MELFORT, SK, July 11, 2014 /CNW/ - The Corporation is pleased
to announce it has filed today its 2013 audited financial
statements and corresponding MD&A with the Securities
Commissions. The Corporation expects to file its First
Quarter Interim Report by the end of next week following which it
will apply to the Securities Commissions for a revocation of the
cease trader order.
The Corporation has restated its December 31, 2012 financial statements as a
result of discovering real estate sales transactions which closed
2012, but were incorrectly recorded in 2013. The impact of
this restatement is as follows:
Income Statement:
| |
December 31, 2012 |
December 31, 2012
Restated |
Difference |
| Revenue |
4,322,406 |
4,416,839 |
94,433 |
| Direct Costs |
2,951,153 |
2,951,159 |
- |
| Gross Margin |
1,371,253 |
1,371,253 |
|
| Expenses |
2,139,814 |
2,139,814 |
- |
| Other Income and Impairments |
115,952 |
115,952 |
- |
| Net Loss and Comprehensive Loss |
(884,513) |
(790,080) |
94,333 |
Balance Sheet:
| |
December 31, 2012 |
December 31, 2012
Restated |
Difference |
| Accounts Receivable |
484,356 |
582,562 |
98,206 |
| Other Current Assets |
|
|
|
| Total Current Assets |
1,149,082 |
1,247,288 |
98,206 |
| Total Assets |
1,747,395 |
1,845,601 |
98,206 |
| Account Payables |
590,932 |
594,705 |
3,773 |
| Other Current Liabilities |
|
|
|
| Total Liabilities |
2,259,360 |
2,263,133 |
3,773 |
| Share Capital |
724,566 |
724,566 |
|
| Contributed Surplus |
321,049 |
321,049 |
|
| Deficit |
(1,557,580) |
(1,463,147) |
94,433 |
| Total Shareholders' Equity |
(511,965) |
(417,532) |
94,433 |
The restated financial statements are available
for review under the Corporations profile on SEDAR at
www.sedar.com
About Hodgins Auctioneers Inc.
Hodgins Auctioneers is an auction company
conducting business in Western
Canada.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release)
SOURCE Hodgins Auctioneers Inc.