Member Info for Chaebol

So from September 2023 to April 2024 Semnet completed 36 million USD and between September and April 2024 GSFintech booked 35 million Euro in sales.

Would be interested what Lloyd thinks of this tbh.... pretty please x

Now its illegal lol Ill try and explain this so its simple.

Why GS Fintech UAB's Revenue Dropped from €42.5M (2023) to €209K (2024)The sharp decline is real (per official Lithuanian registry data on Rekvizitai.vz.lt), but it's almost certainly not reflective of core operational growth collapsing. Instead, the 2023 figure looks like a one-off or non-recurring transaction that inflated standalone turnover with virtually no profit attached. Here's the most likely explanations, based on patterns in small fintech subsidiaries and group reporting:Most Plausible Reasons One-Off Pass-Through or Intercompany Transaction:Common in group structures: Parent GSTechnologies (or affiliates) may have routed a large payment, fee, asset transfer, or client fund flow through the Lithuanian entity (GS Fintech UAB/ex-Glindala) for regulatory, tax, or licensing reasons.

Evidence: 2023 profit was just €5,475 (~0.01% margin) on €42.5M revenue—classic sign of low-margin/pass-through activity (e.g., high-volume crypto transfers or fiat on-ramps with tiny fees).

2024: Back to "normal" low revenue (€209K) with a loss (€112K), fitting a small team (3 employees) in build-out/compliance mode.

Large Deal or Contract Flow-Through:BB speculation ties it to a "~€36M Semnet contract" (Semnet Pte Ltd acquired by GST in 2023/2024, Singapore cybersecurity firm). Possible some revenue/flows booked via Lithuania temporarily.

Or a big institutional/OTC crypto deal via early GS20 operations—high notional volume but slim margins.

Accounting/Reporting Artifact:Standalone Lithuanian filings (calendar year) vs. GST group reports (March 31 year-end). Group revenue is modest: ~US$1.55M (FY24), US$2.96M (FY25)—no sign of €42M equivalent anywhere consolidated.

The spike doesn't align with announced trading volumes or Bake acquisition (completed Jan 2025, post-2024 filings).

Quick Comparison Table (Rekvizitai Data)Year

Sales Revenue/Turnover

Net Profit/Loss

Notes

2023

€42,535,209

+€5,475

Massive spike; razor-thin margin suggests non-core/one-off.

2024

€209,550

-€111,659

"Normal" for early-stage crypto subsidiary; compliance costs high.

Bottom Line: This isn't a "red flag" for business failure—more like an anomaly from a single large (low-profit) transaction that didn't repeat. Real operational traction shows in group results (revenue up 91% in FY25 from Semnet, Angra, and GS Fintech contributions) and the Bake integration (adding users/AUM post-2024). BOD silence on it is annoying but typical for microcaps—push for clarity in next RNS or AGM. If it was recurring revenue vanishing, we'd see group impacts... which we don't.

39 web pages

SO where do you think volume went in 2024?

Lol the crypto game can create a feeling in the stomach thats unrivalled with any other type of investment. And if you are going to remain in the sector mistakes, wrong timing etc is part of the tapestry imo. You will never time it like you want to, I just wish I could go to a non internet island for a couple of weeks when I sell x;)

Trump Coin been my best win this year lol crazy ! Sums up life !

I do, but he explains the 15th December wind down 9 days ago.......

4 Dec 2025 09:51

What the rules say



Enki

Posted in: GST

Posts: 2,540

Mmmmmm 35 million euro end of September 2023 is around 37.5 million USD

Semnet ACRA accounts very difficult to copy and paste but the timings and the amounts are not far away with GSFintech....

Cost of sales 35 million Revenue makes me wonder lol

Cost of sales

Gross profit

Other income

Administrative expenses

Employee benefits expenses

Finance costs

Profit before tax

Income tax expense

Net profit, representing total comprehensive profit for the financial period/year

Allocation of the net profit as follows:

Net profit, representing total comprehensive profit for the financial year

*Net profit, representing total comprehensive profit for the financial period - 1.10.2023 to 31.3.2024

Net loss, representing total comprehensive profit for the financial period - 1.4.2024 to 31.3.2025

Note

15

16 17 18 19

20

Period from

01.10.2023 to 31.03.2025 US$

37,780,654

(35,048,717) ---------------------- 2,731,937

33,922 (240,758) (724,518)

(1,613) ---------------------- 1,798,970

(311,558) ----------------------

1,487,412

BFD,

I dont believe for a second you spent 26 SGD on the Semnet accounts. You actually told me they would never be in the accounts and the magic line you said if you dont own it you dont have to account for it, that might fly in Bogota but not Singapore.....but me saying that GSFintech might have been the payment system is rejected lol

Bake has a Lithuanian VASP under GSFintech ITS ILLEGAL TO OPERATE UNDER A VASP FROM 31ST DECEMBER

BFD, you can apply next July for a mica casp with the BOL and yes apps can apply on the 1st January but they wont be operating until rejection approval......

I appreciate that BFD but imo if they could why wouldnt they use GS Fintech as the payment facilitator for the order. We have ended up paying tax on the profit oif the 36 million usd so it hasnt benefitted us at all and to nick a few k as the payment provider for that deal isnt beyond reality.....

Its weird how one year this turnover is 42.5 million and the next year 209k and I cant get any clarity on the figures from BOD. So I am guessing.

