Demonstrating the problems reconciling crypto assets with traditional accounting, Animoca Brands has announced it’s finally had its FY2021 accounts audited.
2021 was the year that blockchain gaming took off, notably with the success of Axie Infinity, but more widely across the entire sector, including games and projects such as The Sandbox, Alien Worlds, Splinterlands and Yield Guild Games, all of which Animoca Brands invested in, amongst many others.
In addition, Animoca decided to change its auditors half way through 2021, with Hall Chadwick taking over.
This also caused delay and added complexity although Animoca chairman Yat Siu now says this process has laid ” the foundation for more timely completion of the remaining compliance matters outstanding, given that the publication of this report also involved extensive work on the financial statements for subsequent reporting periods”.
Siu also recently stated that the Australian-headquartered company was thinking about doing an IPO in the US so getting its FY2021 signed off was an important step in that regard.
As for the actual 2021 figures:
- Bookings grew from A$49 million to A$450 million,
- Net operating cash flow grew from A$8 million to A$382 million, and
- Net assets grew from -A$385,000 to A$337 million.
It’s worth noting that in 2020, Animoca Brands was a developer and publisher of mobile games. Hence its fast adoption of crypto and blockchain games in 2021 unlocked massive growth for what was otherwise a small and somewhat struggling company.
As for its current situation, Animoca’s most recent (unaudited) FY2024 financials state it ended that year with total assets worth $4.3 billion, and bookings up 12% to $314 million.
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