Advanced Blockchain AG Publishes Incredulous Labs' Financial Statements

Advanced Blockchain AG has concluded investigations into past transactions of its subsidiary, Incredulous Labs Ltd, and published the annual financial statements for 2023 and 2024. The financial audits revealed the need for adjustments due to previous non-compliance with standard financial procedures. Notably, auditors issued a "disclaimer of opinion" for both years, indicating concerns over financial integrity.

Incredulous Labs, based in Cyprus, reported revenue of USD 0.23 million for 2024, an increase from USD 0.023 million in 2023. The company's EBIT reached USD 1.29 million in 2024 despite impairments amounting to USD 1.7 million. Investigations uncovered asset misappropriation, unauthorized control of crypto wallets, and improper transfer of assets by former executives.

In response, the company implemented an internal control system in September 2024. Furthermore, Advanced Blockchain AG is pursuing legal claims against former executives to recover damages. The company assures stakeholders of focused progress in its operational business.