[Wemix securitization revenue, sales → player revenue processing]
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Wemades self-issued virtual asset, ‘Wemix’ In the process of external audit, Wemix revenue was accounted for as player revenue, not sales.
According to the electronic disclosure system of the Financial Supervisory Service on the 16th, WeMade announced that it recorded 337.3 billion won in sales and 100.9 billion won in operating profit last year. This is a correction of last years sales of 560.7 billion won and operating profit of 325.8 billion won, which were initially disclosed through the earnings announcement last month.
Wemades sales in the fourth quarter of last year changed from 352.4 billion won to 129 billion won, and its operating profit in the fourth quarter of last year changed from 254 billion won to 29 billion won.
Wemade explained that after the initial announcement on the 9th of last month, the sales of Wemix securitization were treated as player revenue during the external audit process.
An official from Wemade said, “At the time of the announcement of the results, it was decided that securitization should be recognized as sales through consulting and long-term review from a large accounting firm, but before submitting the business report, the auditor gave the final opinion that it should be accounted for as player income. received,” he said.
However, during this audit, it was decided to recognize the sales of the Wemix platform as sales.
An official from WeMade said, “Until the accounting standards related to the blockchain business are established, we will closely consult with relevant organizations such as accounting firms and the Korea Accounting Standards Agency, and conduct continuous and transparent communication with the market.”