[Infowarrior] - Rightscorp finished Sept 2017 with $3, 147 in the bank, warns investors it will likely have to shut down without more cash

[Richard Forno]

(Couldn't happen to a more deserving company.  --rick)

Rightscorp finished Sept 2017 with $3,147 in the bank, warns investors it will likely have to shut down without more cash

https://boingboing.net/2017/11/26/circling-the-drain.html

Rightscorp (previously) is the extortion outfit that terrifies people into paying it money for unproven accusations of copyright violations, enlisting ISPs to cut off subscribers who won't cough up.

Despite high-profile support from some of the copyright industry's biggest players, the company has been in a financial death-spiral, under increasing scrutiny over its illegal tactics, and its inability to win in court.

Now, the company's latest filings show that its Q3/2017 "settlement" revenues are down 48% compared to Q3/2016, and its losses for the first three quarters of this year are up to a total of $1,448,899, a significant increase over its 2016/Q1-3 losses of $1,380,698.

The company finished September 2017 with only $3,147, and was forced to issue 2.5m new shares and sell them for a total of $50,000 just to keep the lights on. The company has warned its investors that without an infusion of at least $250K-500K it will likely cease to operate.

The company suggests that such an infusion would allow it to shift its business model to weaponizing surveillance data it has amassed on downloaders, so that rightsholder..

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