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StageZero Life Sciences Ltd T.SZLS

Alternate Symbol(s):  SZLSF

StageZero Life Sciences, Ltd. is a Canada-based vertically integrated healthcare company. The Company is engaged in improving the early detection and management of cancer and other chronic diseases through diagnostics and telehealth programs that provide clinical interventions to assist patients who have cancer (COC Protocol), and help patients reduce the risk of developing late-stage disease (AVRT). Its test, Aristotle, is the first mRNA multi-cancer panel for simultaneously screening for multiple cancers from a single sample of blood with high sensitivity and specificity for each cancer. Aristotle uses mRNA technology to identify the molecular signatures of multiple cancer types and is built on the Company's patented technology platform, the Sentinel Principle. The Care Oncology Clinic offers a supervised treatment regimen (the COC Protocol) for people diagnosed with cancer of any type or stage. Its ColonSentry is a proprietary blood test for screening for Colorectal Cancer.


TSX:SZLS - Post by User

Bullboard Posts
Post by Skrit37on Nov 26, 2020 5:59am
898 Views
Post# 31976935

Here is the Explanation (note 17)

Here is the Explanation (note 17)

17. AMENDMENT Subsequent to the approval of the condensed consolidated interim financial statements for the period ended September 30, 2020, on November 20, 2020, it came to the Company’s attention that in calculating the remeasurement of the warrant liability for the period then ended that some inputs were not correctly valued by the Company’s software and a few other factors were not correctly reflected in the valuations. Management utilizes an external option tracking software for measures of volatility, it came to the Company’s attention that the stock consolidated in September was causing much higher historical volatility measures in this software than actually realized over the period. The result was to overstate the valuation of the warrants measured using the external option tracking software. In valuing the warrants, the Company mistakenly included broker warrants in their revaluation; however, these warrants are accounted for under IFRS 2 and are accordingly not remeasured at FVTPL. The inclusion of these warrants in the remeasurement of the warrant liability served to overstate the warrant liability. Further, in performing the remeasurement of the warrant liability, there were several exercises of the January 9, 2019, Lind warrants that had not been derecognized from the warrant liability, which resulted in an overstatement of the warrant liability and understatement of equity for the corresponding amount of the liability that was exercised, as remeasured at the exercise date. StageZero Life Sciences, Ltd. Page 29 In valuing the Convertible Debenture Private Placement in February 2020, the valuation model utilizes a discount for lack of marketability to account for the hold period contained in the agreements. The assumption related to the hold period used in the original valuation methodology was that the restriction would apply after conversion; however, it was subsequently determined that the restriction is for four months from the issuance date of the convertible debenture itself. The resulting impact is to overstate the fair value of the convertible debenture and understate the value of share capital and warrants issued on conversion as well as the loss on remeasurement at FVTPL. The revaluation also impacts the results of previously reported quarterly financial information for three months ended June 30, 2020 and March 31, 2020, in the amount of $252,500 and $30,000, respectively, and $282,500 for the six months ended June 30, 2020, as increases to the fair value of the convertible debenture liability and a corresponding increase in loss as a result of the remeasurement to FVTPL. Lastly, there was a clerical error that resulted in adjustments to the warrant liability pertaining to the period ended June 30, 2020, being booked again in the period ended September 30, 2020, which further overstated the warrant liability.

Originally i thought mabye this would get deffered to subsiquent Q's ...but in simple terms, looks like it was mainly a computer error which is very postive for us in the long term

Goodluck folks
Bullboard Posts