Authorization

Mega Uranium To Restate Financial Statements

TORONTO, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Mega Uranium Ltd. (TSX: MGA) announces that it will be restating its audited annual financial statements for the year ended September 30, 2017 (the a??2017 Annual Statementsa??) and its interim financial statements for the first three quarters of the 2016, 2017 and 2018 financial years (the a??Interim Statementsa??).A The restatements are all due to deferred tax accounting errors that were identified during the preparation and audit of the companya??s annual financial statements for the 2018 financial year.
The incorrect tax rate was applied when calculating the unrealized gain on one of the companya??s investments, net of taxes, in the 2017 Annual Statements. Additionally, the company did not record deferred income tax recovery in respect of the investment on a quarterly basis in the Interim Statements.A The adjustments to be made to all of the financial statements are quantitatively but not qualitatively material and impact non-cash items.The 2017 Annual Statements will be restated in the companya??s audited annual consolidated financial statements for the year ended September 30, 2018, which will be filed on SEDAR under Megaa??s issuer profile prior to the end of December. It is also anticipated that the restated Interim Statements (and related Managementa??s Discussion & Analysis) will be filed prior to the calendar year end. The company will be undertaking a review of its processes and procedures relating to tax accounting in light of the restatements.The adjustments to the financial statements are set out below and are estimates. The final adjustments that are made as part of the restated financial statements may differ from the estimates. All financial information is reported in thousands of Canadian dollars, except for per share amounts.Quarterly RestatementsAs at and for the three months ended December 31, 2015

Statement of Financial Position a??
December 31, 2015



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



2,355



A



(306



)



2,049



A



Deficit



(323,024



)



306



A



(322,718



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended December 31, 2015



A



A



A



Deferred tax recovery



nil



A



306



A



306



A



Net (loss) income for the period



(1,468



)



306



A



(1,162



)



Change in fair value of long-term investment, net of tax



2,308



A



(306



)



2,002



A



Total comprehensive income for the period



920



A



nil



A



920



A



Basic and diluted (loss) income per share



(0.01



)



0.00



A



(0.00



)



A



A



A



A



Statement of Cash Flows - three months ended December 31, 2015



A



A



A



Net income (loss) for the period



(1,468



)



306



A



(1,162



)



Deferred income tax recovery



nil



A



(306



)



(306



)



A



A



A



A



A



A

As at and for the three and six months ended March 31, 2016

Statement of Financial Position a??
March 31, 2016



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



22,590



A



(3,002



)



19,588



A



Deficit



(323,178



)



3,002



A



(320,176



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended March 31, 2016



A



A



A



Deferred tax recovery



nil



A



2,696



A



2,696



A



Net income (loss) for the period



(331



)



2,696



A



2,365



A



Change in fair value of long-term investment, net of tax



20,345



A



(2,696



)



17,649



A



Total comprehensive income for the period



20,004



A



nil



A



20,004



A



Basic and diluted income (loss) per share



(0.00



)



0.01



A



0.01



A



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income - six months ended March 31, 2016



A



A



A



Deferred tax recovery



nil



A



3,002



A



3,002



A



Net income (loss) for the period



(1,799



)



3,002



A



1,203



A



Change in fair value of long-term investment, net of tax



22,653



A



(3,002



)



19,651



A



Total comprehensive income for the period



20,924



A



nil



A



20,924



A



Basic and diluted income (loss) per share



(0.01



)



0.01



A



0.00



A



A



A



A



A



Statement of Cash Flows - six months ended March 31, 2016



A



A



A



Net income (loss) for the period



(1,799



)



3,002



A



1,203



A



Deferred income tax recovery



nil



A



(3,002



)



(3,002



)



A



A



A



A



A



A

Three and Nine Months Ended June 30, 2016

Statement of Financial Position a??
June 30, 2016



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



38,745



A



(5,184



)



33,561



A



Deficit



(325,229



)



5,184



A



(320,045



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended June 30, 2016



A



A



A



Deferred tax recovery



nil



A



2,182



A



2,182



A



Net income (loss) for the period



(2,207



)



2,182



A



(25



)



Change in fair value of long-term investment, net of tax



16,469



A



(2,182



)



14,287



A



Total comprehensive income for the period



14,183



A



nil



A



14,183



A



Basic and diluted income (loss) per share



(0.01



)



0.01



A



(0.00



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income - nine months ended June 30, 2016



A



A



A



Deferred tax recovery



nil



A



5,184



A



5,184



A



Net income (loss) for the period



(4,006



)



5,184



A



1,178



A



Change in fair value of long-term investment, net of tax



39,122



A



(5,184



)



