WonderFi Files Amended and Restated Q3 2022 Financial Statements and MD&A
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (FTX: WNDR) (the "Company" or "WonderFi") has filed amended and restated interim condensed consolidated financial statements and accompanying management discussion and analysis ("MD&A"), for the three and nine month periods ending June 30, 2022.
The amended filings are a result of a review completed by the Company's newly appointed auditors, Raymond Chabot Grant Thornton, in connection with the preliminary purchase price allocation of the Company's acquisition of Bitbuy Holdings Inc. A summary of material revisions ("Adjustments") to the financial statements is as follows:
- The Company amended its statement of financial position as at June 30, 2022 to include an increase in goodwill by $19,504,852 and an offsetting increase in deferred tax liabilities. The adjustment was made to correct an error of not recording a deferred tax liability for the intangible asset acquired from the business combination.
- The Company amended its statement of cash flows for the three and nine months ended June 30, 2022, to reclassify the purchase of digital assets and disposal of digital assets from investing activities to changes in working capital items given digital assets relate to day-to-day operations. Also, the Company netted the right-of-use assets and lease liabilities as lease payments and reclassified it from investing activities to financing activities. The changes made to the statements of cash flow are for presentation purposes only and, therefore, there is no net change to the ending balance of cash.
The MD&A for the period ended June 30, 2022 was amended and restated to reflect the changes to the amended and restated financial statements.
Users of the Company's financial statements should note that the Adjustments, as described above, do not change the Company's overall cash position or the Company's Statement of Earnings and do not have a net impact on the Company's Statement of Financial Position.
Access to Financial Statements and Management Discussion and Analysis
The amended and restated financial statements and corresponding MD&A are available on the System for Electronic Document Analysis and Retrieval at www.SEDAR.com.
For additional information, please contact:
WonderFi Technologies Inc.
Ben Samaroo, CEO
Investor Relations Contact: email@example.com
Binu Koshy, Communications Director
WonderFi is a leading technology company with the mission of creating better, unified access to digital assets through centralized and decentralized platforms. WonderFi's executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital and Hut 8. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way. For more information, visit www.wonder.fi.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.
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