Liberty Defense Enhances Financial Statements and Analysis
Liberty Defense Files Updated Financial Statements
VANCOUVER, British Columbia and WILMINGTON, Mass. — Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (TSXV: SCAN, OTCQB: LDDFF, Frankfurt: LD2A), a leading provider of AI-driven detection solutions for concealed threats, has recently amended and restated its unaudited condensed interim consolidated financial statements and management's discussion and analysis (MD&A) for the three and nine months ended September 30, 2024, and 2023.
Reasons for the Amendment
The amendments to the financial statements arise from various corrections that enhance the accuracy and reliability of Liberty’s financial reporting. These changes include adjustments related to the fair value of warrants and restricted share units, as well as modifications in the accounts related to assets and royalties.
Key Corrections Highlighted
Among the key adjustments made are:
- Correcting the fair value reallocation for 60,000 warrants exercised, impacting financial reporting by $15,275.
- Updating the residual value of granted warrants, resulting in a correction of $135,587.
- Accurate calculations of fair value for 61,341 restricted share units exercised, adjusting for $191,799.
- Reviewing the Battelle Patent minimum royalty payment for 2024 with $150,000 added to intangible assets, impacting cost of goods sold as well.
- Correcting the conversion and granting of 465,033 special warrants into units, ensuring accuracy in the statement.
- Reclassifying part of the Parabilis loan from current to non-current liabilities.
- Including other immaterial changes to refine the overall financial presentation.
Management's Discussion and Analysis Revisions
The MD&A has been revised to encompass these adjustments, providing stakeholders with a clearer picture of Liberty’s financial health and operational efficiency.
About Liberty Defense
Liberty Defense specializes in advanced security solutions designed for concealed weapons detection, particularly in high-traffic environments such as airports, schools, and public venues. Their flagship product, HEXWAVE, developed with an exclusive license from the Massachusetts Institute of Technology (MIT), utilizes cutting-edge 3D radar technology. This innovative approach ensures discreet and modular security measures, enhancing safety without intrusive searches.
Technological Advancements and Community Commitment
In addition to HEXWAVE, Liberty has expanded its product offerings by licensing millimeter wave-based body scanners, further advancing their commitment to offering comprehensive security solutions. The Company’s mission revolves around not only enhancing public safety but also ensuring peace of mind for communities through effective detection measures.
Contact Information
For anyone seeking more information about Liberty Defense, please reach out to:
Jay Adelaar, Senior Vice President of Capital Markets
Email: jay@libertydefense.com
Tel: 604-809-2500
Frequently Asked Questions
What were the main changes in Liberty's financial statements?
The main changes included corrections to warrant values, share units, and reclassifications of financial items to improve accuracy.
What is the significance of the HEXWAVE product?
HEXWAVE provides innovative detection technology that enhances security in crowded environments while maintaining user privacy.
How does Liberty’s licensing deal with MIT benefit the company?
This exclusive licensing agreement allows Liberty to utilize leading-edge technology for effective concealed weapons detection, setting them apart in the security industry.
What types of places use Liberty’s technology?
Liberty's technology is ideal for high-traffic areas such as airports, stadiums, schools, and other venues requiring heightened security measures.
Where can I find more information about Liberty Defense?
Further insights and updates about Liberty Defense can be found on their official website: LibertyDefense.com.
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