Novem has released its Q3 2019 gold audit report, which was prepared by its external auditing firm, Grant Thornton. Novem is a gold storage and asset management company that seeks to establish an international chain of gold stores. In its first fortnightly report released at the end of September 2019, Novem announced the partnership with Grant Thornton.

Grant Thornton is an audit, tax, and advisory service that is part of the seventh-largest accounting network in the world. The firm’s task includes auditing the gold stock every quarter and verifying that it matches the total number of NNN tokens in circulation.

The Q3 2019 gold audit report was performed in accordance with the International Standard on Related Services 4400, and verified the following:

  1. The total amount of gold stock in the vault is 21,000 grams.
  2. The total amount of NNN minted is 2,100,000 tokens.

The auditors used the NewEconoLabs (NEL) block explorer to verify that the number of NNN tokens minted on the NEO blockchain was equal to the amount of gold in storage. Novem mints 100 NNN tokens for each gram of gold stored in its facility.

Currently, private investors own the 21 kilograms of gold Novem manages and stores in a Trisuna facility located in Triesen, Lichenstein.

Looking Forward

Novem intends to store more gold in the facility and issue additional NNN tokens, but is waiting on prospectus approval from the Liechtenstein Financial Market Authority (FMA). In August 2019, the team anticipated the approval for the prospectus could take an additional four to six weeks.

In the future, Novem aims to upload and store the audit reports via NeoFS, a NEO-based distributed storage system with a tentative TestNet launch in October 2019.

The Q3 2019 gold audit report can be found at the link below: