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Battery Mineral Resources Corp. Announces Filing of Annual Filings and Restatement
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2022) - Battery Mineral Resources Corp....
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Corp. Announces Filing of Annual Filings and RestatementVancouver, British Columbia--(Newsfile Corp. - May 31, 2022) - Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (\"Battery\" or \"BMR\" or the \"Company\") announces that it has filed its audited financial statements, associated management's discussion and analysis, and the associated officer certifications (collectively, the \"Annual Filings\") for the year ended December 31, 2021. The Company also filed restated 2020 fiscal year audited financial statements. As previously announced on April 29, 2022, the Annual Filings delay resulted from additional audit work required to restate certain 2020 fiscal year transactions, primarily related to the ESI Energy Services Inc. (\"ESI\") common control acquisition (the \"Restatement\"). The Restatement of the 2020 fiscal year audited financial statements did not have an impact on previously reported loss for the period from continuing operations. In summary the Restatement included, among other changes to BMR's 2020 financial statements, the following:The consolidation of ESI in the financial statements of BMR on a 100% basis;A reduction in total assets of approximately $5.5 million, including reclassifying ESI from a non-current asset included in disposal group held for sale, to a current asset included in disposal group held for sale;No change in total liabilities, and a $5.5 million reduction in total equity corresponding to the aforementioned reduction in total assets;A reduction in the loss and comprehensive loss for the period, from approximately ($11.4) million to approximately ($3.9) million; andAn increase in the total cash, end of period, from approximately $4.2 million previously reported, to approximately $14.0 million.Readers are cautioned that the summary provided above does not include all of the changes to the 2020 fiscal year audited financial statements. Readers can access the re-stated 2020 fiscal year audited financial statements, as well as the Annual Filings, under the Company's SEDAR profile at www.sedar.com. Battery CEO Martin Kostuik states; \"While we were disappointed with the delay to our Annual Filings which was due to additional audit work required, we are pleased that the Annual Filings and the Restatement have now been finalized and filed on SEDAR. The British Colum...