DeFi Technologies Inc. Restates Financial Statements for 2024

DeFi Technologies Inc. recently announced the restatement of its interim financial statements for the periods ending June 30, 2024, and September 30, 2024. The company made adjustments to its accounting treatment of equity investments in digital assets, applying a discount for lack of marketability (DLOM) and reclassifying certain assets. This decision resulted in an increase in net loss for the specified periods.

In the restated financials for the second quarter of 2024, a DLOM of $98,657,552 was applied to equity investments, leading to a reclassification of $122,794,452 from current to non-current assets. The net loss increased by $98,657,552 for the three and six-month periods ended June 30, 2024.

For the restated third-quarter financials, a DLOM of $3,892,283 was applied to equity investments, bringing the cumulative DLOM to $102,549,835. Additionally, $155,051,353 of equity investments was reclassified from current to non-current assets. The net loss increased by $3,892,283 and $102,549,835 for the three and nine-month periods ended September 30, 2024, respectively.

It’s important to note that these restatements do not impact the company’s cash position and are non-cash in nature. However, due to the material weakness in internal control resulting from the restatements, previously filed financial statements and related communications should not be relied upon.

DeFi Technologies Inc. is a financial technology company focused on the convergence of traditional capital markets with decentralized finance (DeFi). With a team of experts in financial markets and digital assets, the company aims to revolutionize how individuals and institutions engage with the evolving financial ecosystem.

In addition to its core business, DeFi Technologies Inc. also operates Valour, a provider of exchange-traded products (ETPs) that allow investors to access digital assets like Bitcoin through traditional bank accounts. Valour is part of DeFi Technologies Inc.’s asset management business line.

Reflexivity Research LLC is another entity associated with DeFi Technologies Inc., specializing in research reports for the Bitcoin and digital asset industry. Stillman Digital, a leading digital asset liquidity provider, offers liquidity solutions for businesses focusing on trade execution and settlement.

In conclusion, DeFi Technologies Inc.’s restatement of financial statements underscores the company’s commitment to transparency and accuracy in reporting. While the adjustments may impact certain financial metrics, the company’s core business and mission remain focused on driving innovation in the financial sector. Stay updated on DeFi Technologies Inc.’s latest developments by following them on LinkedIn and Twitter, and visit their website for more information.