VANCOUVER, BC, Jan. 15, 2021 /CNW/ - LEAF Mobile Inc. (TSX.V:
LEAF) ("LEAF" or "the Company") announced today
that it has filed amended and restated interim financial
statements, together in each case with an amended and restated
corresponding management's discussion and analysis (collectively,
the "Amended Financial Reports") for its interim periods
ended June 30, 2020 and September 30, 2020 (collectively, the
"Financial Periods") to correct accounting errors identified
below.
It was determined by LEAF's management, and agreed to by its
auditors D&H Group LLP, that the original financial statements
for the Financial Periods contained an error in the accounting for
LEAF's qualifying transaction, which included its indirect
acquisition of LDRLY and the amalgamation involving 1182533 B.C. Ltd. ("118Co"). As part
of the qualifying transaction, 118Co completed a private placement
of its common shares at a price of $0.16 per share, for gross proceeds of
approximately $3.5 million,
immediately prior to its acquisition of LDRLY (118Co was then
acquired by the Company). It was decided that said private
placement should be used as the basis for the deemed value of 118Co
shares issued in its acquisition of LDRLY, such that the deemed
value of such 118Co shares should be $0.16, rather than $0.08 as the original financial statements
previously disclosed. The Amended Financial Reports now
allocate this value to the 118Co shares issued as part of the LDRLY
acquisition, as well as all resulting changes, which include
changes to the value of LEAF's intangible assets, accounts
receivable, share capital, and net comprehensive loss in the
Financial Periods. The MD&A for each of the Financial Periods
was amended and restated to reflect same.
The Amended Financial Reports are available under the Company's
profile on SEDAR at www.sedar.com. Each of the Amended
Financial Reports replace and supersede the respective previously
filed original financial statements and corresponding management's
discussion and analysis. Such previously filed original
financial statements and management's discussion and analyses
should be disregarded.
About the Company
LEAF Mobile Inc. (TSX.V: LEAF) is a leading creator of
counterculture mobile games. Headquartered in Vancouver, with a premier development studio,
LDRLY based in Nanaimo, BC, the
company is highly skilled in intellectual property, mobile game
development, marketing and publishing. LEAF's culture is anchored
in creativity, data insights and execution, delivering highly
engaging games that produce enduring player enjoyment. With over a
decade of experience in game development and marketing, LEAF has
consistently delivered high-grossing original and licensed IP
titles that include, Cheech & Chong Bud
Farm, Bud Farm Idle Tycoon, Bud Farm
Grass Roots and Bud Farm 420.
Our game titles are available worldwide on the App Store and Google
Play. LEAF leverages successes in platform, IP, marketing,
development and data analysis to maximize value for our global
network of constituents, from players to talent to shareholders and
beyond.
For more information and to keep current on LEAF,
visit www.leafmobile.io and join our online communities
at Linkedin, Twitter, Facebook, and Instagram
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 Leaf Mobile Inc.