Tokens.com Reports Funds Tied Up With Genesis Global.. How Much Is A Different Question

Tokens.com Corp (NEO: COIN) was one of the first publicly traded firms this morning to report on impacts from the bankruptcy filing made late last night by Genesis’ lending arm. The company reported that it has collateral posted with the firm in connection with a loan outstanding.

Total collateral posted by the company.. appears to be a bit unknown. The company in an initial release stated that the collateral amounts to US$890k, or roughly C$1.2 million. In an update posted an hour later, the collateral value then changed to US$749k, or roughly C$1.0 million. The discrepancy between the two figures provided was not addressed by the company.

READ: Genesis’ Lending Arm Formally Files For Chapter 11 Restructuring

The collateral was posted in connection with an outstanding loan currently valued at just US$138k, or C$186k. The loan difference (depending on which value the company actually settles on) is said to represent 3.1-3.7% of total assets of the company as of September 30 – although, like its collateral figure, that total assets figure is likely subject to change based on current market conditions.

Of the US$20.0 million in total assets listed as of September 30, $7.3 million was reported to be held via cryptocurrency, while $2.8 million was in the form of NFT’s and $3.3 million in intangibles and goodwill. Cash meanwhile accounted for $5.8 million of the total figure.

READ: Is KB Home Trying To Overshadow Cancellations With Virtual Homes In The Metaverse?

The loan meanwhile is said to not have a material impact on the firms operations. Although the company has requested the collateral be returned and the loan repaid, all such actions have been halted by Genesis Global since November.

All other crypto assets held by Tokens.com are said to be held in internally managed wallets.

Tokens.com last traded at $0.35 on the Neo.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Genesis Creditors Lawyering Up Now Reportedly Amount To $1.8 Billion

Creditors of crypto lender Genesis who have sought legal advice on the firms near-bankruptcy currently...

Monday, December 5, 2022, 02:24:00 PM

Tokens.com Adds Decentraland’s Music District To Metaverse Portfolio

Tokens.com Corp (NEO: COIN) announced this morning its purchase of Music District in Decentraland through its...

Tuesday, April 12, 2022, 12:06:00 PM

Tokens.com Acquires Company Behind AI Sex Robots

Tokens.com (TSXV: COIN) has decided it needs exposure to artificial intelligence, announcing late yesterday that...

Friday, April 5, 2024, 09:20:13 AM

Confirmed: DCG Missed $630-Million Debt Payment, According To Court Filing

Digital Currency Group (DCG) missed a $630 million payment that was due May 9, 10,...

Thursday, June 22, 2023, 10:55:00 AM

Is KB Home Trying To Overshadow Cancellations With Virtual Homes In The Metaverse?

In its Q4 2022 financials, KB Home (NYSE: KBH) reported a cancellation rate of 68%–meaning...

Thursday, January 19, 2023, 12:48:00 PM