Business
Amfil Technologies Inc. Completes Multi-Year Audit and Submits for Uplist to OTCQB, Confirms 2017 Year End Revenues of $8,168,251 and Year Over Year Increase of +3500%
Amfil Technologies Inc. Completes Multi-Year Audit and Submits for Uplist to OTCQB, Confirms 2017 Year End Revenues of $8,168,251 and Year Over Year Increase of +3500%.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"\nToronto, ON, Sept. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amfil Technologies Inc. (OTC: AMFE) is pleased to announce that our company auditors, RBSM LLP, have completed and signed off on the multi-year audit of the company’s financial statements. The company has submitted the required information with the OTC Markets Exchange to up-list from OTC Pink to the OTCQB Venture Market. The company is hopeful that through continued advancement and expansion, a second up-list will occur to the OTCQX Exchange later this year.\n The audit completion and approval by RBSM LLP, provides third-party verification as to the accuracy of the company’s financial statements. The audit provides further evidence of the company’s success and exponential growth over the past two years and highlights the enormous growth potential soon to be realized.  It is expected that the audit completion and subsequent tier up-list will provide an enhanced sense of confidence to our current and potential shareholders moving forward. Key adjustments in the audited statements include: · Audited revenues for fiscal 2017 now shows a total of $8,168,251, a difference to the upside of $1,637,278 compared to the unaudited statements previously filed showing $6,530,973. This was due to an inputting error that consolidated certain transactions using only the net revenues as opposed to both the gross and the net. · There was a reduction in Net Income due to a large game development profit being pushed into Q1 2018, as well as some Interloc-Kings Inc sales being written off. This resulted in an operating loss of $309,761. Legitimate arguments could have been made to retain the income on the financial statements, however, due to the additional time required to complete the adjustments to support the transactions, the company felt the cost would outweigh the benefits and would be immaterial to the company’s long-term success and shareholder value. The audited financial statements can be viewed here https://www.otcmarkets.com/stock/AMFE/disclosure The audit process took longer than originally anticipated due to the high volume of transactions over multiple subsidiaries and their related business divisions. We appreciate the support and confidence from our loyal shareholder base and we are excited to move forward with a number of p...