Verde Agritech Ltd T.NPK

Verde releases revised Q2 financial statements

[15Stanmore]

Hello fellow Verde shareholders,

I am delighted to see that Verde has re-released the Q2 2021 financial statements to correct the $3.5 million under-reporting of Q2 Comprehensive Profit. The statements issued on Monday had disclosed a $1,681,000 Q2 loss, whereas the corrected version released this morning now shows a Comprehensive Profit of $1,839,000 or 3.66 cents per share.

This is the first quarterly Comprehensive Profit recorded by the Company and is a major milestone, especially coming in Q2 rather than in the top performing Q3.

Excellent news.

[figtrader]

Intentionally misleading or totally inept. That is the question

[Ciao]

Stan, great work on your part.  Did the principals at Verde acknowledge you for catching this? If not, then we have another adjective to describe management...

[15Stanmore]

Hello Ciao, While I was able to confirm the Company received my emails identifying the error on Monday, I have not received any response from Verde to that original correspondence or any of the 4 follow-up emails including the one at end of day yesterday which informed them I would have no choice but to contact the TSX to follow-up. Fortunately thas has not been required with their correction

[Ciao]

Hi Stan, I can understand that you feel the gratitude we have given to you for your work in the shareholder group and esp. on the lastest financials is a reward for you in itself. The lack of gratitude for your findings to correct financial reporting results (intentional or not) and acknowlegement (beyond correcting and re-issuing results) from Verder says a lot about the overall integrity of

[DiggeDiego]

Hopefully they are busy selling k-forte and BAKS. Since it doesn't change the bottom line 79k number I don't think there will be a PR published at this time. Going forward we have a very exciting Q3 result coming up in 3 months, expectations? 

[15Stanmore]

Hello Ciao, The Company includes in the amended statements the following explanation for the corrections "the Company identified certain typeographical errors". I can understand why they would not want to say "a diligent and concerned shareholder who is a retired CFO noted the error in the original statements and immediately brought it to our attention to correct on Monday

[PedroPistacio]

Well done to whoever pointed this out to Verde management. Was it you Stan?  Having read the official statement correcting the figures, Verde hasn't even got these right. Whilst the table shows the new figures correctly, the text says the figures have been restated to a gain of $1,758 instead of $1,758,000. Sloppy. 

[ICT1111]

Whilst I haven't looked at the sedar filing and the new numbers..... if you are correct Pedro the profits are now understated by C$1.756 million...... is another urgent correction required? Stan's comment chimes...... now we need some really positive PR that reflects the numbers

[TechOne]

Do you have a link to this press release ? Can't find it any where.. Thanks.. 

[15Stanmore]

Hello Tech One, The Company chose not to issue a News Release that would I suppose bring unwanted attention to the fact that they had issued erroneous financial statements. The amended returns were posted to SEDAR this morning along with the usual certifications that the CEO and CFO confirm the statements that have been filed are complete and accurate. They had submitted the same certification