33,938



A



Total comprehensive income for the period



35,107



A



nil



A



35,107



A



Basic and diluted income (loss) per share



(0.01



)



0.02



A



0.00



A



A



A



A



A



Statement of Cash Flows - six months ended June 30, 2016



A



A



A



Net income (loss) for the period



(4,006



)



5,184



A



1,178



A



Deferred income tax recovery



nil



A



(5,184



)



(5,184



)



A



A



A



A



A



A

As at and for the three months ended December 31, 2016

Statement of Financial Position a??
December 31, 2016



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



31,392



A



(847



)



30,545



A



Deficit



(305,898



)



847



A



(305,051



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended December 31, 2016



A



A



A



Deferred tax recovery



nil



A



847



A



847



A



Net income (loss) for the period



(1,258



)



847



A



(411



)



Change in fair value of long-term investment, net of tax



6,394



A



(847



)



5,547



A



Total comprehensive income for the period



5,112



A



nil



A



5,112



A



Basic and diluted income (loss) per share



(0.00



)



0.00



A



(0.00



)



A



A



A



A



Statement of Cash Flows a?? three months ended December 31, 2016



A



A



A



Net income (loss) for the period



(1,258



)



847



A



(411



)



Deferred income tax recovery



nil



A



(847



)



(847



)



A



A



A



A



A



A

Three and Six Months Ended March 31, 2017

Statement of Financial Position a??
March 31, 2017



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



46,929



A



(2,901



)



44,028



A



Deficit



(306,191



)



2,901



A



(303,290



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended March 31, 2017



A



A



A



Deferred tax recovery



nil



A



2,054



A



2,054



A



Net income (loss) for the period



(293



)



2,054



A



1,761



A



Change in fair value of long-term investment, net of tax



15,501



A



(2,054



)



13,447



A



Total comprehensive income for the period



15,244



A



nil



A



15,244



A



Basic and diluted income (loss) per share



(0.00



)



0.01



A



0.01



A



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? six months ended March 31, 2017



A



A



A



Deferred tax recovery



nil



A



2,901



A



2,901



A



Net income (loss) for the period



(1,551



)



2,901



A



1,350



A



Change in fair value of long-term investment, net of tax



21,895



A



(2,901



)



18,994



A



Total comprehensive income for the period



20,356



A



nil



A



20,356



A



Basic and diluted income (loss) per share



(0.01



)



0.01



A



0.00



A



A



A



A



A



Statement of Cash Flows a?? six months ended March 31, 2017



A



A



A



Net income (loss) for the period



(1,551



)



2,901



A



1,350



A



Deferred income tax recovery



nil



A



(2,901



)



(2,901



)



A



A



A



A



A



A

Three and Nine Months Ended June 30, 2017

Statement of Financial Position a??
June 30, 2017



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



41,097



A



(2,131



)



38,966



A



Deficit



(308,194



)



2,131



A



(306,063



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended June 30, 2017



A



A



A



Deferred tax recovery



nil



A



(770



)



(770



)



Net income (loss) for the period



(2,003



)



(770



)



(2,773



)



Change in fair value of long-term investment, net of tax



(5,812



)



770



A



(5,042



)



Total comprehensive income for the period



(7,835



)



nil



A



(7,835



)



Basic and diluted income (loss) per share



(0.01



)



(0.00



)



(0.01



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? nine months ended June 30, 2017



A



A



A



Deferred tax recovery



nil



A



2,131



A



2,131



A



Net income (loss) for the period



(3,554



)



2,131



A



(1,423



)



Change in fair value of long-term investment, net of tax



16,083



A



(2,131



)



13,952



A



Total comprehensive income for the period



12,521



A



nil



A



12,521



A



Basic and diluted income (loss) per share



(0.01



)



0.01



A



(0.00



)



A



A



A



A



Statement of Cash Flows a?? nine months ended June 30, 2017



A



A



A



Net income (loss) for the period



(3,554



)



2,131



A



(1,423



)



Deferred income tax recovery



nil



A



(2,131



)



(2,131



)



A



A



A



A



A



A

As at and for the three months ended December 31, 2017

Statement of Financial Position a?? December 31, 2017



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



44,633



A



(1,130



)



43,503



A



Deficit



(305,346



)



1,130



A



(304,216



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended December 31, 2017



A



A



A



Deferred tax recovery



nil



A



1,130



A



1,130



A



Net income (loss) for the period



(828



)



1,130



A



302



A



Change in fair value of long-term investment, net of tax



8,525



A



(1,130



)



7,395



A



Total comprehensive income for the period



7,697



A



nil



A



7,697



A



Basic and diluted income (loss) per share



(0.00



)



