NetworkNewsBreaks – Champignon Brands Inc. (CSE:
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Posted On: 03/12/2021 4:46:32 PM
NetworkNewsBreaks – Champignon Brands Inc. (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) Releases Refiled Financial Statements, MD&A
Champignon Brands (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) announced that it has refiled its condensed interim consolidated financial statements and management’s discussion & analysis (“MD&A”) for the three- and six-month periods ended March 31, 2020, following a review by the British Columbia Securities Commission. In its earlier reports of the periods mentioned, Champignon reported intangible assets in connection with its acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp. Information regarding those acquisitions have been restated to correct for the accounting of those acquisitions. After review, it was determined that the reported intangible assets did not meet the definition of intangible assets for the purposes of international financial reporting standards. Consequently, that information will be recorded as transaction costs in Champignon’s statement of loss and comprehensive loss. On updated reports, the net loss and comprehensive loss for the restated three-month period ended March 31, 2020, increased from $2,774,986 to $16,329,497; the numbers for the six-month period changed from $2,916,302 to $16,470,813. The release of updated figures had no impact on the company’s cash position. Furthermore, in the review it was found that a shareholder and contracted consultant was, in fact, a related party with respect to the acquisitions. Therefore, Champignon added both the proceeds paid to the consultant and the stock options issued to the consultant as related party transactions in financial reports it has refiled. All of these filings have now been completed by Champignon, and company management is working closely with the commission and the CSE to accomplish the revocation of the existing cease trade orders against the company and the filing of a new listing statement as quickly as possible.
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Champignon Brands (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) announced that it has refiled its condensed interim consolidated financial statements and management’s discussion & analysis (“MD&A”) for the three- and six-month periods ended March 31, 2020, following a review by the British Columbia Securities Commission. In its earlier reports of the periods mentioned, Champignon reported intangible assets in connection with its acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp. Information regarding those acquisitions have been restated to correct for the accounting of those acquisitions. After review, it was determined that the reported intangible assets did not meet the definition of intangible assets for the purposes of international financial reporting standards. Consequently, that information will be recorded as transaction costs in Champignon’s statement of loss and comprehensive loss. On updated reports, the net loss and comprehensive loss for the restated three-month period ended March 31, 2020, increased from $2,774,986 to $16,329,497; the numbers for the six-month period changed from $2,916,302 to $16,470,813. The release of updated figures had no impact on the company’s cash position. Furthermore, in the review it was found that a shareholder and contracted consultant was, in fact, a related party with respect to the acquisitions. Therefore, Champignon added both the proceeds paid to the consultant and the stock options issued to the consultant as related party transactions in financial reports it has refiled. All of these filings have now been completed by Champignon, and company management is working closely with the commission and the CSE to accomplish the revocation of the existing cease trade orders against the company and the filing of a new listing statement as quickly as possible.
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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