Business
Findev Inc. Issues Corrective Disclosure
TORONTO, ON / ACCESS Newswire / May 8, 2026 / Findev Inc. (" Findev " or the " Corporation ") ...
About this update from Findev Inc.
[{"type":"text","content":"Findev Inc. Issues Corrective DisclosureTORONTO, ON / ACCESS Newswire / May 8, 2026 / Findev Inc. (\"Findev\" or the \"Corporation\") (TSXV:FDI) is issuing this news release as corrective disclosure in connection with a continuous disclosure review conducted by staff of the Ontario Securities Commission (the \"OSC\"). The Corporation has included corrective disclosure in its audited annual financial statements and related management's discussion and analysis for the fiscal year ended December 31, 2025 (collectively, the \"Annual Filings\").As part of the OSC review, staff identified that the Corporation's interim financial statements and related management's discussion and analysis for the first three quarters of fiscal 2025 (Q1, Q2 and Q3) (collectively, the \"FY25 Interim Filings\") did not include certain information related to the Corporation's Victoria loan, as described below. In particular, the FY25 Interim Filings did not disclose the recognition of a loan modification loss in Q1 2025 and the subsequent amortization of that loss in Q2 and Q3 2025, and did not provide certain disclosures regarding the increased credit risk and risk of loss associated with additional senior-ranking debt at the Victoria project. While this loan modification loss was non-cash and, because it was amortized within the same fiscal year, it did not have a net impact on the Corporation's annual results, it did have a significant impact on the Corporation's interim results for the affected quarters. The Corporation has included corrective disclosure on these matters in the Annual Filings.A loan modification loss was recognized on the renewal of the Victoria loan in the amount of $1,594,190.The amortization of the loan modification loss in the amount of $1,594,190 was also recorded.The Corporation's approval of increased borrowing by the Victoria project, which ranked ahead of the Corporation, increased the Corporation's credit risk and risk of loss on the Victoria loan.The Corporation has provided corrective disclosure in the Annual Filings to address the matters described above. The Corporation is also enhancing its disclosure controls and procedures, including its processes for preparing and reviewing interim financial reporting and related MD&A, with a view to improving the completeness and timeliness of its continuous disclosure.As at Dece...