Beleave Files Amended and Restated Financial Statements
Toronto, Ontario--(Newsfile Corp. - April 20, 2020) - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company"), a licensed producer of cannabis and cannabis-derived products, today announced the filing of amended and restated management's discussion and analysis and amended and restated unaudited condensed consolidated interim financial statements.
The Audit Committee, in consultation with management of the Company, has determined that the Company's previously filed unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three and nine months ended period December 31, 2019 and 2018 needed to be restated to correct for a content and disclosure deficiency as noted by the Ontario Securities Commission ("OSC").
Adjustments were also made to correct the values assigned to inventories, biological assets and property, plant and equipment as at December 31, 2019. Previously, balances of $2,116,123 for inventories, $278,767 for biological assets and $19,283,446 for property, plant and equipment, were respectively reported on the condensed consolidated interim statements of financial position.
Details of the changes are fully described in Note 25 to the Restated Unaudited Condensed Consolidated Interim Financial Statements, as filed on SEDAR on April 20, 2020.
The previously filed financial statements and management's discussion and analysis for the financial periods were originally filed by the Company on SEDAR on March 2, 2020. Each of the Restated Unaudited Condensed Consolidated Interim Financial Statements and Revised MD&A replaces and supersedes the respective previously filed original financial statements and related management's discussion and analysis.
There have been no other changes. This notice supersedes the previously filed version. All amounts expressed in Canadian dollars unless otherwise noted.
About Beleave Inc.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2020. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
Investor Relations Contact:
Interim Chief Executive Officer
Phone : +1 (905) 979-4835
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
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