VANCOUVER, Aug. 20, 2018 /CNW/ - NetCents Technology
Inc. ("NetCents" or the "Company") (CSE: NC/
Frankfurt: 26N).
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.