Axion Ventures Re-files its 2017 Interim Financial Statements

Axion Ventures (TSX:AXV) announced that it has filed its amended and restated unaudited condensed and consolidated financial statements for the three months ended March 31, 2017, three and six months ended June 30, 2017 and also the three and nine months ended September 30, 2017.

As quoted in the press release:

As disclosed in its press release dated May 31, 2018, the Quarterly Re-filings were a result of re-assessed accounting standard treatment (with respect to Q3 2017) and adjustments made in connection with the re-audit of the Company’s financial statements.

“We are very pleased with our team’s effort in providing orderly and timely re-filings of our annual financial statements and prior quarterly re-filings,” said John Todd Bonner, Chairman and CEO of Axion. “Upon receiving knowledge of deficiencies in our financial statement filings, we took immediate measures to ensure strict compliance, which included engaging a large international auditor, BDO Limited, hiring additional accounting staff, and appointing an experienced partner from Grant Thorntonas our CFO. This is not a matter that we take lightly and shall continue allocating the appropriate resources to our continuous disclosure requirements. That said, we are excited about our recent launch of Rising Fire and shall continue to focus on maximizing game revenue.”

As a result, the adjustments for the period ended September 30, 2017, were more significant. A summary of the adjustments in these amended and restated unaudited condensed consolidated interim financial statements for the period ended September 30, 2017 are detailed as follows:

	As previously reported CAD’000	Adjustments USD’000	As restated USD’000
Non-current assets	176,338	(166,608)	9,730
Total current assets	5,324	1,276	6,600
Total assets	181,662	(165,332)	16,330
Total current liabilities	(69)	(7,014)	(7,083)
Net assets	181,593	(172,346)	9,247
Equity attributable to owners of the Company	181,605	(172,454)	9,151
Non-controlling interests	(12)	108	96
Total equity	181,593	(172,346)	9,247
Revenue	125,356	(120,839)	4,517
Gross profit	121,267	(119,447)	1,820
Profit/(Loss) before taxation	112,822	(118,311)	(5,489)
Profit/(Loss) for the period	112,821	(118,311)	(5,490)

 

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