0.00



A



0.00



A



A



A



A



A



Statement of Cash Flows a?? three months ended December 31, 2017



A



A



A



Net income (loss) for the period



(828



)



1,130



A



302



A



Deferred income tax recovery



nil



A



(1,130



)



(1,130



)



A



A



A



A



A



A

Three and Six Months Ended March 31, 2018

Statement of Financial Position a??
March 31, 2018



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



25,458



A



1,412



A



26,870



A



Deficit



(306,712



)



(1,412



)



(308,124



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended March 31, 2018



A



A



A



Deferred tax recovery



nil



A



(2,542



)



(2,542



)



Net income (loss) for the period



(1,366



)



(2,542



)



(3,908



)



Change in fair value of long-term investment, net of tax



(19,182



)



2,542



A



(16,640



)



Total comprehensive income for the period



(20,541



)



nil



A



(20,541



)



Basic and diluted income (loss) per share



(0.00



)



(0.01



)



(0.01



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? six months ended March 31, 2018



A



A



A



Deferred tax recovery



nil



A



(1,412



)



(1,412



)



Net income (loss) for the period



(2,194



)



(1,412



)



(3,606



)



Change in fair value of long-term investment, net of tax



(10,657



)



1,412



A



(9,245



)



Total comprehensive income for the period



(12,844



)



nil



A



(12,844



)



Basic and diluted income (loss) per share



(0.01



)



(0.00



)



(0.01



)



A



A



A



A



Statement of Cash Flows a?? six months ended March 31, 2018



A



A



A



Net income (loss) for the period



(2,194



)



(1,412



)



(3,606



)



Deferred income tax recovery



nil



A



1,412



A



1,412



A



A



A



A



A



A



A

Three and Nine Months Ended June 30, 2018

Statement of Financial Position a??
June 30, 2018



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



29,331



A



899



A



30,230



A



Deficit



(312,011



)



(899



)



(312,910



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? three months ended June 30, 2018



A



A



A



Deferred tax recovery



nil



A



513



A



513



A



Net income (loss) for the period



(5,299



)



513



A



(4,786



)



Change in fair value of long-term investment, net of tax



3,875



A



(513



)



3,362



A



Total comprehensive income for the period



(1,426



)



nil



A



(1,426



)



Basic and diluted income (loss) per share



(0.02



)



0.00



A



(0.02



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? nine months ended June 30, 2018



A



A



A



Deferred tax recovery



nil



A



(899



)



(899



)



Net income (loss) for the period



(7,493



)



(899



)



(8,392



)



Change in fair value of long-term investment, net of tax



(6,782



)



899



A



(5,883



)



Total comprehensive income for the period



(14,270



)



nil



A



(14,270



)



Basic and diluted income (loss) per share



(0.03



)



(0.00



)



(0.03



)



A



A



A



A



Statement of Cash Flows a?? nine months ended June 30, 2018



A



A



A



Net income (loss) for the period



(7,493



)



(899



)



(8,392



)



Deferred income tax recovery



nil



A



899



A



899



A



A



A



A



A



A



A

September 30, 2017 Year End RestatementAs at and for the year ended September 30, 2017

Statement of Financial Position a?? September 30, 2017



As previously reported
($)



Adjustment
($)



As restated
($)



Accumulated other comprehensive income



36,108



A



2,002



A



38,110



A



Deficit



(304,518



)



(2,002



)



(306,520



)



A



A



A



A



Statement of (Loss) Income and Comprehensive (Loss) Income a?? year ended September 30, 2017



A



A



A



Deferred tax recovery



4,005



A



(2,002



)



2,003



A



Net income (loss) for the year



386



A



(2,002



)



(1,616



)



Change in fair value of long-term investment, net of tax



11,109



A



2,002



A



13,111



A



Total comprehensive income for the year



11,472



A



nil



A



11,472



A



Basic and diluted income (loss) per share



0.00



A



(0.01



)



(0.01



)



A



A



A



A



Statement of Cash Flows a?? year ended September 30, 2017



A



A



A



Net income (loss) for the year



386



A



(2,002



)



(1,616



)



Deferred income tax recovery



(4,005



)



2,002



A



(2,003



)



A



A



A



A



A



A



A

ABOUT MEGA URANIUM
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia and Canada and a portfolio of equity investments in uranium-focused public and private companies. Further information on Mega can be found on the companya??s website at www.megauranium.com.AFor further information please contact:Investor Relations
Mega Uranium Ltd.
Richard Patricio
Chief Executive Officer
T: (416) 643-7630
info@megauranium.com
www.megauranium.com
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«     2020    »
 12
3456789
10111213141516
17181920212223
242526272829