Victory Square Technology (CSE:VST), blockchain company announced its year-end 2018 financial report, with over 500 percent year-over-year increases in revenues. In addition, Victory Square acquired 11 new companies. The company stated that this was part of the reason why its financial statements were reported so late in the year. As quoted in the press release: …

Victory Square Technology (CSE:VST), blockchain company announced its year-end 2018 financial report, with over 500 percent year-over-year increases in revenues. In addition, Victory Square acquired 11 new companies. The company stated that this was part of the reason why its financial statements were reported so late in the year.

As quoted in the press release:

Dear Fellow Shareholders,

The three years since we became Victory Square Technologies have been transformational for our company. The results of our growth since 2016 sees us emerging as a strategically focused group of businesses linked by the power of innovative technologies. Victory Square has teams operating across more than 20 countries.

As is often the case, increased growth leads to greater challenges and we certainly faced those head on in recent months. As many of you are aware, a failure-to-file cease trade order in Canada was issued for Victory Square as the result of delays in the filing of our annual audited financial statements for the year-ending December 31st, 2018.

Simply put, the nature and scope of the investment in or acquisition of 11 private companies during 2018 meant that our auditors required far more time than expected to complete our Victory Square audit. In our race to change the game, we underestimated the complexities involved in expediting the growth of our portfolio of companies. We apologize for any inconveniences caused by these delays and we’re committed to ensuring we are better prepared for these unforeseen bumps in the road.

Click here to read the full press release.

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