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AB1 abarta resources limited

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I mean absolutely no offense, but I just don't think you get...

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13/07/22

18:00

Post #: 62520556
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Originally posted by tinhat: ↑

I also meant to say, there is an irony in all this. The company was asked by the ASX to show cause as to why they should not be delisted, they hired lawyers to try and convince the ASX not to. If they had remained listed they may have sorted out their financial reporting and governance issues a lot quicker. They would have had to. They've kicked the can down the road and now ASIC are coming after them.

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Originally posted by frontline1999: ↑

You seem to be under the impression that every single crypto company is unable to comply with Australian Accounting Standards and, thus, unable to lodge audited accounts!

Animoca simply need to follow the lead of all the other Australian companies that are involved in crypto. Some of these are listed (e.g. DCC) and many are unlisted (e.g. Immutable).

It is the company's responsibility to prepare accounts and have their financial material in order. When this is the case, auditors are able to do their job and check that everything is in order. Four months is ample time to complete an audit, IF there are no irregularities.

If Animoca's accounts are not in order, then an auditor is not able to sign-off. There is nothing specific to crypto that prohibits a company from lodging their accounts. This is why Animoca has always maintained that they are working with their auditor to finalise them "soon".

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Originally posted by aend003: ↑

The company is now capitalised at about A$4billion. They have governance problems, and those problems are not, it seems, solely related to accounting and ASIC reporting. Of course the company's principals knew out the ASIC reporting requirements but decided to flout them. For a number of years, several shareholders have been writing on social media outlets, to ASIC, and also to the company, insisting that they report financials . The accounting problems are just the tip of the iceberg. If you attended the GM in December you would have seen the Melbourne board member along with the temporary CFO/ company secretary. I leave it to others to judge how they performed. They were beamed-in from someone's bedroom! For my part, the signals coming out of that meeting were damning. Yat answered the operational questions very competently but looked uncomfortable when questions were raised about the financials.

There was one key question from a shareholder that was deflected and obfuscated and it went like this: "How can you justify making decisions and asking shareholders to vote on resolutions relating to major financial matters WITHOUT giving shareholders a full set of accounts including a standard balance sheet BEFORE the meeting?". By the way, not even the small local charitable trust that I chair would do that!

I held on to my stock after they promised full accounts by the end April but could not resist selling in March near the top of the market when the macro-risk environment told me that risk had to come off the table. And AB1 was high risk . It is now ultra-high risk.

My large holding was snapped-up by a major AU Fund Manager. Good on them and good luck to them!

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I mean absolutely no offense, but I just don't think you get it.

This is not NAB or BHP, this is early AMZN or TSLA . Lots of critics , no one sure of the numbers, PE off the charts.

It's brave new world, something that will be the next amazing thing........or a total flop.

You are in at a maximum 18 cents and you're bean counting ?. It's a concept and the dude is smart.

In the 80's I once had an accountant say " I know you made money being short DEM/YEN but you would have made more if

you were just short DEM". Let the creators create . Listed on the NASDAQ the SEC will take care of your auditing concerns.

PS you can always SELL.

AB1 Price at posting: 18.0¢ Sentiment: Buy Disclosure: Held
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