Amateur Hour? Or? The Company identified that $1,060,500 in payables was incorrectly classified as 'Property, plant and equipment' and reclassified this to 'Accounts payable and accrued liabilities'.
• The deferred income tax liability for True Bch as at the date of disposal was understated by $568,670. This resulted in an increase to the 'Loss from loss of control of a former subsidiary' of $568,670 (From Restated Results)
My take: These two stand out as attempts to enhance working capital by understating current liabilities. They are obvious current liabilities! Dec/19 results were also restated! Coincidence or red flag day?