As you know, we had an S1 registration statement that was due to become effective at exactly the same time the BF Borgers announcement came out. This was a huge blow for us the primary funding instrument for the company was taken away from us, and it left us scrambling for other sources.
Not only did the registration statement not become effective, but we now must have two full years of numbers re-audited per the SEC, and we had to quickly find a new auditor for our 10Q, which we miraculously completed on time. The timing was especially cruel irony in that had our registration statement become effective a few days before the announcement, we would have been in much better shape.
VNUE has continued to move forward with its initiatives, with the primary focus temporarily shifting to identifying a new source of meaningful funding, which we are actively pursuing on a daily basis.
The capital markets of the OTC have been very thin the last year as widely reported. Access to non-toxic capital is not what it was even a couple of years ago especially as a pink sheet company. Add to that, we are extremely undervalued which makes it that much more challenging. Yes there are certainly toxic sources of funding out there, but my team and I have worked very hard not to go that route after previously having cleaned it up, and at considerable sacrifice. And yes, we could do a reverse split to get the share price up, but you know I have also resisted doing a reverse split and I am strongly against artificial means of increasing the share price as opposed to organic growth.
On another note, our opportunity to uplist is still very much real even though we have had a setback due to forces beyond our control (Borgers), and additionally, we are literally pursuing every avenue and potential strategy to bring meaningful investment into the company so we can win this race. This includes leveraging our real life relationships both in tech and in music, as well as private equity and venture capital. We signed a deal with Redhawk to shepherd us through the uplist process. Borgers being sanctioned and shut down simply slowed that process down since we now must have those financials re-audited, in addition to other milestones that we must hit in order to get there (which are achievable). It is an unfortunate reality, but it is one we can deal with. Some of you may not remember (or were not with us) when COVID hit in 2020 and shut down all the revenues of the company due to inability to tour. We survived that, and we will survive this (and more).
Remember, too, running a public company is like running two companies: The public vehicle, which requires a considerable investment of time and money, and the core business, the bread and butter, which we continue to do. VNUE has never been late on a filing, and continues to be fully reporting an achievement at any level these days.
At the end of the day, VNUE has encountered more than a couple of speedbumps, but we have revenues, some exciting IP with even more revenue potential, and have made progress even during more difficult times. We expect to make more and continued progress. Our team is very devoted and committed to this company and you, our shareholders. I would challenge any company to achieve what we have achieved, with as little as we have had in order to achieve it.
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