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Animoca Brands, a major Hong Kong-based blockchain gaming and Web3 investor, has delayed its financial report for 2020.
The firm received an extension till the end of Q1 2023 to publish its 2020 audited accounts but is yet to do so.
In a recent report, the company’s chairman Yat Siu attributed the delay to market turbulence in 2021 and 2022.
Animoca missed financial report publication deadline
Animoca Brands spun out of Animoca in 2014. was listed In January 2015 more large scale gaming projects began to list on the Australian Securities Exchange.
However, in 2020, the firm could not get it to publish its audited accounts.
The firm sought an extension, pushing the deadline to the end of Q1 2023, with subsequent years (2021 and 2022) taken into account come later In 2023.
But, despite this, the metaverse giant failed get approval To extend account filing with the Australian Securities and Investments Commission (ASIC) into 2022.
A spokesperson for Animoca said at the time Animoca Brands Missing the deadline was not expected.
Yet, two months after the new deadline, the accounts have still not appeared, with Chairman Siu blaming the delay on the bull and bear markets of 2021 and 2022.
However, Siu Said The company is still working with its private auditor DFK International to prepare the report.
He said the auditors want to reflect the impact of the 2020 investment in the accounts in 2021 or 2022, and that is why they have not prepared the report yet.
“The biggest part is essentially the later events. Because the auditor is not just going to look at what is happening now, what happened in 2020, and write it off. They also have to look at events that happened in 2021 and 2022. ‘
The chairman said: “Let’s say we made an investment in 2020, and it has an impact in 2021 or 2022. They want to reflect that impact on the 2020 accounts. And that’s why there’s a lot of delay.”
What happened in 2021 and 2022?
From the bull run of 2021 to the bearish price drop in 2022, the two years were pretty turbulent. In 2021 the crypto market recorded higher asset price moves and NFT revolution.
However, the next 2022 saw a price drop with a cascade of top firm collapses, from Terra to Three Arrows Capital, Celsius and FTX.
As Siu said, “A lot happened in 2021 and 2022.” I mean, if anything, it’s like a lifetime of an industry within a few months.”
For Sui’s firm, these changes presented a peculiar problem. While Animoca has invested about $450 round in Web3 projects, it sits on a pile of highly volatile tokens.
Animoca publishes its DFK International-Audit 2019 accounts In July 2022 after a delay.
