1319732 B.C. Ltd. Announces the Filing of Amended and Restated Financial Statements and MD&A for Q2

April 24, 2023 5:42 PM EDT | Source: 1319732 B.C. Ltd.

Vancouver, British Columbia--(Newsfile Corp. - April 24, 2023) - 1319732 B.C. Ltd. (the "Company") announces that it has filed amended and restated interim financial statements for the period ending January 31, 2023 (the "Amended Statements") and related amended and restated management's discussion and analysis ("MD&A"). The Amended Statements were required to correct material omissions identified during a review by the Company's accountants.

The Amended Statements have been restated to disclose the following:

  • A restatement of the Company's statements of financial position as of January 31, 2023, and its statement of net loss and comprehensive loss, statement of cash flows and statement of changes in equity for the period ending January 31, 2023 (the "Restatement").

  • The restatement reflects the shares for debt settlement completed by the Company during the first half of fiscal 2023.

  • The effect of the Restatement is as follows:

Statements of Financial Position
As previously
reported


Adjustments

As restated  
ASSETS








Current Assets








Cash $4,561

-
$4,561 
TOTAL ASSETS$4,561
$-
$4,561 


 

 

 
LIABILITIES AND EQUITY
 

 

 
Current Liabilities
 

 

 
Accounts payable and accrued liabilities$34,150

(16,928)
17,222
Loans payable
1,787

-

1,787 
TOTAL CURRENT LIABILITIES
35,937

(16,928)
19,009 


 

 

 
Share Capital and Deficit
 

 

 
Share Capital
35,576

136,928

172,504
Accumulated deficit
(66,952)
(120,000)
(186,952)


(31,376)
16,928

(14,448)
TOTAL LIABILITIES AND EQUITY$4,561
$-
$4,561 

 

Statement of Loss and Comprehensive Loss
Three months ended January 31, 2023

As previously
reported


Adjustments

As restated 










Professional fees $750
$-
$750
Corporate management fees
-

120,000

120,000 
Loss before other items$750
$120,000
$120,750 

 

Statement of Loss and Comprehensive Loss
Six months ended January 31, 2023

As previously reported

Adjustments

As restated 










Professional fees $1,500
$(218)$1,282
Legal expenses
4,782

(4,782)
-
Filing expenses
283

-

283
Corporate management fees
-

125,000

125,000 
Loss before other items$6,565
$120,000
$126,565 

 

Statement of cash flows
Six months ended January 31, 2023

As previously
reported


Adjustments

As restated 










Cash provided by (used in):








Operating Activities








Net gain / (loss) for period$(6,565)$(120,000)$(126,565)
Shares issued to settle debt
-

136,928

136,928
Changes in non-cash working capital balances:
 

-

 
Accounts payable and accrued liabilities
1,960

(16,928)
(14,968)
Loans payable
1,787

-

1,787 


 

 

 
Cash Used in Operating Activities
(2,818)
-

(2,818)


 

 

 
Financing Activities
-

-

-
Share issuances, net of costs
-

-

- 


 

 

 
Cash Provided by Financing Activities
-

-

- 


 

 

 
Change in cash
(2,818)
-

(2,818)
Cash, Beginning
7,379

-

7,379 


 

 

 
Cash, Ending$4,561
$-
$4,561 

 

Statement of changes in equity
For the six months ended January 31, 2023

As previously
reported


Adjustments

As restated 










Capital and Deficit








Share Capital$35,576
$136,928
$172,504
Accumulated deficit
(66,952)
(120,000)
(186,952)


 

 

 
Total$(31,376)$16,928
$(14,448)

 

In connection with the filing of the Amended Statements, the Company is also filing (i) amended and restated MD&A in compliance with the requirements of National Instrument 51-102 Continuous Disclosure Obligations, and (ii) CEO and CFO certifications in compliance with national Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.

On behalf of the Board of Directors

Binyomin Posen
Chief Executive Officer, Chief Financial Officer & Director
T: 416 481-2222
E: bposen@plazacapital.ca

FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward- looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.

Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163592

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