M&A: TOKEN COMMUNITIES LTD.

Form Type: 10-K

Filing Date: 2024-12-31

Corporate Action: Acquisition

Type: New

Accession Number: 000147793224008431

Comments: Token Communities, Ltd. (the 'Company') filed its annual report for the fiscal year ended June 30, 2024. The report outlines significant developments, including the acquisition of Elements of Health and Wellness, Inc. in January 2023, and the acquisition of ASC Global Inc. in May 2024. These acquisitions represent a strategic shift for the Company as it diversifies its operations beyond blockchain technology into health and wellness and real estate development. The Company faced substantial competition in these sectors and reported a net income of $1,276,464 for the fiscal year, a significant turnaround from a net loss in the previous year. The operating expenses increased due to the acquisition costs and related legal fees. The total assets have significantly increased to $3,987,903, driven by the acquisition. The report also includes a caution regarding forward-looking statements and the inherent risks involved. The Company has not paid any cash dividends and plans to use its earnings for growth.

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