Intellabridge Announces Filing of Revised Condensed Consolidated Interim Financial Statements in Connection with the Filing of the Preliminary Base Shelf Prospectus
Accordingly, the Company has amended the Interim Financial Statements and MD&A. The amended filings compared with the original filings include the deletion of the no review by auditor and minor textural changes and corrections. Additionally, the financial results previously reported by the Company have been restated to appropriately reflect the loss recognized on settlement of debt and the gain on revaluation of digital currencies. The net loss for the period ended March 31, 2021 has changed from the previously reported amount of $105,451 to $1,570,445. This loss on settlement of debt is a non-cash transaction and not a cash expenditure. The loss in no way effected the Company's operating budget. In the previously filed financial statements for the three months ended March 31, 2021, the transaction was recorded as a part of equity. In the reviewed version upon the external auditors' recommendation, the transaction is now reflected in both equity and net loss.
The previously filed Interim Financial Statements and MD&A should be disregarded. Copies of the revised documents may be obtained at www.sedar.com or by contacting the Company.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA) is a venture builder investing in blockchain technologies with a focus on fintech and decentralized financial ("DeFi") solutions. For more information on Intellabridge, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS INTELLABRIDGE TECHNOLOGY CORPORATION "Maria Eagleton" Maria Eagleton, COO
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The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
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