Because of the continued efforts of CBS & Paramount's attorneys to misrepresent the financial information it received in discovery, we think it’s important to provide the truth to our fans and backers to help put everything into context:
1) Alec Peters has put in approximately $ 150,000 of his own money into Axanar over the past two years. He is currently paying the $ 15,000 a month it costs to keep the studio open, out of his own pocket, as he has been doing for the past 6 months.
2) Alec has not kept a single dollar from donor funds, either in salary, or expense reimbursements. Any money Alec received was paid back through the money he has been putting into Axanar. This means, Alec has worked full time on Axanar for over 3 years and not received a dime in salary, benefits or expense reimbursements.
3) Axanar now has an accountant who has taken all of the voluminous notes and records Alec and the team have kept and completed financial statements for the past 3 years. The financials will now be reviewed by our CPA/Tax accountant as she prepares our tax returns.
4) We have created an Independent Financial Review Committee, a group of industry professionals and donors, to review the financials and report back to the entire donor base. We believe that the report from this committee will give donors the confidence that the Axanar team spent the donor money wisely and that Alec has not received any compensation or expense reimbursements. All three members have completed their review of the detailed finances, and the report is being prepared for release to our donors .
5) Axanar has also retained a firm to prepare and manage our 501c3 filing, which should be filed shortly. They are currently waiting on a document back from the CA Secretary of State approving the change to our articles of incorporation and then they will file our application.
6) While Axanar has not made one dime off of renting out the studio, it is the intention of the Axanar team to rent out the studio in order to continue to be able to pay the rent. Every single dollar raised by renting out the studio (which we now call Industry Studios) will go towards producing Axanar.
With everything going on concerning the lawsuit and the amount of disinformation being spread by people whose intention is to see Alec Peters fail, embarrass those who worked with him and make it impossible to share our vision for the story of AXANAR with the tens of thousands who financially supported this project, we thought it was important to give you our side.
Axanar Productions remains committed to addressing the copyright concerns of CBS Studios and Paramount Pictures Corporation in a way that allows us to tell the story of AXANAR our fans and donors have supported. Once this lawsuit is resolved, Axanar Productions’ team will meet and discuss what kinds of modifications need to be made so we can move forward with production.
Once the plan is set, we will share that news with all of you.
Until then, thank you for your on-going support.
Axanar Finances - The Truth of the Matter
Because of the continued efforts of CBS & Paramount's attorneys to misrepresent the financial information it received in discovery, we think it’s important to provide the truth to our fans and backers to help put everything into context: 1) Alec Peters has put in approximately $ 150,000 of his o…
Because of the continued efforts of CBS & Paramount's attorneys to misrepresent the financial information it received in discovery, we think it’s important to provide the truth to our fans and backers to help put everything into context:
1) Alec Peters has put in approximately $ 150,000 of his own money into Axanar over the past two years. He is currently paying the $ 15,000 a month it costs to keep the studio open, out of his own pocket, as he has been doing for the past 6 months.
2) Alec has not kept a single dollar from donor funds, either in salary, or expense reimbursements. Any money Alec received was paid back through the money he has been putting into Axanar. This means, Alec has worked full time on Axanar for over 3 years and not received a dime in salary, benefits or expense reimbursements.
3) Axanar now has an accountant who has taken all of the voluminous notes and records Alec and the team have kept and completed financial statements for the past 3 years. The financials will now be reviewed by our CPA/Tax accountant as she prepares our tax returns.
4) We have created an Independent Financial Review Committee, a group of industry professionals and donors, to review the financials and report back to the entire donor base. We believe that the report from this committee will give donors the confidence that the Axanar team spent the donor money wisely and that Alec has not received any compensation or expense reimbursements. All three members have completed their review of the detailed finances, and the report is being prepared for release to our donors .
5) Axanar has also retained a firm to prepare and manage our 501c3 filing, which should be filed shortly. They are currently waiting on a document back from the CA Secretary of State approving the change to our articles of incorporation and then they will file our application.
6) While Axanar has not made one dime off of renting out the studio, it is the intention of the Axanar team to rent out the studio in order to continue to be able to pay the rent. Every single dollar raised by renting out the studio (which we now call Industry Studios) will go towards producing Axanar.
With everything going on concerning the lawsuit and the amount of disinformation being spread by people whose intention is to see Alec Peters fail, embarrass those who worked with him and make it impossible to share our vision for the story of AXANAR with the tens of thousands who financially supported this project, we thought it was important to give you our side.
Axanar Productions remains committed to addressing the copyright concerns of CBS Studios and Paramount Pictures Corporation in a way that allows us to tell the story of AXANAR our fans and donors have supported. Once this lawsuit is resolved, Axanar Productions’ team will meet and discuss what kinds of modifications need to be made so we can move forward with production.
Once the plan is set, we will share that news with all of you.
Until then, thank you for your on-going support.
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