ayondo’s Loss for Q3 2021 Deepens to $255KNovember 12, 2021
ayondo Ltd., the Singapore-registered entity of the troubled investment firm, published its financials for the third quarter of 2021, ending on September 30, deepening its losses as operations remain suspended.
The company endured a total loss of SGD 346,000 (around $255,000) in the quarter, which is significantly higher than the loss of SGD 288,000 (around $212,000) in the same quarter of the previous year. For the first nine months of the fiscal, the losses mounted to SGD 1.37 million.
Meanwhile, trading revenue and other primary income streams of the investment company remained nil as it could not restart its suspended operations.
Finance Magnates earlier reported that the company ended 2020 with a total loss of CHF 720,000, which is down from the previous years’ amount of CHF1.55 million.
Can It Recover?
Once regarded as a promising fintech company, ayondo made its public debut on Singapore Stock Exchange in February 2018.
However, the group’s troubles began when it faced working capital deficiency from continued losses and later blamed regulatory changes relating to product intervention imposed by European and UK regulators for its business woes.
Moreover, this led to the trading suspension of ayondo shares on SGX. In addition, the exchange sent a delisting notice to ayondo, but the company appealed against the notice.
“The Company was in a negative working capital position of approximately S$3.4 million and S$2.9 million as of 30 September 2021 and 31 December 2020, respectively,” the latest filing of the company noted.
“Net liabilities position increased by approximately S$1.2 million to approximately S$4.8 million for the 9 months ended 30 September 2021 mainly due to: (1) the recognition of the equity component of the convertible notes of approximately S$0.2 million; and (2) offset by losses incurred for the 9 months approximately S$1.4 million.”
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