SMC Announces Completion of 2023 and 2024 Year End Audits: Completion of FYNN AI Technology Consolidation; Removal of $8,358,356.16 in Future Liabilities; Shareholder Update

Rhea-AI Summary

SMC Entertainment (OTC PINK:SMCE) has announced several key developments: completion of 2023 and 2024 audited financials by RBSM, and consolidation of technologies under FYNN AI platform, which serves over 3,000 active free users providing research on multiple global equities and cryptocurrencies.

The company successfully unwound the Chaintrade acquisition through a court ruling on April 18, 2025, resulting in the cancellation of an $8 million promissory note and $358,356.16 in accrued interest. SMC has filed for a corporate name change to 'Fyntechnical Innovations Inc.' and symbol change from SMCE to 'FYNN', pending FINRA approval.

The company is implementing a 'razor and razor blade' business model, offering free research while generating revenue through its trading platform and white-label licensing. Platform expansion to include Australian and UK securities is planned by June 30, 2025.

Positive

• Successful completion of 2023 and 2024 audited financials
• Elimination of $8.36 million in future liabilities through court ruling
• Platform consolidation under FYNN AI with 3,000+ active users
• Expansion of research coverage to multiple global markets

Negative

• Unwinding of Chaintrade acquisition due to undelivered assets
• Removal of membership fees may impact immediate revenue potential
• Corporate name and symbol change still pending FINRA approval

BOCA RATON, FL / ACCESS Newswire / April 22, 2025 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a Fintech incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce the following:

Completion of audited financials for 2023 and 2024 SME Entertainment is pleased to announce our auditing team at RBSM has completed our 2-year audit. The year end financials have been filed and approved by our PCAOB auditing team. This marks a major milestone for SMC Entertainment.

Technology Platform Consolidation. SMC has completed the consolidation of all its current and legacy technologies (Fyniti, Chaintrade AI, and AI Advisor) under one technology platform called FYNN AI. FYNN AI currently has over 3000 active free users and now provides in depth research on all US equities, Canadian equities, Indian equities, Forex, and 57,000 Crypto currencies. We will continue to streamline our research product and plan to add in Australia and UK securities by June 30, 2025. The Company is working on a new business model employing a "razor and razor blade" strategy for marketing our FYNN AI platform. The research will be offered for free, and revenue will be generated on the conversion onto our FYNN AI trading platform and by licensing our platform on a white label basis to other companies.

Unwinding the Chaintrade Acquisition and The Cancellation of $8,358,356.16 in Future Liability. As reported in our March 28, 2025 8-K, on March 17, 2025, the Company filed a lawsuit (Case No. A-25-914825-C) in the District Court of Clark County Nevada, against Chaintrade, Ltd. ("Chaintrade") and the Company's wholly-owned subsidiary, FYNX, Inc. ("FYNX") related to certain representations and warranties made by Chaintrade in the Acquisition Agreement dated May 30, 2024, the closing of which occurred on July 21, 2024.

On April 18, 2025, the Nevada Court ruled in favor of SMC, and issued an Entry of Stipulation and Order for Dismissal under which the Acquisition Agreement dated May 30, 2024 was unwound and terminated, and the $8,000,000 Promissory Note issued to Chaintrade, in exchange for Chaintrade assets which were not delivered, was cancelled due to lack of consideration, which also cancelled $358,356.16 in accrued interest The parties further agreed that subject to the express terms of the Settlement Agreement dated March 7, 2025, all claims, counterclaims, crossclaims and affirmative defenses by and between the Settling Parties were dismissed with prejudice.

Updated on Our Planned Name Change and Symbol Change. On July 9, 2024, SMC filed Schedule 14C with the Securities and Exchange Commissionto disclose its plan to change its corporate name from SMC Entertainment, Inc. to "Fyntechnical Innovations Inc." and its stock trading symbol from SMCE to "FYNN". SMC is pleased to announce that it filed its corporate action with the Financial Industry Regulatory Authority ("FINRA") in February to effectuate the name and symbol change, and that SMC will continue to work with FINRA to provide all information needed to complete the corporate action process, which has not yet been approved by FINRA. In the meantime, the Company has been using and maintaining www.fyntechnical.com as its main website.

"We are pleased with the initial rollout and development of FYNN AI" stated Erik Blum CEO. "We continue to concentrate on building our foundation. Our greatest asset is the size of our community and the people interacting with FYNN. We have decided to remove the membership fee on the platform. This will allow free usage to anyone looking to expand their financial knowledge base. We continue to work to expand our AI footprint and we are in discussions with multiple defi trading platforms to find the right fit for our community. I look forward to continuing to work to increase shareholder value and execute on behalf of Fyntechnical."

About SMC Entertainment, Inc.

SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (Fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. For more information on SMC, visit www.smceinc.com or www.fyntechnical.com. SMC operates with two wholly owned subsidiaries, Bateau Asset Management and Fyniti Global Equities EBT Inc.

• Bateau Asset Management is a boutique investment manager founded in 2016 based in Australia with offices in Singapore. The company follows an absolute-return investment philosophy and a multi-manager approach to investing. To learn more, go to www.bateauam.com.au.

• Fyniti Global Equities EBT Inc. is a Fintech platform developer founded by veteran Wall Street technologists and investment bankers who worked for Goldman Sachs, JP Morgan Chase, Bank of America (Merrill Lynch) and Citigroup. Fyniti has a clear focus on developing disruptive technologies in the Wealth Management and capital markets domains. Fyniti owns the IQ Engine and EBT Technology which combine to provide AI driven Quantitative investing and AI based Basket Trading platforms. For more information, visit fyniti.com.

Press Release Contact:

Erik Blum
Chief Executive Officer
SMC Entertainment, Inc.
or
Ron Hughes
Chief Operations Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
360-820-5973

Safe Harbor Statement

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

SOURCE: SMC Entertainment, Inc.

View the original press release on ACCESS Newswire

FAQ

What is the significance of SMCE's $8.3 million liability removal in April 2025?

The court ruling canceled an $8 million promissory note and $358,356.16 in accrued interest related to the unwound Chaintrade acquisition, significantly improving SMCE's financial position by removing future liabilities.

How many active users does SMCE's FYNN AI platform currently have?

FYNN AI currently has over 3,000 active free users accessing research on US, Canadian, Indian equities, Forex, and 57,000 cryptocurrencies.

What is SMCE's new revenue model for the FYNN AI platform?

SMCE employs a 'razor and razor blade' strategy, offering free research while generating revenue through the FYNN AI trading platform and white-label licensing to other companies.

When will SMCE complete its name change to Fyntechnical Innovations?

The name change from SMC Entertainment to Fyntechnical Innovations and symbol change from SMCE to FYNN is pending FINRA approval, with the corporate action filed in February 2025.