Market Overview

NetCents Technology Files Amended and Restated Annual and Interim Financial Disclosures

Share:

NetCents Technology Files Amended and Restated Annual and Interim Financial Disclosures

Canada NewsWire

VANCOUVER, Aug. 20, 2018 /CNW/ - NetCents Technology Inc. ("NetCents" or the "Company") (CSE:NC).

NetCents Technology Inc. (CNW Group/NetCents Technology Inc.)

The Company has made amended filings of the annual management discussion and analysis (MD&A) for the 2017 fiscal year, first quarter 2018 financial statements and MD&A, and second quarter 2018 financial statements and MD&A.

The amended filings are a result of a review by the BCSC and a concern over the level of disclosure related to specific items and the accounting treatment for the proceeds of the NCCO coin. The Company in response has increased the disclosure in the filings related to the NCCO coin, related party transactions, variance on some expenses and risk exposure to the Company. The financial statements have been adjusted to reflect the NCCO coin proceeds and corresponding liability to the NCCO foundation.

The material amendments included in the amended filing are described below:

  • Amended and Restated MD&A for the year ended October 31, 2017

    The Company filed an amended and restated Annual MD&A for the year ended October 31, 2017 to provide additional disclosure relating to the sale of the NCCO coin, more detailed explanation on the bad debt expense, and to include the business reason for related party transactions.

    The Company has also included reference to the stock halt in the risk section of the amended and restated MD&A to discuss the risk for the Company of the continued stock halt.

  • Amended and Restated MD&A and Financial Statements for the first quarter ended January 31, 2018

    The Company filed amended and restated MD&A for the first quarter ended January 31, 2018 to provide additional disclosure relating to the sale of the NCCO coin, more detailed explanation on certain expenses (loss on settlement of debt and share-based payments), and to include the business reason for related party transactions. The Company also included reference to the stock halt in the risk section of the amended and restated MD&A to discuss the risk for the Company of a continued stock halt.

    In addition, the Company filed amended and restated financial statements for the first quarter ended January 31. 2018 to include a liability related to the proceeds of the NCCO coin sale. In the original filing the Company had taken the position that the liability to the foundation was not required to be recorded in the financial statements due to the fact the foundation did not exist. Originally, the funds received for the sale of the NCCO coin were not recorded in the financial statements although held in the Company's operating bank accounts. The Company also did not record the corresponding liability to the foundation in the financial statements. Expenses related to the foundation were not recorded in the Company's accounts as the Company was confident that the expenses were to be reimbursed by the foundation.

    The Company has revised its position with respect to the accounting for the NCCO coin proceeds and all related transactions. Refer to the financial statement notes for more detail on the accounting treatment.

    Amended and Restated MD&A and Financial Statements for the second quarter ended April 30, 2018. The Company filed amended and restated MD&A for second quarter ended April 30, 2018 reduce the focus and extensive detail of the NCCO coin sale from what had been previously included in the filed MD&A, to more accurately reflect the amount of emphasis the Company is placing on the NCCO as part of the Company's business. The Company has also included reference to the stock halt in the risk section of the revised and amended MD&A to discuss the risk for the Company of a continued stock halt.

    The Company also filed amended and restated financial statements for the second quarter ended April 30, 2018 to provide additional information related to the NCCO transactions. Refer to note 10 of the amended and restated financial statements for the second quarter for more information.

The amended and restated MD&A for the year ended October 31, 2017, the amended and restated financial statements and MD&A for the first quarter ended January 31, 2018, and the amended and restated financial statements and MD&A for the second quarter ended April 30, 2018 have been filed on SEDAR and are available upon request from the Company.  Readers are encouraged to review the amended and restated filings in their entirety to understand the amendments made to the Company's financial disclosure.

About NetCents

NetCents is a next generation online payment processing platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online. NetCents Technology is integrated into the Automated Clearing House ("ACH") and is registered as a Money Services Business (MSB) with FINTRAC, which ensures our consumer's security and privacy. NetCents is available for deposits from 194 Countries around the World, providing you with the freedom to choose to Pay. Your Way.™

On Behalf of the Board of Directors

NetCents Technology Inc.

"Clayton Moore"
Clayton Moore, CEO, Founder and Director

NetCents Technology Inc.
Suite 880, 505 Burrard St (Bentall 1),
Vancouver, BC, V7X 1M4

Cautionary Note Regarding Forward Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The CSE has not reviewed, approved or disapproved the content of this press release

SOURCE NetCents Technology Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/August2018/20/c2640.html

View Comments and Join the Discussion!