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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Animoca Brands has negotiated a new timetable for the submission of the 2020 audited accounts, which were originally scheduled for the end of 2022.

- It will retain audit firm DFK International and change the deadline to the end of the first quarter of 2023.

Metaverse heavyweight Animoca Brands has been granted an extension to submit its 2020 audited financial report, which was due to be lodged with Australian regulators by the end of 2022.

Animoca Brands said the company agreed to a later filing date, pushing the new deadline to the end of the first quarter of 2023, with accounts for subsequent years to be filed later in 2023.

"We do not expect to miss the reporting deadline - we are currently on track to meet the timetable agreed with regulator ASIC, with whom we are working closely." Ibrahim El Mouelhy, Animoca's chief communications officer said in an emailed statement.

These audited 2019 accounts were finally presented in July. existReportReport

In a statement, Animoca chairman Yat Siu said the company’s “financial audit process needs to break through a whole new field” to address questions about how token sales and NFTs are accounted for.

“When faced with uncertainty in the accounting process, it is common to look at how other companies have dealt with similar challenges. But there are no other companies in this space that can be used as a reference. At least for now, Animoca Brands is a unique special case."Animoca was listed on the Australian Securities Exchange (ASX) from 2015 to 2020. In December 2019, the ASX sent a letter to Animoca setting out aviolation list

, including governance projects, participation in crypto-related activities, and heavy use of SAFE issued by subsidiaries.

Odaily Note: SAFE (Simple Agreements for Future Equity) agreement, Chinese for "simple agreement for future equity", is a new financing method invented by Y-Combinator ("YC"), a famous start-up incubator in Silicon Valley. The scope of application of SAFE is not limited to blockchain projects, but also applies to various start-ups.

Following the ASX delisting, Animoca noted that the company "intends to pursue an IPO on another exchange as soon as possible".

Since its delisting, the company has raised a series of high-profile fundraisings and doubled down on its cryptocurrency investments through a number of trading avenues. The firm's hundreds of investments include The Sandbox, Dapper Labs, and Star Atlas. In the first half of 2022, the firm made more than 60 investments, with a total of more than 380 investments as of December 6.

It is worth mentioning that Animoca was not greatly affected by the FTX crash. Yat Siu recently said that Asia's crypto community is "moving on" from the FTX fiasco following the arrest of FTX founder Sam Bankman-Fried (SBF): Force, we've heard about it, but I don't think we care that much about it. FTX's biggest damage isn't financial. Terra's damage is much bigger, but because SBF is so high profile, it's more reputational damage and institutional damage, especially to the system in the U.S.” According to Siu, Animoca has not been affected much by the FTX incident, where the company has some small transactions and does not have significant exposure to the Solana ecosystem.But whatever accounting issues Animoca faces, there’s little doubt that the value of the company’s token holdings will take a hit this year while facing a broader downturn. As of April 30, 2022Investor Update Document