NetworkNewsBreaks – Champignon Brands Inc. (CSE:
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Posted On: 02/18/2021 3:30:02 PM
NetworkNewsBreaks – Champignon Brands Inc. (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) to File Restated Financial Statements, MD&A
Champignon Brands (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) has announced that, after review, it will refile its condensed interim consolidated financial statements and management’s discussion & analysis (“MD&A”) for the three- and six-month periods ended March 31, 2020. In earlier versions of the MD&A, Champignon had recognized intangible assets that had resulted from the acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp.; those assets totaled an estimated $12 million. Following the issuance of the original MD&A and other financial statements, it was determined that some information contained in the financial statements needed to be restated, specifically as it pertained to accounting for the acquisitions. In the announcement, the company noted that the assets do not meet the definition of intangible assets for the purposes of international financial reporting standards. In the revised MD&A, those assets will be recorded as transaction costs in Champignon’s statement of loss and comprehensive loss. The proposed changes do not change the company’s cash position. Furthermore, the announcement noted that a company shareholder and contracted consultant was a related party to the acquisitions, so the company intends to add that disclosure in the restated condensed interim consolidated financial statements and MD&A. Champignon will also file condensed interim consolidated financial statements and related MD&A’s for the three months ended June 30, 2020, and for the six months ended September 30, 2020. In addition, the company announced that it has filed a draft of a new listing statement that reflects the acquisition of Altmed and the RTO with the Commission and the Canadian Securities Exchange (“CSE”) for review.
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Champignon Brands (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) has announced that, after review, it will refile its condensed interim consolidated financial statements and management’s discussion & analysis (“MD&A”) for the three- and six-month periods ended March 31, 2020. In earlier versions of the MD&A, Champignon had recognized intangible assets that had resulted from the acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp.; those assets totaled an estimated $12 million. Following the issuance of the original MD&A and other financial statements, it was determined that some information contained in the financial statements needed to be restated, specifically as it pertained to accounting for the acquisitions. In the announcement, the company noted that the assets do not meet the definition of intangible assets for the purposes of international financial reporting standards. In the revised MD&A, those assets will be recorded as transaction costs in Champignon’s statement of loss and comprehensive loss. The proposed changes do not change the company’s cash position. Furthermore, the announcement noted that a company shareholder and contracted consultant was a related party to the acquisitions, so the company intends to add that disclosure in the restated condensed interim consolidated financial statements and MD&A. Champignon will also file condensed interim consolidated financial statements and related MD&A’s for the three months ended June 30, 2020, and for the six months ended September 30, 2020. In addition, the company announced that it has filed a draft of a new listing statement that reflects the acquisition of Altmed and the RTO with the Commission and the Canadian Securities Exchange (“CSE”) for review.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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