Business
Telecorp Completes Quarterly Financial Filings and Reveals Consolidation Efforts
Telecorp Completes Quarterly Financial Filings and Reveals Consolidation Efforts.
About this update from Exxe Group Inc.
[{"type":"text","content":"Company announces that quarterly financial filings have been completed and internal software assets have been evaluated.Telecorp, Inc. (OTC Markets: TLNUF) (\"Telecorp\" or the \"Company\") is an international professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology, and operations. The Company is pleased to announce the completion of the quarterly financial filings and a reassessment of software assets. Telecorp's leadership has been systematically working through past financial reports and of assets that were declared by past management of Telecorp, Inc. This process has brought to light past assessment of assets that needed a full review. Over the past 6 months, financial reports and assets have been reviewed and evaluated to help provide Telecorp, Inc. with a path forward with its current investors.Mr. Cataldo, the President and CEO of Telecorp, stated, “It has been a very busy past few months reviewing and analyzing our financials and internal assets on the books. I am very pleased to say that Telecorp is now in a better place financially and that we have a path forward in creating a profitable company for our investors.”During this internal financial review, Telecorp analyzed long term recoverability of the assets including land, equipment, and investments that may not be able to be recovered. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. As of March 31, 2017 management has concluded that the carrying value of the fixed assets and software was not equal to the fair value and recorded an impairment in the amount of $14.008,506 in the recent financial filings. The Board thanks the Company's shareholders for their continual patience and trust as they implement the stra...