on Advanced Blockchain AG (isin : DE000A0M93V6)
Advanced Blockchain AG Faces Delays and Financial Impact Due to Subsidiary Issues
Berlin, 28 August 2024 – Advanced Blockchain AG has announced an additional financial impact on its subsidiary, Incredulous Labs, and delays in its 2023 consolidated financial statements and Annual General Meeting.
An internal review revealed incorrect accounting of token sales amounting to USD 1.3 million, negatively affecting Incredulous Labs' results. Consequently, the group’s auditor deemed the Cyprus-based subsidiary unaudited due to non-compliance with auditing principles.
To rectify this, the company will have Incredulous Labs’ 2023 financials re-audited by an independent firm. This process will delay the Annual General Meeting, now expected in the fourth quarter of 2024.
R. E.
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