Datametrex AI Ltd V.DM

Press Release/Year End

[Smokey1958]

I would suspect this was done for one reason and one reason only. DM wasn't going to get their annual financials completed on time. This is not a reflection on the company but the continuing reality of accounting firms. Having said that to have had the regulatory body come down on DM for not meeting the deadline (ie. trading halt) would have only added to a challenging image problem.

Issues are mounting as accounting firms struggle with dwindling numbers. DM is one of a number of companies that have moved their year end to ensure that audited annual financials are released on time. I agree with Aiking, although I believe it to be a coincidence, that this will definitely provide Mr. Park and the rest of the management team with an opportunity to walk the talk. Certainly with half the calendar year before 2023 annual financials are released a much more robust trajectory should be seen.
 

The following is from an article from the Business Insider from exactly a year ago. While it is an American statistic it seems representative of what's happening here as well. The whys would definitely apply here.

Many experts blame the Great Resignation for the decline in available accountants. And, AICPA notes, 75% of CPAs reached retirement age in 2020. 

[MyAli4s]

This post has been removed in accordance with Community Policy

[jpm59]

don't blame "accounting firms",,, the delay is a "delay" of statements of revenue. or the lack of rev/s.  no use reporting zero rev's.

[rollthedice10]

You may be right. I know a couple of accountants and they tell me it is challenging to deliver deadline results and to ensure complete accuracy, even in audits. Main reason? Staff shortages and turnover. Also, at least in the case of the guys I know, new software is being brought in by many accounting firms that require a lot of sometimes painful learning. And yes, a lot of retirements. In cases

[Tulsa123]

Interesting thank you and yes my thoughts as well with financial outlook.Glta

[astutein]

will quarterly results  for period Dec31 still have to be filed. per OSC filing rules.?

[ibsn4512]

No. Year end is being extended by 3 months, so a 15 month year...thereafter April 1 to March 31 fiscal years!!!

[ibsn4512]

Sorry, quarterly results yes. 

[Pandora]

So does that make the fourth quarter a period of 6 months - Oct. through March? Or do they do it some other way i.e. 5 quarters with fourth quarter ending at Dec. 31 and fifth quarter(?) ending March 31 and first quarter of next year ending June 30??

[samydude]

 In line with your reasoning then a company that was having trouble with an accounting firm could continually change their year end and never report an audited result.  CIRO grants up to a 6 month extension to file audited reports for accounting firm issues, etc, with the company required to do bi monthly update progress release until the financials are filed before a CTO. Changing a

[Smokey1958]

No, a company wouldn't and couldn't do that because there are regulations pertaining to that. Common sense would also negate this as a strategy. What has happened is that more and more companies are feeling the squeeze of one, maybe even two missed dates for filing annual financials as a consequence of auditors not being able to meet their obligations. I'm not suggesting this is the

[samydude]

I think the change in year end by DM is much more simple than the idea floated that it was done because of accounting firm issues. Korean Lunar New Year!!! The change in year end  was extended to fall after the Korean lunar new year that is in January or February (February 10th this year). The superstisions around dates and numbers made it imperative to change the year end for DM!