Mr. Sydney Au reports
EVITRADE HEALTH SYSTEMS ANNOUNCES AMENDED RESULTS FOR YEAR ENDED JUNE 30, 2016 AND INTERIM PERIODS FOR FISCAL 2017
As a result of management's review of the company's audit and financial statements for the year ended June 30, 2016, Evitrade Health Systems Corp. has determined that it is required to amend its financial results and subsequent interim financial results.
The restatement of the company's financial results for the year ended June 30, 2016, is the result of the financial transactions with the company's service provider being subsequently determined by management to be extinguishment of a financial liability as governed by IAS 39 and not the result of an impairment of the company's intangible asset under IAS 38 as originally recorded by the company.
The proposed adjustment and restated financial results result in a $150,000 expense for loss on settlement of financial liability and a $150,000 credit (reduction) to the company's intangible asset.
As a result of the aforementioned adjustment, the company's financial results are amended as follows.
For the year ended June 30, 2016:
- Intangible asset is reduced from $5,009,748 to $4,859,748.
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Net loss and total comprehensive loss for the year increase from $195,275 to $345,275.
- Basic and diluted loss per common share increases from 0.2 cent to 0.3 cent for a net change of 0.1 cent per share.
- The company will update other financial statement notes and disclosure as required.
For the most recent interim third quarter period ending March 31, 2017:
- Will be updated to reflect the 2016 accounting adjustment for all comparative June 30, 2016, financial results and notes;
- The company will update other financial statement notes and disclosure as required.
The restatement of the company's financial results for the year ended June 30, 2016, and subsequent interim periods in fiscal 2017 is the result of the financial transactions between the company and its service provider in February and March, 2016, to settle accounts payable that have been determined to be the extinguishment of a financial liability as governed by IAS 39 and not the result of an impairment of the company's intangible asset under IAS 38.
The company anticipates filing its amended financial statements and management's discussion and analysis for the year ended June 30, 2016, and for the most recent interim period ended for the third quarter ended March 31, 2017, on or before Sept. 30, 2017.
About Evitrade Health Systems Corp.
Evitrade Health Systems (formerly Auxellence Health Corp.) was founded in 2013 to provide on-line digital health care services for resolving common health problems. The current markets are weight loss, high blood pressure, high blood glucose and heart arrhythmia.
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