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It never fails to amaze me how investors are so quick to construct a (positive) narrative to explain away red flags.

There is no end of nonsense and ramping in these threads, from Animoca being worth $10 billion to the company gearing up for a NASDAQ listing. It is usually the case, that the loudest rampers are the first to offload shares.

The company remains completely silent when it comes to investor communications and reporting. Incidentally, these are things that a listed company must conform to!

The big questions (relating to red flags) all remain:

- Where are the audited accounts (covering multiple years)? Who has been appointed to conduct the audit? Why the delay? (Covid is not a valid excuse. In the absence of audited accounts, we have zero clarity on the financial health of the company)
- Where are the regular (i.e. quarterly) financial and business updates, and investor briefings? (This is the medium for Yat and co to put all the piecemeal investments/initiatives in a strategic context, rather than waste money on Small Caps media fluff pieces)
- What is the renumeration/compensation of senior management and directors? Indeed, who is the CFO and Co Sec?
- What crypto assets does the company hold and how have they changed in value? Do we hold material interests in other companies?
- Will another AGM ever be held? (Covid is not a valid excuse)
- What has the board been doing to protect the interests of all shareholders?
- Will shareholders get an opportunity to vote whether they agree with insiders gifting themselves huge allocations in EVERY SINGLE token/coin offering?

The above is just a small selection of items that any professionally managed company should regularly communicate to investors as a matter of course. However, it is the last question that might shine some light on why Yat is in no hurry - and perhaps has no intent - to list on another stock exchange.

SAND allocations (see Whitepaper for further details).

Yat is one of 5 named Advisors to theSandbox token offering, which means that he gets gifted a proportion of the 10%of SAND allocated to advisors. As a minimum this will be 2%, although it couldwell be - and probably is - much higher. A similar playbook is being used for all the other tokenissues. Yat has gifted himself (and other team members) tokens potentially worth billionsof dollars. The ASX were unwilling to permit such shady dealings. Can you blame them?

I'm not against Yat and all employees being well rewarded for the company hitting key milestones and performance hurdles (e.g. reaching profitability, listing on an exchange etc.), but this should be in the form of equity in the company (i.e. the issuance of performance-based shares).

20% to 30%+ allocation of every coin/token offering going to insiders is clearly not in the best interests of the company. They have been structured in a way that Yat and other insiders could become billionaires, irrespective of whether Animoca ever generates a profit. It is a case of "heads we win, tales you lose".

Based on the above, it becomes apparent why Yat does not appear to be in a hurry to list the company and helps to explain why he has failed miserably at keeping shareholders informed. It is simply not in his interests at the present time, to do so.