Animoca Brands Gains Extension for 2020 Audited Financial Report Submission

Hong Kong-based metaverse giant Animoca Brands has received an extension of an earlier agreement to file its audited financial report for 2020.

Originally, the metaverse heavyweight was meant to submit the requested document to the Australian Securities and Investment Commission (ASIC)by the end of 2022. Instead, Animoca Brands requested a later date for the submission.

The new deadline is stimulated for the end of the first quarter in 2023. This time around, not only will the audited financial report for 2020 be submitted, the ones for subsequent years will follow suit in the coming months of 2023.  

Ibrahim El Mouelhy, the chief communications officer at Animoca Brands said via an emailed statement that the company has started making efforts in meeting up with the newly approved deadline. “We do not expect to miss our filing deadlines — as of right now we are on track for the schedule agreed upon with ASIC, our regulator with whom we are working closely,” he started.

Animoca Brands Taps DFK International as Auditor

Animoca Brands had faced so many obstacles in a bid to perform this auditing identical to what crypto firms like leading cryptocurrency exchange Binance and Kraken also faced.

Just like Binance, Animoca Brands was compelled to engage the services of a new auditor to meet up with its recent filing. As a result, DFK International, a top 10 international association of independent accounting firms and business advisers, was tapped for the responsibility.

Yat Siu, Animoca chair concurred with all of the struggles that the firm goes through to get its account audited. Together with providing answers to questions about Non-fungible tokens (NFTs) and token sales, the company’s “financial auditing process required breaking entire swathes of new ground,” Siu said.

Furthermore, “When confronted with uncertainties in accounting processes, it is typical to look at how other companies address similar challenges. But there were no other companies to which we could compare ourselves. Animoca Brands is, at least for the time being, a unique and special case,” the Animoca Brand chairman added.

After securing so much capital in 2022 which in turn raised its valuation to around $5.9 billion, metaverse heavyweight, Animoca Brands is mulling the idea of launching a $2 billion fund to be invested in the metaverse.