FormerXBC Inc XEBEQ

What does this mean?

[Gann999]

On a combined basis, the Excluded entities contributions to our consolidated statements of loss and comprehensive loss for the three months ended March 31, 2022 was approximately 31% of total revenues. Additionally, as at March 31, 2022, these entities current assets and current liabilities, on a combined basis, represented approximately 12% and 19% of our consolidated current assets and current liabilities, respectively. Combined non-current assets, which includes intangible assets and goodwill from these acquisitions, represented approximately 2% of our consolidated non-current assets. The amounts recognized for the assets acquired and liabilities assumed as at the date of these acquisition are described in Note 3 of the Consolidated Financial Statements. Management is committed to removing this limitation within the timeframe permitted by regulation

[filoux004]

That's an excellent question!!!! Is there a corporate accountant in the room?? Peace

[Koko391]

The excluded entities are those relatively recent aquisitions that have not yet been fully integrated into Xebec's accounting system and which are therefore subject to their own accounting controls (as opposed to Xebec's corporate controls).  The previous paragraph of the report identifies which entities are being referred to: Management has limited the scope of design of its

[Gann999]

So I guess my question is were there revenues not recognized in q1 that will eventually be recognized.

[Koko391]

I'm not an accountant but my belief is that the revenues are recognized in the statements but are not subject to the same oversight and controls as internal corporate revenues. I do not read the passage as indicating any revenues from those entities are deferred to future periods.  You'll note that the management commentary indicates excluded entities contributed to both total