May 16/24 CC
Lastly, I’d like to highlight an upcoming change related to financial reporting to our investors. The company has determined that it no longer qualifies as a foreign private issuer, and as a result, effective October 1, 2024 the company will transition from international financial reporting standards aka IFRS, to US Generally Accepted Accounting Principles aka GAAP. This means starting with our fourth quarter of fiscal 2024 and our auditor financials for the year ending September 30, 2024, the financial statements will be prepared under US GAAP.
It also means that effective October 1, 2024, the company will be subject to the same reporting and disclosure requirements applicable to domestic US companies and the company will be required to file periodic reports and financial statements with the SEC on Form 10-K and Form 10-Q, as applicable as well as filing current reports on Form 8-K. We are looking forward to this transition as we believe it is important to align our accounting standards with the geography of our operations being all within the United States, as well as improving comparability to our peers in the industry.