In short, there's some confusion in the accounting/auditing methods used which resulted in information released in a quarterly report that did not align with the corresponding information in the half yearly report.
The issue stems from the sale of sand tokens to partners as part of investment or acquisition processes.
The sale itself put a value on the sand tokens but since the platform isn't operational yet, the remaining sand tokens held by pixowl were considered to have a value of nil. There was differing views on how this and a number of similar or related transactions and assets should be reported, then confusion and backflipping resulted in 2 contrary reports being released.
I don't think there's anything sinister going on, just an unprecedented accounting issue related to new crypto operations that needs clarity.
This may go on for some time yet and is likely only the first of many hurdles to come.
AB1 Price at posting:
18.0¢ Sentiment: None Disclosure: Held
