Digital Asset Monetary Network Files Year-End Disclosures - With View To Adopt Blackstone's Reporting Method
NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. or "DigitalAMN" (OTCMKTS: DATI), a Public Accelerator-Incubator ("PAI"), announced today, that DigitalAMN has filed its 2018 Year-End Financial Disclosures, with an intent to adopt the reporting method employed by The Blackstone Group L.P., to accurately reflect the growing value of the Company's equity portfolio's asset holdings.
"We plan to evolve and adjust the way we communicate and report our growing value; particularly concerning the assets held in our equity portfolio," stated Ajene Watson, CEO of Digital Asset Monetary Network. "First, we are intent on becoming fully reporting by the time our year-end for 2019 is filed. Second, as we are committed to communicating transparently with our shareholders, we intend on adopting a reporting method similar to that of The Blackstone Group L.P. - a fully reporting company. (https://www.sec.gov/Archives/edgar/data/1393818/000119312518067079/d522506d10k.htm)."
While completing the year-end for 2018, management found that GAAP Accounting requirements posed challenges in disclosing the growing value of its equity portfolio assets - considered Level III assets. Management believes that The Blackstone Group's reporting method for these Level III asset types is an appropriate way of reflecting the Company's value.
Watson continued, "One of our asset holdings reflected an overall growth of 15x. Another company we hold equity in, successfully launched its blockchain based app, is generating revenue and operating on two continents. A third company recently completed a strategic investment relationship with a portfolio company of the Softbank Group Corp. Given that all these equity holdings are considered ‘Level III' assets, from an accounting perspective, our shareholders will not easily see their values reflected until we sell or monetize these assets. Nonetheless, the enterprise value of these holdings are reflected in our financial statements at cost, but, in many cases, may have increased in value."
Management anticipates adding approximately 20 to 40 client-companies in 2019 and up to 80 in 2020, with the majority becoming equity portfolio assets. While client-companies positively impact DATI's income, a comprehensive method of reflecting the size and growth for the Level III asset class is paramount to DATI's overall valuation and building shareholder confidence.
Watson concluded, "Our total market cap was reported to be less than the approximated value of our equity portfolio [roughly 60 days ago]. Even if we only add just 10 well curated equity portfolio companies in 2019, reflecting a similar growth and value proposition to TruCrowd, WorkDone and Vezt, our overall equity portfolio could reflect values potentially 3x to 4x today's market cap by year's end. To properly reflect these values into our financials deserves great attention and detail. We aspire to do this for our shareholders, as much as we strive to achieve a $50M valuation by the open of 2020."
ABOUT Digital Asset Monetary Network, Inc.
Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) is the first company to utilize the Public Accelerator-Incubator (PAI) model, with the intent to follow the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
For investor and general information, please email info@DigitalAMN.com
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Source: Digital Asset Monetary Network, Inc.