Creatd, Inc. announced today a significant reduction in its tax liability, reinforcing its commitment to optimizing its financial position. As part of its ongoing efforts to restructure and lower outstanding obligations on its balance sheet, the Creatd Management and Board of Directors have rescinded the original grant of shares intended for Executive Officers and Board Members. Notably, this class of recipients had never cleared or deposited any shares.
The implications of this decision are substantial for Creatd's financial health. The Company's balance sheet is expected to reflect a reduction in its tax obligation liability of approximately $1.8 million. This move is in line with Creatd's systematic approach to financial restructuring and is a pivotal step in the company's comprehensive balance sheet cleanup.
Jeremy Frommer, CEO of Creatd, Inc., commented on the decision, stating, "Our primary focus remains on strengthening our financial foundation. This latest action is a testament to our unwavering commitment to fiscal responsibility and creating long-term value for our shareholders."
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