Additional impact on results of the subsidiary Incredulous Labs and delays in the 2023 consolidated financial statements and Annual General Meeting

Advanced Blockchain AG: Additional impact on results of the subsidiary Incredulous Labs and delays in the 2023 consolidated financial statements and Annual General Meeting

Berlin, 28 August 2024 - As part of the ongoing internal review of the business activities of Advanced Blockchain AG (ISIN: DE000A0M93V6, WKN: A0M93V, abbreviation: ABX), the Management Board has come to the conclusion that points out incorrect accounting of token sales in 2023. This incorrect booking results in an additional burden on the result of the subsidiary Incredulous Labs Ltd, Cyprus, in the amount of around USD 1.3 million and will therefore also have a negative impact on the consolidated result for 2023.

In this context, the group’s auditor has come to the conclusion that it cannot utilise the audit results of Incredulous Labs Ltd. due to non-compliance with elementary principles of preparing and auditing annual financial statements in Cyprus; the auditor therefore continues to consider Incredulous Labs Ltd., the economically most important part of the Advanced Blockchain Group, as unaudited.

The company management has therefore decided to have the annual and subgroup audit of Incredulous Labs Ltd. for the 2023 financial year carried out again by an independent auditing firm.

In order to provide its shareholders with comprehensive information on the financial results of the Group as a whole for the 2023 financial year and thereby create greater transparency, the Management Board intends to report to the shareholders on the results of the audit of the consolidated financial statements as part of the Annual General Meeting. The newly identified issues will lead to a postponement of the Annual General Meeting, which is now expected to be held in the fourth quarter of 2024.

Investor Relations contact
Hatem Elsayed, COO
ir@advancedblockchain.com
+49-(0)40-6091-8677