Sorry but I don't read anything beyond what it states very clearly. And most importantly part of which includes:
"The Company initiated the independent expert forensic investigation following internal enquiries relating to potential incorrect accounting treatment and misappropriation of Company funds by a former employee of the Company. The Board notes that the amount of funds the subject of the investigation is not sufficient to impact the day-to-day activities of the Company."
This MAY relate to the disputed outcome of financial results released 19 Aug 2022:
"The Genius acquisition agreement provided for a potential earn-out price of $8.0m, or 1.0x CY22F EBITDA of $8.0m, only payable on the 14 Genius centres achieving CY22F EBITDA of $8.0m, and payable as to 80% in fully paid ordinary shares in Mayfield to be issued at $1.15 per share and 20% to be paid in cash.As a result, Mayfield has determined that no earn-out will be payable to Genius Learning. Further, 100% of the Consideration Shares paid as part of the initial transaction will remain in escrow for the full 24 months".
This led to a changeover in the board, with Genius CEO taking executive management control of the Company.
At the end of the day, if there's been unlawful actions by a FORMER employee, and no material impact on the Company going forward (but potentially an increase in benefit to Genius) so be it.
Let the independent expert make that determination.
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