Don't ever believe anything that guy types. Even if he says the sun rises in the east it somehow will be a lie.
notmybuddy - people are starting to think you're a BIG LIAR!?!
what the hell?
Remember this? Zena rported a loss of $1 million - then the external auditors reviewed the numbers and management had made $6 million worth of 'small errors' and they had to restate the quarterlies to show the real number of a $7 million loss? Good times.
Hope the auditors got a lok before this quarters numbers are released Friday, Nov 13 - after market close.
Zenabis Files Amended and Restated Interim Financials and MD&A for Q1 2020
Vancouver, British Columbia – June 12, 2020 – Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company”) announces that following a review by the Company’s auditors, the Company has filed amended and restated interim financial statements and management’s discussion and analysis for the three months ended March 31, 2020 and 2019.
Zenabis noted that while the changes discussed below result in a change in comprehensive loss, for the three months ended March 31, 2020, income from operations remained unchanged at $5,189,328 and adjusted EBITDA also remained unchanged at $2,343,955 (see “Non-GAAP Financial Measures”).
In the course of the Company’s auditor conducting a review of the Company’s interim financial statements for the three months ended March 31, 2020, and 2019, it was determined that the following adjustments should be made:
- The Company updated its accounting analysis with respect to the induced early conversion of unsecured convertible notes which led to a revised conclusion that a loss on early conversion in conjunction with the unsecured convertible notes for $5,624,803 was not recorded. In addition to this, the warrants which were issued on conversion were fair valued at $891,916 and classified as equity instruments within the 'Reserve for Equity’ in the Statement of Equity. 'Share Capital' was also increased by $4,732,887 related to the conversion.
- 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.
- Adjustments were also made to correct values assigned to 'Accounts receivable', 'Prepaid and other current assets', 'Other assets', 'Property, plant and equipment', 'Accounts payable and accrued liabilities', 'Customer deposits', 'Current loans and borrowings', 'Long-term loans and borrowings' and 'Deferred income tax liability' on the condensed consolidated interim statement of financial position.