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Enablence Technologies Announces Intention to File Restatement of Previously Issued Annual Financial Statements to Reflect Non-Cash Accruals Related to Issuances of Notes, Common Stock, and Advisory Fees, Further Delay of March 31, 2020 Quarterly Financials, and the Receipt of Additional Funds from Note Issuances
Ottawa, Ontario--(Newsfile Corp. - July 22, 2020) - Enablence Technologies Inc. (TSXV: ENA) ("...
About this update from Enablence Technologies Inc.
[{"type":"text","content":"Enablence Technologies Announces Intention to File Restatement of Previously Issued Annual Financial Statements to Reflect Non-Cash Accruals Related to Issuances of Notes, Common Stock, and Advisory Fees, Further Delay of March 31, 2020 Quarterly Financials, and the Receipt of Additional Funds from Note IssuancesOttawa, Ontario--(Newsfile Corp. - July 22, 2020) - Enablence Technologies Inc. (TSXV: ENA) (\"Enablence\" or the \"Company\"), a leading supplier of optical components and subsystems, today announced that its Board of Directors, following the recommendation of its Audit Committee, is restating its previously issued audited annual financial statements for the year ended June 30, 2019 (the \"Annual Financials\") to reflect additional accruals for commissions related to the Company's continued issuance of promissory notes, an issuance of common stock and advisory fees. The Company has been successful in raising greater than US$14 million over the periods noted and has received strategic advice on a number of mandates, however had not accrued related commissions or fees for these amounts, which are payable in common shares of the Company (excluding any related tax amounts which are payable in cash). The previously issued Annual Financials should no longer be relied upon. For the reason noted above, the Company intends to extend the delay of the filing of its unaudited interim financial statements for the three and nine month periods ending March 31, 2020 (the \"Quarterly Financials\"). The Company had previously delayed the filing of its Quarterly Financials due to experiencing complications related to the COVID-19 pandemic, notably travel restrictions and various shelter in place restrictions at the Company's places of business and the places of business of customers and of suppliers, however these complications are no longer the reason for the delay of the Quarterly Financials.The Company expects to file the following as soon as practicable, and within approximately three weeks from the date of this release, (i) amended and restated audited annual financial statements for the year ended June 30, 2019, and required amendments to the related Management Discussion and Analysis (\"MD&A\") and (ii) unaudited interim financial statements for the three and nine months ended March 31, 2020, and related MD&A.The Company is...