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0187279 B.C. Ltd Announces the Filing of Amended and Restated Annual Financial Statements and MD&A and Announces the Plan to Restate and Refile Quarterly Statements
March 03, 2023 1:25 PM EST | Source: 0187279 B.C. Ltd.
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - 0187279 B.C. Ltd. (OTC: LNXGF) (formerly, Linux Gold Corp.) (the "Company") announces that it has filed amended and restated annual financial statements for the financial years ended February 28, 2022 (the "Amended Statements") and related amended and restated management's discussion and analysis ("MD&A"). The Amended Statements were required to correct material errors and deficiencies identified during a review by the Company's counsel and auditors.
The Amended Statements have been restated to disclose the following:
A restatement of the Company's statements of financial position as of February 28, 2022 and its statement of net loss and comprehensive loss, statement of cash flows and statement of changes in equity for the year ended February 28, 2022 (the "Restatement").
The Restatement reflects the loans received by the Company in the 2022 fiscal year from shareholders.
The effect of the Restatement is as follows:
| - Statements of Financial Position | As previously reported | Adjustments (Note 6) | As restated | |||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash | $ | - | - | $ | - | |
| TOTAL ASSETS | $ | - | $ | - | $ | - |
| LIABILITIES AND EQUITY | ||||||
| Current Liabilities | ||||||
| Due to related parties | $ | - | $ | - | $ | - |
| Accounts payable and accrued liabilities | 7,500 | - | 7,500 | |||
| Loans payable | - | 80,000 | 80,000 | |||
| TOTAL CURRENT LIABILITIES | 7,500 | 80,000 | 87,500 | |||
| TOTAL LIABILITIES | 7,500 | 80,000 | 87,500 | |||
| Share Capital and Deficit | ||||||
| Share Capital | 13,631,647 | - | 13,631,647 | |||
| Accumulated deficit | (13,639,147) | (80,000) | (13,719,147) | |||
| (7,500) | - | (87,500) | ||||
| TOTAL LIABILITIES AND EQUITY | $ | - | $ | - | $ | - |
| Statement of Loss and Comprehensive Loss | As previously reported | Adjustments (Note 6) | As restated | |||
| Professional fees | $ | 7,500 | $ | - | $ | 7,500 |
| Legal expenses | - | 30,000 | 30,000 | |||
| Gain on settlement of debt | (339,197) | 50,000 | (289,197) | |||
| Loss before other items | $ | 331,697 | $ | 80,000 | $ | (251,697) |
| Statement of cash flows | As previously reported | Adjustments (note 6) | As restated | |||
| Cash provided by (used in): | ||||||
| Operating Activities | ||||||
| Net gain / (loss) for period | $ | 331,697 | $ | (80,000) | $ | 251,697 |
| Changes in non-cash working capital balances: | - | - | ||||
| Trade and other payables | (331,697) | 80,000 | (251,691) | |||
| Cash Used in Operating Activities | - | - | - | |||
| Financing Activities | - | - | - | |||
| Cash Provided by Financing Activities | - | - | - | |||
| Change in cash | - | - | - | |||
| Cash, Beginning | - | - | - | |||
| Cash, Ending | $ | - | $ | - | $ | - |
| Statement of changes in equity | As previously reported | Adjustments (Note 6) | As restated | |||
| Capital and Deficit | ||||||
| Share Capital | $ | 13,631,647 | $ | - | $ | 13,631,647 |
| Accumulated deficit | (13,639,147) | (80,000) | (13,719,147) | |||
| Total | $ | (7,500) | $ | (80,000) | $ | (87,500) |
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.
The Company's unaudited condensed interim financial statements for the first, second, and third quarters of 2023 and related MD&A (collectively, the "Quarterly Statements") will be amended and refiled on or before March 13, 2023, to reflect the effects of the Restatement.
Until re-filing has occurred, investors should not rely on the accuracy of the Quarterly Statements.
On behalf of the Board of Directors
TJ Finch
Chief Executive Officer, Chief Financial Officer & Director
T: 647 738-8063
E: tj@kilncapitaladvisors.com
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 information and forward-looking statements contained herein include, but not limited to, statements regarding the Company's ability to amend and refile the Quarterly Statements within the estimated time for completion above.
The forward-looking statements and information are based on certain key expectations and assumptions namely: the Company's accountants completing the amendment of the Quarterly Statements within the estimated time of completion. 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 including but not limited to the inability of the Company's accountants to complete the amendment of the Quarterly Statements. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157114