Barkerville Gold Mns Ltd BGMZF

RE:RE:RE:August Financials In Sedar

[pigbruinmcveid]

Nasty little footnotes... 

ILoveTimmies wrote:

BARKERVILLE GOLD MINES FILES AMENDED FINANCIAL STATEMENTS AND MD&A

Further to its press release of July 27, 2015, Barkerville Gold Mines Ltd. has, with the assistance of its auditors, identified certain inaccuracies related to the previously filed financial statements and management discussion and analysis for the six-month period ended Aug. 31, 2014. As a result, the company has filed amended and restated financial statement and MD&A, copies of which are available under the company's profile on SEDAR. The effect of the restatement is detailed as follows:

Notes:

 

1. The restatement was due to revenue and amount receivable previously recognized on the date of shipment and valued on the date of settlement but should be recognized and valued on the date when the risks and rewards of ownership have been transferred to the customer in accordance with the agreement entered into between the company and its customer (date of receipt).
2. The restatement was related to misallocation of costs between mine development and inventory.
3. The restatement was related to provision for site reclamation and closure and accretion expense not accrued for wastes produced during the period.
4. The restatement was related to royalty payable not accrued.
5. The restatement was due to assignment of loan from related party due to related parties not presented correctly on the balance sheet.
6. The restatement was due to change in deferred tax liability not recorded.
7. The restatement was due to legal fees related to private placement not being recorded to share issue cost and loss on shares for debt not recorded.
8. The restatement was related to total impact on the consolidated statements of loss and other comprehensive loss.
9. The restatement was related reclassification of costs between mine operating and cost of sales and direct costs.
10. The restatement was related to the impact of unrecorded change in the gold loan facility during the three-month period ended May 31, 2014.
11. The restatement in cash outflows from operating activities consists of an adjustment of a $1,752,501 net loss in items, which does not involve cash, and an adjustment of $1,530,974 in change in non-cash working capital. This adjustment also impacted investing and financing activities.
12. The restatement was related to total impact on the consolidated statements of loss and other comprehensive loss.