1319732 B.C. Ltd Announces the Filing of Amended and Restated Financial Statements and MD&A for Q2
1319732 B.C. LTD ANNOUNCES THE FILING OF AMENDED AND RESTATED FINANCIAL STATEMENTS AND MD&A FOR Q2
British Columbia, Vancouver – April 21, 2023 – 1319732 B.C. Ltd. (the “Company”) announces that it has filed amended and restated interim financial statements for the period ending January 31, 2023 (the “Amended Statements”) and related amended and restated management’s discussion and analysis (“MD&A”). The Amended Statements were required to correct material omissions identified during a review by the Company’s accountants.
The Amended Statements have been restated to disclose the following:
- A restatement of the Company’s statements of financial position as of January 31, 2023, and its statement of net loss and comprehensive loss, statement of cash flows and statement of changes in equity for the period ending January 31, 2023 (the “Restatement”).
- The restatement reflects the shares for debt settlement completed by the Company during the first half of fiscal 2023.
- The effect of the Restatement is as follows:
As previously Adjustments Statements of Financial Position reported As restated ASSETS Current Assets
Cash $ 4,561 - $ 4,561 TOTAL ASSETS $ 4,561 $ - $ 4,561
LIABILITIES AND EQUITY Current Liabilities
Accounts payable and accrued liabilities $ 34,150 (16,928) 17,222
Loans payable 1,787 - 1,787
TOTAL CURRENT LIABILITIES 35,937 (16,928) 19,009
Share Capital and Deficit
Share Capital 35,576 136,928 172,504 Accumulated deficit (66,952) (120,000) (186,952) (31,376) 16,928 (14,448) TOTAL LIABILITIES AND EQUITY $ 4,561 $ - $ 4,561
As previously Adjustments As restated Statement of Loss and Comprehensive Loss reported Three months ended January 31, 2023 $ Professional fees $ 750 $ - 750
Corporate management fees - 120,000 120,000
$ Loss before other items $ 750 $ 120,000 120,750
As previously Adjustments Statement of Loss and Comprehensive Loss As restated reported Six months ended January 31, 2023 $
| Professional fees | $ 1,500 | $ (218) | 1,282 |
| Legal expenses | 4,782 | (4,782) | - |
| Filing expenses | 283 | - | 283 |
| Corporate management fees | - 125,000 | 125,000 |
$ Loss before other items $ 6,565 $ 120,000 126,565
Statement of cash flows As previously Adjustments As restated Six months ended January 31, 2023 reported
Cash provided by (used in):
Operating Activities
Net gain / (loss) for period $ (6,565) $ (120,000) $ (126,565) Shares issued to settle debt - 136,928 136,928 Changes in non-cash working capital balances: -
| Accounts payable and accrued liabilities | 1,960 | (16,928) | (14,968) | ||
| Loans payable | 1,787 | - | 1,787 | ||
| Cash Used in Operating Activities | (2,818) | - | (2,818) | ||
| Financing Activities | - | - | - | ||
| Share issuances, net of costs | - | - | - | ||
| Cash Provided by Financing Activities | - - | - | |||
| Change in cash | (2,818) | - | (2,818) | ||
| Cash, Beginning | 7,379 | - | 7,379 | ||
| Cash, Ending | $ 4,561 | $ - | $ 4,561 |
Statement of changes in equity As previously Adjustments For the six months ended January 31, 2023 reported As restated
Capital and Deficit
| $ | $ | $ | |
|---|---|---|---|
| Share Capital | 35,576 | 136,928 | 172,504 |
| Accumulated deficit | (66,952) | (120,000) | (186,952) |
$ Total $ (31,376) 16,928 $ (14,448)
In connection with the filing of the Amended Statements, the Company is also filing (i) amended and restated MD&A in compliance with the requirements of National Instrument 51-102 Continuous Disclosure Obligations, and (ii) CEO and CFO certifications in compliance with national Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.
On behalf of the Board of Directors
Binyomin Posen Chief Executive Officer, Chief Financial Officer & Director T: 416 481-2222 E: [email protected]
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward- looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forwardlooking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management’s discussion and analysis that is available on the Company’s profile on SEDAR at www.sedar.com.
Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.