Can you read English? Do you understand the word Could? Do you understand who knows? I asked the bod for clarity on those figures and nada So I am guessing what it is if you look at it it was also booked as an asset to 2024 accounts.....

'The high revenue for 2023/24 could be to do with the Semnet 36 million contract and would make sense that we only made 6k from 42 million. Who knows ?'

Thats what I said............... are you done with the MiCA stuff now and understand ?

Its very nuanced, that's for sure. Things could still change and I still do not understand why they allowed different grandfathering times in different states that further adds to this complexity.

Monday should see real winding down of VASPS in LT . And companies that have applied can go till end of December but if they do not have decision they must cease all operations until approval/rejection from that December end date.

LT rules say the 15th December.

Chaebol

Posted in: GST

Posts: 9,767

RE: Crypto Licence12 Dec 2025 08:50

And thats what Lukas Jablonskas Head Of MiCA supervisor says from BOL.

Hi, all companies that do not receive MiCA license until December 31st, 2025 must cease all operations.

Billy, Sometimes I think you have issues....

Because it was yesterday that i conversed with Lukas I did Post it yday here but it got missed.

I believe Monday is the cut off time in LT

Thanks
Ian, you have seen this all before on Argo and the derangement that followed.......I posted my truth my thoughts and because it was disagreeable to all the longs, mayhem ensued, but you know I don't post for likes or being popular.

and in the end, when the fool has nothing substantive left, all they can do is cast aspersions and ridicule.

Suffering is the sole origin of consciousness of the finite and of patience. - Dostoyevsky

* Lukas Jablonskas 

*

*   

*

* MiCA | Supervision of Financial Markets | Lietuvos bankas

* About

* I'm a financial supervision professional with experience in investment services, crypto-asset regulation, AML, and fraud risk. At the Bank of Lithuania, I license and supervise crypto-asset service providers, ensure compliance with MiCA and other EU regulations, and conduct risk-based inspections of financial firms.

*

* I represent the Bank of Lithuania in ESMA’s Digital Finance Standing Committee, contributing to EU-wide work on MiCA, DORA, AI, and cybersecurity. I'm passionate about building transparent, innovation-friendly markets that combine effective regulation with strong consumer protection.

* 

Chris Copeland  8:27 AM

* 

Hello Lukas, Thank you for accepting my request. I am not sure if you can assist me but I am heavily involved in a number of companies currently applying for MiCA CASP In Lithuania. The grandfathering times in the EU and the changing cut off times to apply and transition have me confused !

I found this as I did my research.

Exact Text of Article 143(3):

"By way of derogation from Articles 59 and 63, Member States may allow any entity that, on 30 December 2024, is authorised or registered in accordance with applicable law to provide crypto-asset services in that Member State, to continue to provide those crypto-asset services until 1 July 2026 or until the entity is granted or refused authorisation in accordance with Article 63, whichever is sooner."

I see that Companies can apply for MICA CASP now up to the end of December, when I initially thought was June or July 2025 deadline, and of course we have a lot applicants in the mix already. So would those companies that have already applied from this year and up to December end 2025 have to cease business operations from Jan 1st 2026 or would they be granted the EU exemption of Article 143 (3) up until its approval or rejection?



* Lukas Jablonskas sent the following message at 8:47 AM




Hi, all companies that do not receive MiCA license until December 31st, 2025 must cease all operations.



What a wretched state of affairs. Somehow the circus is allowed to continue..........

I hope most can move on from this debacle and get over any losses they have suffered and take positives from the lessons learned. Just very weak that Argo ends like this in the UK, could have been a player in this game, was mining big numbers in the early stages, what a bunch of muppets!

If it's any solace , Merry Christmas and Good luck to all.

Https://rekvizitai.vz.lt/en/company/glindala/turnover/

Yes BFD even the Lithuanian state enterprise has it down as Revenue Turnover is that so dumb of the state?

The exact heading is "Sales Revenue (Turnover) by Year", and it defines it as:

"The company's turnover - is received and declared earnings for the year."

It further explains sales revenue as "the increase in economic benefits during the reporting period due to the sale of goods and services."

GS Fintech UAB Turnover and Financial Summary (from the linked page)

The page I linked shows the annual sales revenue chart and key financial data for GS Fintech UAB (company code 305964190, formerly UAB Glindala). Data is sourced from Lithuania's State Enterprise Centre of Registers, with the latest full year being 2024

The high revenue for 2023/24 could be to do with the Semnet 36 million contract and would make sense that we only made 6k from 42 million. Who knows ? Ive asked the BOD for clarity on 2023 figures but crickets.

Annual financial information for GS Fintech, UAB

Sales Revenue (Turnover) by Year

* 2021: No data

* 2022: No data

* 2023: €42,535,209 (displayed as ~42.5M on the chart)

* 2024: €209,550 (displayed as ~0.2M on the chart)

Please do not double down on stupidity with the MiCA approval BFD we have not applied in another state that has their grandfathering time running to next year .

A Lithuanian-based firm like GS Fintech UAB would not be allowed to legally provide regulated crypto-asset services (CASP activities, e.g., exchange, custody/wallet via GS20) anywhere in the EU starting January 1, 2026, without full MiCA authorisation. This includes serving clients in other Member States with longer transitional periods (up to July 1, 2026).

Enki put this man out of his misery please. You do have good understanding of this and so many people are still clearly confused.