The Conversation (0)
Northern Vertex Mining Corp. (TSXV:NEE,OTCQX:NHVCF) filed an amended third quarter interim Financial Statements and Management’s Discussion and Analysis for the three and nine month period ending March 31, 2013.
As quoted in the press release:
Given the current market environment of industry-wide reductions in property expenditures and that future spending decisions by Idaho State Gold Company, LLC (“ISGC”) are not under the Company’s control, the probability and timing of receiving the US$2.9 million (based on 3% of future property expenditures made by ISGC) is too uncertain for the amount to be accounted for as a receivable at this time under International Financial Reporting Standards (IFRS). The Company is therefore amending and re-filing the reviewed March 31, 2013 interim financial statements to reflect a reversal of the original treatment of the US$2.9 million as a long-term receivable and will instead disclose its entitlement to the contingent consideration in the notes. The amended March 31, 2013 interim financial statements will therefore show a reduction in total assets of US$2.9 million and an increase in the deficit for the period of US$2.9 million. This increased loss will be substantially attributable to recognizing an accounting loss on disposal of the Lemhi Property. Any cash received in the future in respect of the deferred consideration arrangement will now be treated as income in the period in which it is received. Loss per share increased by $0.056 to $0.079 per share for the three months ended March 31, 2013 and increased $0.062 to $0.137 per share for the nine months ended March 31, 2013.
Click here to read the Northern Vertex Mining Corp. (TSXV:NEE,OTCQX:NHVCF) press release
Click here to see the Northern Vertex Mining Corp. (TSXV:NEE,OTCQX:NHVCF) profile.