(CelebrityAccess) — Livestreaming and content monetization company VNUE announced their financial results for 2021, with both revenue and losses up sharply for the year.
According to VNUE, the company realized revenues for 221 of $100,476, up substantially from the $22,474 the company reported for 2020.
However, losses from operations mounted during the same period, rising to $984,839 for 2021 from the loss of $587,058 reported for the previous year.
Other income reported by VNUE in 2021 was $3,905,221, 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 from last year.
There were some bright spots for VNUE in 2021 and the company managed to clear more than 5 million in debt from their balance sheet, reducing liabilities from $8.4 million in 2020 to $3.3 million in 2021.
They also pared their convertible debt from $2.0 million in 2020 to $650,000 in 2021.
“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.”