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NTG Clarity Refiles 2012 MD&A and Q2 2013 Interim Report
(via Thenewswire.ca) Toronto, ON / TNW-ACCESSWIRE / April 14, 2014 / NTG Clarity Networks I...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Refiles 2012 MD&A and Q2 2013 Interim Report(via Thenewswire.ca)\n \n \nToronto, ON / TNW-ACCESSWIRE / April 14, 2014 / NTG Clarity Networks Inc. (TSX.V:NCI), announces that following a review by staff of the Ontario Securities Commission (the \"OSC\") in connection with the filing of the Company's annual consolidated financial statements, notes and related Management's Discussion and Analysis for the year ended December 31, 2012 (the \"2012 Annual Filings\") and the interim consolidated financial statements, notes and related Management's Discussion and Analysis (the \"Q2 2013 Interim Filings\"), the OSC has determined that Company is in default of its continuous disclosure requirements under the Securities Act (Ontario) (the \"Default\"). These filings amend those made on April 2, 2014.\n\n \n \n1. For NTG's 2012 Annual Filings, the following have been corrected:\n\n\n \n-Expand/enhance the Company's revenue recognition policy \n\n\n \n-Correct the label in Trade and Other Receivables, Note 12, now on page 62 to read \"Trade receivables after impairment\" instead of Related Party.\n\n\n \n-Update Financial Risk Management Objectives and Policies, Note 21, under Liquidity Risk, now on page 68 to remove reference to \"operating losses in the current year\" and \"...to reach profitable levels of operation\".\n\n\n \n-Update the MD&A to enhance analysis and comparisons and other requirements of 51-102F1.\n\n \n \nThese changes have no effect on figures previously reported in the 2012 financial statements (the Audited Consolidated Statement of Financial Position, the Audited Consolidated Statements of Changes in Shareholders' Equity, the Audited Statement of Comprehensive Income, or the Audited Consolidated Statement of Cash Flows). \n\n \n \n2. For NTG's Q2 2013 Interim Filings, the following have been corrected:\n\n\n \n-revenue recognition policy found in Note 3 on page 31 should be consistent with that of the revised 2012 Annual Filings (above)\n\n\n \n-Condensed Consolidated Interim Statement of Cash Flow on page 28, remove long term debt from Operation Activities and correct decrease in long term debt under Financing for three and six months. Correct the accounts payable and accrued liabilities number. Changes to MD&A section on Liquidity to reflect the adjusted numbers.\n\n\n \n-Under Operating Segments, ...