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LEAF Announces Filing of Amended and Restated Financial Statements
LEAF Announces Filing of Amended and Restated Financial Statements Canada NewsW...
About this update from East Side Games Group Inc
[{"type":"text","content":"\n \n \n \n LEAF Announces Filing of Amended and Restated Financial Statements\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 15, 2021\n \n /CNW/ -\n \n LEAF Mobile Inc. (TSX.V: LEAF) (\"\n \n LEAF\n \n \" or \"\n \n the Company\n \n \")\n \n announced today that it has filed amended and restated interim financial statements, together in each case with an amended and restated corresponding management's discussion and analysis (collectively, the \"\n \n Amended Financial Reports\n \n \") for its interim periods ended\n \n June 30, 2020\n \n and\n \n September 30, 2020\n \n (collectively, the \"\n \n Financial Periods\n \n \") to correct accounting errors identified below.\n \n \n \n \n \n \n \n \n \n It was determined by LEAF's management, and agreed to by its auditors D&H Group LLP, that the original financial statements for the Financial Periods contained an error in the accounting for LEAF's qualifying transaction, which included its indirect acquisition of LDRLY and the amalgamation involving\n \n 1182533 B\n \n .C. Ltd. (\"\n \n 118Co\n \n \").  As part of the qualifying transaction, 118Co completed a private placement of its common shares at a price of\n \n $0.16\n \n per share, for gross proceeds of approximately\n \n $3.5 million\n \n , immediately prior to its acquisition of LDRLY (118Co was then acquired by the Company).  It was decided that said private placement should be used as the basis for the deemed value of 118Co shares issued in its acquisition of LDRLY, such that the deemed value of such 118Co shares should be\n \n $0.16\n \n , rather than\n \n $0.08\n \n as the original financial statements previously disclosed.  The Amended Financial Reports now allocate this value to the 118Co shares issued as part of the LDRLY acquisition, as well as all resulting changes, which include changes to the value of LEAF's intangible assets, accounts receivable, share capital, and net comprehensive loss in the Financial Periods. The MD&A for each of the Financial Periods w...