05:08:13 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Palladon Ventures Ltd (2)
Symbol PLL
Shares Issued 27,395,506
Close 2014-10-30 C$ 0.73
Market Cap C$ 19,998,719
Recent Sedar Documents

Palladon Ventures corrects income for fiscal 2013, 2014

2014-10-30 19:28 ET - News Release

Mr. John Cutler reports

PALLADON VENTURES LTD.-AMENDED AND RESTATED FINANCIAL STATEMENTS

As a result of a review by the British Columbia Securities Commission, Palladon Ventures Ltd. is issuing the following press release to clarify its financial disclosure. Palladon will amend and restate its audited financial statements and MD&A (management's discussion and analysis) for the fiscal years ended Feb. 28, 2014, and 2013, and the first quarter interim statements dated May 31, 2014. The auditor's report accompanying the restated annual financial statements will also be refiled.

The company has reassessed the accounting for its available-for-sale investment in CML. Previously, unrealized non-cash foreign exchange gains were incorrectly recognized in the carrying value of the investment and in net income. The financial statements have been restated to remove the effects of unrealized foreign exchange gains from the carrying value of the available-for-sale investment in CML and from net income and comprehensive income, as follows.

As of May 31, 2014, the corrected amounts reduce the carrying value of CML, and therefore total assets, by a cumulative $6.3-million, reduce the available-for-sale reserve by $2.8-million, and increase the accumulated deficit by $3.5-million. There was no effect on net income, comprehensive income or earnings per share for the three-month interim period ended May 31, 2014.

The corrected amounts reduce net income and comprehensive income for the years 2014 and 2013 by $3-million (11 cents per share) and $1.6-million (six cents per share), respectively. The corrected amounts reduce the carrying value of CML, and therefore total assets, at Feb. 28, 2014, and 2013 by the same $6.3-million and $3.3-million, respectively, and reduce the available-for-sale reserve by $2.8-million at Feb. 28, 2014, and 2013, and increase the accumulated deficit by $3.5-million and $500,000 at Feb. 28, 2014, and 2013, respectively.

As of the March 1, 2012, beginning balance, the corrected amounts reduce the carrying value of CML, and therefore total assets, by $1.7-million, reduce the available-for-sale reserve by $2.8-million, and reduce the accumulated deficit by $1.1-million.

© 2024 Canjex Publishing Ltd. All rights reserved.