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LeoNovus Inc. Releases Restated Financial Results for 2nd Quarter Ending June 30, 2017 in Preparation for Previously Announced Bought Deal
LeoNovus Inc. Releases Restated Financial Results for 2nd Quarter Ending June 30, 2017 in ...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\n\n\nLeoNovus Inc. Releases Restated Financial Results for 2nd Quarter Ending June 30, 2017 in Preparation for Previously Announced Bought Deal\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\nCanada NewsWire\nOTTAWA, Nov. 21, 2017\n\n\n\nOTTAWA, Nov. 21, 2017 /CNW/ - LeoNovus Inc. (\"LeoNovus\" or the \"Company\") (TSXV: LTV) today announced its restated operating and financial results for the quarter ended June 30, 2017. \n\nThe Company's auditors have reviewed the unaudited interim consolidated financial statements. The unaudited interim consolidated financial statements were amended to include additional disclosure, to correct for an error regarding functional currency, to correct the fair value of warrants as a liability, and to include additional subsequent events up to the date of refiling. The additional subsequent event disclosure reflects material information that the Company has previously announced. LeoNovus has also filed updated management's discussion and analysis for the period ended June 30, 2017 to incorporate consequential changes in the unaudited interim consolidated financial statements. As disclosed in Note 2 of the unaudited interim consolidated financial statements, the functional currency was reassessed for the Company and was determined by management to be Canadian dollars and not US dollars, as originally reported. The Company's liability of outstanding warrants was corrected for their value on June 30,2017 to be $66,000 resulting in an increase in loss due to change in fair value of outstanding warrants of $47,000.\n\nAbout Leonovus Leonovus is a software solutions provider that offers the leading blockchain hardened software-defined object storage solution (SDOSS) and governance, risk management and compliance('GRC') solution for the modern enterprise. Designed with the IT manager in mind, Leonovus' patented algorithms virtualize, transform, slice and disperse data across a network of on-premises, hybrid or multi-cloud storage nodes – allowing for the most secure yet internally accessible form of object-based data storage that...