us.
In that regard, the Company filed a Federal lawsuit against B F Borgers CPA PC and Benjamin F. Borgers, seeking an award of actual and compensatory damages in an amount no less than $4,914,637.00.
We cannot speculate whether or not we will be successful in the lawsuit against Borgers but we can assure you that our current business plans do not contemplate receiving any proceeds from the lawsuit for our business plan to be successful.
According to our counsel in this matter, effectuating personal service of the summons and complaint on Defendants (as required by the Federal Rules of Civil Procedure) proved to be very difficult, as they no longer maintain any of their most recent addresses. Fortunately, our counsel was able to utilize what they call a creative approach to resolve this challenge, and successfully served Defendants through their counsel in the related state court civil action. Defendant was only served on January 22, 2025 just a few days ago. Thats how long it took to locate them.
So despite the relative quiet time, work continues in the background, both on the public side, as well the business/core competency side. We will have more announcements about some of the initiatives we are working on as we are able to disclose them.
Thank you for your continued support and belief in VNUE.
AlwaysRed
3 월 전
As of September 30, 2024, the Company had $3,416 in cash on hand, had negative working capital of $7,677,294 and had an accumulated deficit of $40,222,569.
KILLING IT!