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Ventripoint Diagnostics Ltd. Announces Filing of Amended and Restated Interim Financial Statements and MD&A
(TheNewswire) Toronto, Canada - TheNewswire – October 1, 2021 ...
About this update from Ventripoint Diagnostics Ltd.
[{"type":"text","content":"Ventripoint Diagnostics Ltd. Announces Filing of Amended and Restated Interim Financial Statements and MD&A\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Toronto, Canada -\n \n \n TheNewswire\n \n \n – October 1, 2021 –\nVentripoint Diagnostics Ltd. (“\n \n \n Ventripoint\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n(TSXV:VPT\n \n \n )\n \n \n (\n \n \n OTC:VPTDF), announces that it has filed amended and restated\nunaudited condensed consolidated interim financial statements for the\nthree and six months ended June 30, 2021 (the \"Amended\nStatements\") and related amended and restated management's\ndiscussion and analysis. The Amended Statements were required to\ncorrect accounting errors, which were identified during an internal\nreview for the purposes of completing the recently announced\nfinancing.\n \n \n \n \n Management has restated the current period presented\nfor the three and six month period ended June 30, 2021 to correct the\nfollowing:\n \n \n \n \n On February 2, 2021, the Company issued 666,666 common\nshares to a consultant in payment of $60,000 of consulting fees. The\ncommon shares issued had a price of $0.19 based on the fair value. The\ncompany previously recorded this transaction at a deemed price of\n$60,000. The financial statements have been restated to correctly\nrecord the fair value of the shares issued of $126,667 and to record a\nloss on debt settlement of $66,667.\n \n \n \n \n On February 23, 2021 the Company issued 96,961 common\nshares in payment of $23,270 of interest owing on the Convertible\nDebentures I and II. The common shares issued had a price of $0.41\nbased on the fair value. The company previously recorded this\ntransaction at a deemed price of $23,274. The financial statements\nhave been restated to correctly record the fair value of the shares\nissued of $39,754 and to record a loss on debt settlement of\n$16,480.\n \n \n \n \n Management has restated the comparative periods\npresented for the three and six month period ended June 30, 2020 to\ncorrect the following:\n \n \n \n \n Financing costs recorded on convertible debentures and\nthe revaluation adjustment on its derivative warrants to correct the\ninitial recognition of the convertible debt issued in 2020. On initial\nrecognition, the conversion feature was incorrectly recorded as...