Plank Ventures to Restate Quarterly Financial Statements
Vancouver, B.C. - TheNewswire – November 24, 2021. Plank Ventures Ltd. (CSE:PLNK) (CNSX:PLNK.CN) (“Plank” or the “Company”) announces it will refile its interim financial statements for the six and nine month periods ended January 31, 2021 and April 30, 2021, as they are being amended and restated to reflect certain adjustments. The amendments and restatements include an adjustment to the revenue and cost of revenue for prize fulfilment for Laughton Marketing Communications, Inc. dba US Sweepstakes and Fulfillment Company (the “US Sweeps”). The Company has determined that US Sweeps is acting as an agent when it provides prize fulfillment services to its clients, and therefore should account for prize fulfillment income on a net basis consistent with IFRS 15.
Unaudited condensed consolidated interim statements of comprehensive loss for the three and six months ended January 31, 2021 will be refiled to correct the following:
sales revenue for the six months ended January 31, 2021 will be adjusted from $2,094,187 to $1,083,328
hosting charges and other for the three months ended January 31, 2021 will be adjusted from $1,239,430 to $228,572
hosting charges and other for the six months ended January 31, 2021 will be adjusted from $1,299,418 to $288,560
Unaudited condensed consolidated interim statements of comprehensive loss for the three and nine months ended April 30, 2021 will be refiled to correct the following:
sales revenue for the three months ended April 30, 2021 will be adjusted from $1,568,273 to $914,337
sales revenue for the nine months ended April 30, 2021 will be adjusted from $3,662,460 to $1,997,666
hosting charges and other for the three months ended April 30, 2021 will be adjusted from $970,692 to $316,755
hosting charges and other for the nine months ended April 30, 2021 will be adjusted from $2,270,110 to $605,315
The Company notes that the above adjustments result in no change to the amounts of gross profit or net income reported for any of the periods.
The Company will also refile its amended and restated management’s discussion and analysis (“MD&A”) for the periods ended January 31, 2021 and April 30, 2021.
Please refer to the amended and restated financial statements and MD&A that will be refiled on SEDAR and expected to be available for review later this week.
About Plank Ventures Ltd.
Plank is an investment company targeting investments and business opportunities in the technology arena, focusing on early-stage start-up companies that already have developed a customer and revenue base and were seeking funding for expansion.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
For additional information please contact:
Laurie Baggio, CEO Tel: 604-428-7050
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Plank are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Plank are those risks described herein and from time to time, in the filings made by Plank with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com under the profiles of Plank.