Business
Future Farm Announces Delay of Filings
Future Farm Announces Delay of Filings.
About this update from Future Farm Technologies Inc
[{"type":"text","content":"Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) announces that it is anticipating a delay in filing its unaudited financial statements for the nine month period ended November 30, 2019 (the “2020 Q3 FS”), and the related management’s discussion and analysis (the “2020 Q3 MD&A”), and CEO and CFO certifications (collectively, the “Required Filings”), which are required to be filed on or before January 29, 2020.In connection with the anticipated delay, the Company has applied to the applicable Canadian securities regulators requesting that a voluntary management cease trade order (“MCTO”) be imposed to restrict trading in the Company’s securities by insiders of the Company, as opposed to a general cease trade order, which would restrict all trading in the Company's securities. If granted, the MCTO will be in effect until the Required Filings are filed or until it is revoked or varied.The majority of the Required FIlings have been prepared, but the Company is unable to complete and file such materials as a result of complexities that have arisen in the accounting required for White Sand Nurseries, the Company’s operating ornamental plant business located in Apopka, Florida (“WSN”). In 2018, the Company acquired WSN, a U.S. company with over 50 years of historical financial records. These financial records conformed to U.S. GAAP accounting principles. The WSN accounting is complex and requires detailed plant inventory counts, and this data continues to be accounted for using U.S. GAAP. In order to comply with filing requirements, the WSN records must first be converted from U.S. GAAP into IFRS, the accounting standard under which the Company reports. Both the WSN accounting team and the Company’s Canadian accounting team are working diligently to finalize the conversion. The Company expects being in a position to file the Required Filings no later than Friday, February 7, 2020.The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of National Policy 12-203 – Management Cease Trade Orders for so long as it remains in default of the requirement to file the Required Filings on or before January 29, 2020. The Company has not taken any steps towards any insolvency proceeding ...