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:
Statements of Financial Position
As previously
reported
Adjustments
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
Statement of Loss and Comprehensive Loss
Three months ended January 31, 2023
As previously
reported
Adjustments
As restated
Professional fees $ 750 $ -
$
750
Corporate management fees - 120,000
120,000
Loss before other items $ 750 $ 120,000
$
120,750
Statement of Loss and Comprehensive Loss
Six months ended January 31, 2023
As previously
reported
Adjustments
As restated
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
Six months ended January 31, 2023
As previously
reported Adjustments As restated
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
For the six months ended January 31, 2023
As previously
reported
Adjustments
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
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 forward-
looking 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.