TOKEN COMMUNITIES LTD.: auditor change — Token Communities to restate FY2023 and Q1 FY2024 financials due to FX translation errors

TOKEN COMMUNITIES LTD.

Board concluded prior financial statements for year ended June 30, 2023 and quarter ended Sept 30, 2023 should no longer be relied upon.
Error: incorrect application of parent company exchange rate conversion and foreign subsidiary currency translation affecting income statement and OCI.
Changes are non-cash and do not affect reported operating revenues or costs; restatement expected to be filed within ten days.
Company working with auditor Greengrowth CPA; additional material errors may be identified during review.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

TOKEN COMMUNITIES LTD. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On February 23, 2024, the Board of Directors of Token Communities, Ltd. (the “ Company ”), after consultation with management and discussions with Greengrowth CPA, the Company’s independent registered public accounting firm, concerning the quarter ended December 31, 2023, concluded that the Company’s previously issued financial statements for the year ended June 30, 2023 and the quarter ended September 30, 2023 (the “ Relevant Periods “) should be restated and should no longer be relied upon.

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Source: SEC EDGAR

accession 0001477932-24-000918

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