TORONTO--(BUSINESS WIRE)--
Adya Inc. (“Adya” or the “Company”), (TSX-V: ADYA) today announces it has released its audited consolidated financial statements for the year ended December 31, 2017 and that it has restated certain previously issued financial information.
A summary of the restatement is as follows:
- As at December 31, 2015, the Company incorrectly reversed accounts payable and accrued liabilities in the amount of $305,488, which resulted in an understatement of opening retained earnings for 2016 and 2017, as well as understatement of accounts payable and accrued liabilities as at January 1, 2016 and December 31, 2016.
- As at December 31, 2016, the Company incorrectly recorded revenue and accounts receivable which was not earned in accordance with its revenue recognition accounting policies, which resulted in an overstatement of its accounts receivable and revenues for the year ended December 31, 2016 in the amount of $151,810.
SUMMARY OF SELECTED FINANCIAL AND OPERATIONAL HIGHLIGHTS
The following Summary of Selected Financial and Operational Highlights have been derived from the audited consolidated financial statements for the years ended December 31, 2017 and 2016 and the annual MD&A for the year ended December 31, 2017 (the “Financial Statements”). Readers are encouraged to review the entire Financial Statements. All amounts are in Canadian dollars.
| 2017 | 2016 (restated) | |||||
| Revenue | $ | 10,993,472 | $ | 14,656,263 | ||
| Gross Margin | $ | 4,625,299 | $ | 5,649,664 | ||
| Gross Margin % | 42% | 39% | ||||
| EBITA | $ | 209,835 | $ | (1,957,455) | ||
| Adjusted EBITA | $ | 302,337 | $ | 151,177 | ||
| Net loss | $ | (437,632) | $ | (2,764,712) | ||
|
Loss per share –
basic and diluted |
$ | (0.009) | $ | (0.084) | ||
A complete financial reporting package, including the Audited Consolidated Financial Statements and Notes and MD&A for the year ended December 31, 2017, is available on our corporate website (www.adya.ca), at SEDAR website (www.sedar.com) or via email to [email protected] or via phone at 416-499-5463.
ABOUT ADYA
Adya is a publicly traded holding company and currently a strategic shareholder in telecommunications and technology companies. With offices located in Toronto, Canada, the Company is focused on diversifying its portfolio through the acquisition of accretive businesses, with recurring revenue, high shareholder value, and annuity revenue streams.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Adya or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Adya assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
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.
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