Hi everyone,
It’s been a while and I wanted to give you an update on HouseHaeds. I regret to inform you that, after an audit of the company’s financial data, it was determined that our CFO and co-founder misappropriated investment funds, and made misrepresentations to third-parties about the company’s financial position. These actions resulted in the undercapitalization of the company.
To cover this shortfall, the CFO began paying contractors out of collateralized funds that had been set aside to pay existing contractors for their work.
After completing the audit, we sought to conduct corrective action and ensure that future misrepresentations to third parties would not occur.
The CFO was given the option to resign from the CFO position, while an interim CFO handled daily operations. The CFO declined the option to resign.
Legally the company cannot operate with active misrepresentations being made, and unfortunately at this time the company (Aeterna Labs Inc. ) is forced to dissolve.
I want you to know that I have not given up, I value this community greatly and believe in the future of HouseHaeds. I am currently working to find a solution that allows me to move forward with rebuilding the company.
I have provided additional information on our Discord server on the update channel.
James | CEO