TTSA Report to SEC: Garry Nolan Resigns from Advisory Board, $37 Million Deficit

A financial report submitted by To The Stars Academy (TTSA) to the Securities and Exchange Commission (SEC) states the resignation of Advisory Board member Dr. Garry Nolan was effective Aug. 31. The report for the fiscal semiannual period ending June 30, 2018, discloses financial data, including an accumulated deficit in excess of $37 million. 

Dr. Nolan is a Professor of Microbiology and Immunology at Stanford University. His involvement in the UFO community includes work on what came to be known as the Starchild skull. He was also involved in controversial analysis of the Atacama skeleton prior to serving on the TTSA Advisory Board. Offered an opportunity to comment on his resignation, Dr. Nolan replied in an Oct. 3 email:

The answer is really quite straightforward.

I had a number of conflicts of interest with my current employment agreement at Stanford and with other, purely conventional, mainstream business interests.  I remain fully supportive of the goals and ideals of TTSA.  I plan to advise them as needed-- while remaining under no long-standing contractual framework.  Of course, I might from time to time enter into a short term CDA on matters that arise, especially with respect to my academic scientific interests and where I might be able to provide relevant expertise.

As I see it, this is more in alignment with my academic work and will (hopefully) ensure I maintain maximum credibility on matters related to the Phenomena.  This should eliminate any financial or other conflicts vis-à-vis TTSA in how I discuss such matters.  I certainly look forward to the continued success of the TTSA enterprise and I remain good friends with, and a colleague of, all the individuals on the TTSA team.  As you know, I am one of the few "mainstream" scientists willing to openly discuss matters related to this area of interest, and I expect to continue my public, and private, interest in the arena.

Operations and Finances

TTSA stated it continues to conduct meetings with potential strategic partners, including the U.S. government, in the report submitted to the SEC. Details were not specified. Also reported was the closing of over a million dollars in funding:

However, TTSA declared an accumulated deficit of $37,432,000. "These factors raise doubt about the Company's ability to continue as a going concern," the report states. TTSA indicates it will continue to offer the sale of common stock to third parties and use a revolving line of credit to try to fund operations. 

"If we are unable to obtain sufficient amounts of additional capital," it explains, "we may be required to reduce the scope of our planned operations, which could harm our business, financial condition and operating results."

The accounting firm of Louis Tommasino, CPA, who is listed as TTSA Chief Financial Officer, did not immediately respond to requests for comment and further clarification. TTSA also did not immediately reply to a request for comment on the report and deficit.

Related reading on the topic includes Robert Sheaffer's March 3, 2018 post at his blog, Bad UFOs. Sheaffer describes his visit to the office of Tommasino to inquire about discrepancies in financial circumstances surrounding To The Stars Academy as reported by Dun and Bradstreet.